- Bitcoin price faces rejection around the $60,000 level, hinting at a potential move to $53,000.
- Ethereum price surge gets undone as the $4,387 hurdle subdues buying pressure.
- Ripple price eyes retest of $1 psychological barrier after a breakout from an ascending parallel channel.
Bitcoin price saw a momentary upswing after its initial downswing on November 18. This quick run-up failed to gather steam, leading to rejection and a retracement. This short-term bearish outlook translated to Ethereum, Ripple and other altcoins.
Bitcoin price approaches another stable support level
Bitcoin price rose 7.4% in two days but failed to surpass or even retest the $60,000 psychological support level. As a result, BTC is undergoing a reversal to the $56,233 support floor. A breakdown of this barrier will result in a move to the $52,746 to $54,972 demand area.
This down move is crucial to collect liquidity resting under $53,000 – something which is likely to happen this week. If large buyers step in, the downswing will cease, and a reversal can be expected. In a worst-case scenario, however, a breakdown of the $53,000 barrier could lead to an 8.7% crash to $48,379.
BTC/USD 1-day chart
While things are looking down for Bitcoin price, a decisive daily candlestick close above the $60,000 barrier would turn the tables and give hope for an upswing narrative. In such a scenario, BTC could retest the $63,000 resistance barrier.
If the big crypto manages to flip this level, it will likely consolidate between $63,000 and $65,000. Only a daily close above the $65,0000 level would invalidate the bearish thesis.
Ethereum price follows big crypto around
Although Ethereum price was showing considerable strength in its recovery, the retracement in BTC had a knock on effect, causing a strong correction in ETH. As Ethereum price trades around $4,179, investors can expect it to retest the $4,000 psychological level.
This breakdown will lead the smart contract token to the 50% Fibonacci retracement level at $3,756. Market participants can expect a short-term relief bounce or consolidation to occur here. However, if BTC heads down to $53,000 or even $50,000, ETH could easily be pulled down to $3,500 or $3,200.
ETH/USD 1-day chart
Ethereum price correlation to Bitcoin is something investors need to watch out for. A drop in BTC could invalidate a perfectly bullish setup on ETH. If BTC manages to produce a daily close above $63,000, however, Ethereum price has a chance at an upswing.
In this situation, ETH could make a run for the $4,609 resistance level. A daily candlestick close above this hurdle will lead it to the all-time high at $4,875. A higher high above this level would invalidate the bearish thesis.
Ripple price begins its retracement
Ripple price set up three higher highs and four higher lows since September 18. Connecting these swing points using trend lines reveals an ascending parallel channel. This setup forecasts a bearish outlook upon a breakout from the lower trend line at $1.09.
On November 18, XRP price breached the technical formation’s base, indicating a breakout. Since then, the minor upswing has confirmed the downswing by retesting the breakout point. Going forward, Ripple price will head toward the $1 psychological level.
A daily close below this barrier will trigger a 15% downswing to the demand zone, ranging from $0.77 to $0.84.
XRP/USD 1-day chart
Regardless of the bearish outlook, if Ripple price manages to stay above the $1 psychological level, there is a chance of a recovery. A daily close above the 50% Fibonacci retracement level at $1.24 will invalidate the bearish thesis.
A flip of the $1.41 level into a support floor, however, will open the path to $1.8 and $2.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Prisma price tanks 25% after nearly $9 million exploit
Prisma Finance (PRISMA) is being exploited, and the attacker has so far pulled $9 million in Ethereum from the borrowing protocol. Prisma asked vault owners to take the necessary steps to protect funds from the ongoing attack in an official tweet on X.
Meme coins gain traction after SEC’s partial win in Coinbase lawsuit: DOGE, SHIB, BRETT, POPCAT, BODEN
US SEC pocketed a partial win in its lawsuit against Coinbase, ushering a correction in crypto prices on Thursday. Despite the broad pullback, prices of meme coins like Dogecoin, Shiba Inu and Solana-based BRETT, POPCAT and BODEN increased.
Ondo moves $95 million worth of OUSG assets to BUIDL as tokenized fund attracts $245 million since debut
Ondo Finance (ONDO) announced on Wednesday that it's shifting about $95 million worth of its OUSG's underlying assets to the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).
XRP price stuck below $0.65 resistance, Ripple lawsuit could suffer from Coinbase defeat
XRP price falls slightly to $0.61 on Thursday after its landmark programmatic sales ruling in July, which gave Ripple a partial victory against the US SEC, failed to reverberate in a similar legal battle between the regulator and crypto exchange Coinbase.
Bitcoin: BTC may have recovered, but is it out of the woods?
Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly.