• Bitcoin price continues to set new highs as buyers come out of the woodwork.
  • Ethereum price locks in on $5,000 and shows no signs of slowing down.
  • Ripple price needs to flip $1.41 into support floor to revisit $2.

Bitcoin price is hovering inside a crucial demand zone that needs to hold for the upswing to continue. A resurgence of buying pressure that pushes BTC to produce a daily close above it will confirm the resumption of an uptrend and suggest new highs are incoming. Such a move will also cause Etheruem and Ripple to go higher as well.

Bitcoin price awaits bullish momentum

Bitcoin price has entered the $63,805 to $67,162 demand zone after setting up a new high at $68,778 on November 9. This descent was caused by investors booking profits and is likely to stabilize and reverse soon.

A daily close above $67,162 will confirm the start of a new uptrend and propel the big crypto to the 161.8% Fibonacci extension level at $77,908. This run-up would constitute a 17% surge from the current position

In a highly bullish and long-term scenario, BTC is likely to set up a high at $100,000 or the 261.8% trend-based Fibonacci. This development would be historic as Bitcoin price would enter the six-digit territory for the first time.

BTC/USD 1-day chart

BTC/USD 1-day chart

On the other hand, if Bitcoin price fails to close above $67,162 but instead produces a daily close below $63,805, it will indicate that the buyers have disappeared. In this scenario, BTC would revisit the immediate support level at $65,000 or the $60,000 barrier in dire cases, where the buyers can make a comeback.

Ethereum price continues to trend higher

Ethereum price is currently following the bellwether crypto’s footsteps as it retraces after setting up a new high at $4,849 on November 9. This downswing will likely find support around $4,609 or $4,387 before the uptrend resumes.

A potential increase in buying pressure will propel ETH to the $5,000 psychological barrier. In an optimistic scenario, this uptick could extend to $6,387, coinciding with the 161.8% Fibonacci extension level.

ETH/USD 1-day chart

ETH/USD 1-day chart

Regardless of the bullish outlook, if Ethereum price falls below the $4,000 psychological level, it will revisit the stable support level at $3,600. While this move does not invalidate the bullish thesis, it will, however, delay the upswing.

Ripple price finds respite before another leg-up

Ripple price is unlike Bitcoin or Ethereum as it faces a resistance area that ranges from $1.31 to $1.41. This supply zone is crucial and stands in the way of XRP’s growth. Although XRP price started its ascent on November 3 when it broke out of a symmetrical triangle, it needs to produce a daily close above $1.41 to confirm a move to $1.97 or roughly $2.

While the conservative target for the technical formation forecasts $2 as likely, an increase in buying pressure could lead to an overshoot, tagging the 261.8% Fibonacci extension level at $2.32. In this situation, Ripple price could extend the ascent and make a run at the all-time high, resting around $3.31.

XRP/USD 1-day chart

XRP/USD 1-day chart

While things are not as easy for Ripple price compared to BTC and ETH, a failure to close above $1.41 will further exaggerate it. This move could result in a correction retesting the $1.17 support floor or the 50% Fibonacci retracement level at $1.13. Here, XRP buyers can give the bull rally another go.

 

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.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP