• Bitcoin price made a new higher high this week but faces near term selling pressure.
  • Ethereum price is in danger of facing reversal due to a powerful Gann cycle.
  • XRP price inside a bear flag and at risk of moving below that bearish pattern.

Bitcoin price action continues to digest the drop found on Wednesday as prices continue their slow slide south. Ethereum price completes a seven-week uptrend, creating a likely turning point and a corrective move extremely likely. XRP is at risk of a 48% drop if it fails to hold its Ichimoku support levels.

Bitcoin price nears its final support before a push down to $54,000 could occur

Bitcoin price is currently testing its final Ichimoku support level, the Kijun-Sen ($63,250), before deciding whether to bounce or collapse. If Bitcoin fails to hold the Kijun-Sen as support, then the next support level within the Ichimoku Kinko Hyo system is the top of the Cloud at $54,250. That would represent a 15% drop from Friday’s open. On the other hand, if Bitcoin does fall to that level, then $54,250 should hold because $54,250 is the 61.8% Fibonacci extension and the weekly Tenkan-Sen.

BTC/USD Daily Ichimoku Chart

If support does hold at the Kijun-Sen, then sideways price action over the weekend would be the most likely scenario traders would observe. In that scenario, Bitcoin would likely pause and wait for the weekly Tenkan-Sen to move higher to return to equilibrium with Bitcoin price.

Ethereum price completes Gann ‘Death Zone’ time cycle, bearish price action likely

Ethereum price, despite making new all-time highs, is under threat of making a deep corrective move due to a powerful Gann time cycle that Gann referred to as his ‘Death Zone’ cycle. This cycle is a forty-nine to fifty-two-day cycle (seven weeks). Gann wrote that a violent corrective move is likely if an instrument is trending at a steep slope over seven weeks. Ethereum is a textbook example of this cycle. Given the significant gaps on the weekly chart between the candlestick bodies and the Tenkan-Sen, a corrective move is increasingly likely.

ETH/USD Weekly Ichimoku Chart

The projected retracements for Ethereum are the Tenkan-Sen at $3,750 and the Kijun-Sen at $3,300. A move down to either of those levels would fulfill a return to equilibrium in the Ichimoku system, creating sufficient conditions for a resumption of a strong bullish expansion phase. Of course, any near-term bearish projections will be eliminated if Ethereum goes parabolic and makes new all-time highs.

XRP price action could generate a nasty bull trap if it moves below $1.00

XRP price is in a longer-term bearish continuation pattern known as a bear flag (red channel). The primary support level that XRP must hold is the bottom of the Cloud (Senkou Span A) and the 2021 Volume Point Of Control, both at $1.09. Below that, only the Chikou Span can support XRP. As a result, bears will likely target a strong short setup on any close at or below $0.98 to target the $0.65 to $0.70 value areas.

XRP/USDT Daily Ichimoku Chart

To invalidate the current bearish setup, buyers need to support XRP price above the bear flag and above the November 8th close at $1.29. Bulls could also surprise any short-sellers by holding the Kijun-Sen and Senkou Span B at $1.15 as support.

 

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

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP