- Bitcoin price consolidates above $20,000 as traders question the next move.
- Ethereum price shows strength by finding support at a key level.
- Ripple price coils in a triangular fashion and could promote a profitable opportunity in the coming days.
The crypto market has come into a new consolidation phase. Key levels have been identified to estimate the next directional move.
Bitcoin price at a standstill
Bitcoin price currently trades at $20,417 as the smaller time frames converge, causing a stalemate-like price action. The last 8-hour candle shows the bears successfully establishing a close through the 8-day exponential moving average. Many traders may have opened a long position on BTC upon the first contact with the moving average near $20,200. Thus a fall below $20,200 could trigger another liquidation event.
A Fibonacci retracement tool surrounding the strongest part of the rally last week shows the current trading range as just a 38.2% retracement. If the bulls fail to hold their grounds, the next probable target will be the 61.8% retracement level at $19,900. If the 61.8% Fib level fails, the trend will be in jeopardy, with bearish targets near the $18,900 liquidity zone.
Invalidation of the bearish outlook will be based on a breach above the recent swing highs at $21,085. If the bulls can hurdle the barrier, an additional equal rally to the last week’s could occur. Such a move would result in a 10% hike toward $22,400.
BTC/USDT 8-Hour Chart
In the following video, our analysts deep dive into the price action of Bitcoin, analyzing key levels of interest in the market. -FXStreet Team
Ethereum price is close to a move
Ethereum price consolidates at the upper bounds of the $1,500 level after an impressive 20% rally. The decentralized smart-contract token shows a few optimistic signals hinting that the uptrend will continue. \
Ethereum price currently auctions at $1,573. A Fibonacci tool surrounding the strongest part of last week's rally shows Ethereum has found support from the 38.2% retracement level. The shallow pullback may be viewed as a demonstration of the underlying strength of the bulls during the current move.
If the market is genuinely bullish, a breach above the $1,600 level could catalyze sidelined bulls to enter the market and target the $1,800 liquidity zone for an additional 15% rise.
An Elliot Wave Trend Channel surrounding the beginning stages of the explosive rally compounds the notion that ETH bulls are confidently poised to rally. The stair-stepping price action is higher since ETH's breach of the 38.2% Fib level could be considered a calm-before-the-storm pattern. A powerful influx of bullish price action could enter and resolve the current range.
The uptrend's health depends on lowers Fib levels remaining untagged. A breach of the $1,450 zone could be problematic and induce a selling frenzy. If the bearish scenario occurs, the Ethereum price could be pulled back into the 21-day simple moving average at $1,370. Said price action would result in an 11% decrease from the current Ethereum price.
ETH/USDT 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ethereum, analyzing key levels of interest in the market. -FXStreet Team
XRP demonstrates strength
XRP currently auctions at $0.46 as the price has found resistance from both the 8-day exponential and 21-day simple moving averages. As the price hovers below the indicators, a higher low has been established at $0.449. The newfound low could be the final leg of the coiling triangle surrounding the digital remittance token's price since September.
If the market is genuinely bullish, a classic Elliot Wave Triangle Setup should catalyze a run up towards $0.66. A breach of the recent swing high at $0.49 could be the trigger to provoke sidelined bulls.
Invalidation of the bullish thesis targeting $0.56 could occur if the bears sweep the lows at $0.449. If the bears manage to tag this level, a liquidation event targeting October's swing lows at $0.42 seems possible. Such a move would result in a 10% decrease from the current XRP price.
XRP/USD 4-Hour Chart
In the following video, our analysts deep dive into the price action of Ripple, analyzing key levels of interest in the market. -FXStreet Team
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