Top 3 Price Prediction Bitcoin, Ethereum, Ripple: What to consider for the remainder of Q4


  • Bitcoin shows a divergence between summer lows and the newly established low at $15,632.
  • Ethereum price surged by 20% after the free-fall decline earlier in the week.
  • XRP price could be confined to a wide range for the remainder of the year.

The crypto market gives investors and traders a chance to speculate on the next directional move. As the clock winds down towards a highly anticipated/nostalgic Q4 Christmas rally, the top 3 cryptos show subtle signals of optimism. Key levels have been defined to forecast possible outcomes for the Crypto giants in the coming weeks.

Bitcoin price shows hopeful cues

Bitcoin price is once again in a make-or-break situation. After a 25% decline, the peer-to-peer digital currency recovered 16% of its market value. As a profit-taking consolidation unfolds near $17,000, investors are forced to ask a central question. Is the current BTC price a discount before a stronger countertrend rally or an alluring trap before the downtrend continues?

Bitcoin price currently trades at $16,718. The 25% decline printed a new yearly low at $15,632. The Relative Strength Index (RSI)shows a bullish divergence between the newly established low and the June 18 lows that held as support throughout the summer. The Volume Profile indicator shows investors are much more interested in the market now than they have been throughout the summer.

tm/btc/11/11/22

BTCUSDT 1-Day Chart

Considering the RSI divergence and uptick in volume, Bitcoin will likely witness an influx in volatility. If the divergence continues, the Bitcoin price could challenge the newly established bears near $20,000. A second target could be summer liquidity levels near $23,400.

Still, calling a market bottom, whether interim, weekly or on longer time frames, is always the most dangerous trade. Traders should consider applying healthy risk management techniques to minimize losses while trying to catch the knife. 

Invalidation of the bullish idea is a breach below $15,900. If the level is tagged, the new lows will likely get breached, and a further decline toward 2020 liquidity levels in the $14,000 zone will probably be Bitcoin's next landing ground. The bearish scenario would result in a 15% dip from the current market value.

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 fights back

Ethereum price has witnessed a 25% relief following the positive US CPI announcement during the second week of November. Before the move, ETH saw a penny-from-Eiffel-style decline, bringing prices to  sub-$1100. Although Bitcoin shows optimistic signals, Ethereum has subtle cues suggesting bullish countertrend traders should apply more cautionary measures.

Ethereum price auctions at $1,276 as the market consolidates just below the recently broken support zone established between September and October. The bulls produced a daily closing candle back into the broken support zone, which is a positive note. A Fibonacci retracement tool surrounding the strong part of this week's decline suggests the bulls have already rallied 50%. Therefore the ETH price could be capped at exceeding higher gains. The next target would be the 61.8% level at $1,362. Traders should expect a profit-taking reaction at the Fib level if ETH and the level are reacquainted.

Still, a 2.5-1 reward-to-risk ratio can be achieved by aiming for the 61.8% Fib level. The trade idea would require the current consolidation to endure bearish pressure without breaching the daily low at $1,201. If the invalidation level is breached, a retest of the recent lows could occur near $1,080. Such a move would result in a 15% decline from the current Ethereum price.

tm/eth/11/11/22

ETHUSDT 1-Day Chart

In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team

XRP price could be range-bound

XRP price currently auctions at $0.38. On November 10, the bulls achieved an 18% recovery rally. The rally established a large bullish engulfing up-bar a few integers short of the $0.40 price level on the daily time frame. The Relative Strength Index (RSI) shows the November 9 low at $0.3160 as more oversold than the June 13 bottom at $0.3012. This subtle information suggests XRP has underlying strength and could be the catalyst to challenge newly established bears in the market. 

XRP price could fluctuate between $0.32 and $0.56 for the remainder of potentially Q4. Liquidity levels as high as $0.66 could face a challenge if the bulls can reconquer the $0.50 zone, but traders should take things one step at a time. If the market has bullish potential, the divergent June 13 low at $0.30 will need to remain unbreached. If the invalidation level is tagged, an additional decline toward 2020 liquidity levels near $0.26 could occur. Such a move would result in a 35% decline from XRP's current market value.

tm/xrp/11/11/22

XRPUSDT 1-day 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

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

NEAR protocol could see a rally as it sets out to launch an AI smart contract builder

Near protocol (NEAR) co-founder Illia Polosukhin stated in a social media post on Wednesday plans for NEAR to launch NEAR AI, a user-owned AI system that will allow users to build web3 apps without code on an end-to-end network.

More Near News

US House of Reps passes bill aiming to regulate cryptocurrencies

US House of Reps passes bill aiming to regulate cryptocurrencies

FIT21 bill received massive support as the House of Representatives voted to pass the bill on Wednesday. The White House and US Securities & Exchange Commission (SEC) Chair, Gary Gensler, expressed concerns about the potential impact of the FIT21 bill on investor protections in a statement.

More Cryptocurrencies News

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum bulls await ETF approval as BlackRock, Bitwise, Grayscale submit amended ETH ETF filings

Ethereum (ETH) is trading sideways on Wednesday as BlackRock, Bitwise and Grayscale submitted their amended 19b-4s filings to the Securities & Exchange Commission (SEC). The agency has also begun conversations with issuers on S-1s applications.

More Ethereum News

As Ethereum spot ETF approval nears, these altcoins could explode

As Ethereum spot ETF approval nears, these altcoins could explode

It is not surprising that altcoins related to Bitcoin saw a major rally post-Bitcoin spot ETF approval. Likewise, tokens closely related to Ether could ride the ETF approval wave. Ethereum Classic, Pepe, Floki and other DeFi tokens could gain momentum as the ETH ETF approval deadline nears. 

More Cryptocurrencies News

Bitcoin: Is BTC out of the woods? Premium

Bitcoin: Is BTC out of the woods?

Bitcoin price shows signs of continuing its uptrend, providing a buying opportunity between $64,580 to $63,095. On-chain metrics forecast a bullish outlook for BTC ahead. If BTC clears $70,000, the chances of resuming the uptrend would skyrocket.

Read full analysis

BTC

ETH

XRP