•  Bitcoin price breaches the $21,000 level with strong momentum.
  • Ethereum price could challenge the summertime highs. 
  • Ripple price rallies 10% during the Asian session to $0.50.

The crypto market is showing strength during the first week of November. Key levels have been defined to gauge the market's next potential move. Based on the influx of volatility Crypto Season may already be here.

Bitcoin price on the move

Bitcoin price has shown applauable strength in the market. After a week of consolidation, the peer-to-peer digital currency produced a sudden 6% spike. Now, as the price consolidated back under $21,000 due to profit-taking traders, BTC's larger picture seems more lenient to the upside in the coming days.

Bitcoin price currently auctions at $20,777. The volume profile index shows a significant influx in volume amidst the current incline on smaller time frames. The Relative Strength Index also breached extremely overbought conditions, hinting that the bulls' intentions are genuine. 

If the market is genuinely bullish, the BTC should pull off a reversal in the coming hours and target the $21,500 level. Readers may want to consider reviewing November 3's bullish trade thesis, as BTC is only halfway toward its intended target and the setups remain valid.

For readers who partook in the move, Safety can be applied by placing an invalidation under the $19,200 level. If the bears happen to re-tag that level, a further decline toward the October 13 lows at $18,300 could occur. Such a move would result in an 11% dip from the current Bitcoin price. 

tm/btc/11/4/22

BTC/USDT 4-Hour Chart

Ethereum pumps 

Ethereum price witnessed has rallied 10% since November 3 as the bulls are producing strong bullish momentum. On Friday, November 4 decentralized smart contract token spiked through an ascending trend channel which provided support throughout the initial stages of ETH's last-minute 25% rally in October.

Ethereum price auctions at $1,622 as the price now consolidates above the ascending trend channel. If the market is genuinely bullish, ETH's price could witness a rally toward the $1,800 level for an additional 10% rise in the coming days. If bullish engulfing candles persist near the $1,800 zone, then the congestion zone at $2,000 will be an excellent target for bulls to aim for.

Invalidation of the bullish thesis is a breach below the November 4 low at $1,528. If the bulls breach the low. ETH could witness an additional decline toward $1350 liquidity levels. Such a move would result in a 17% decrease from the current Ethereum price

tm/btc/11/4/22

ETH/USDT 4-Hour Chart

XRP price shows stregnth

XRP price witnessed a 10% rally on November 4, 2022. The bulls jumped into the market with intensity after a hidden bullish divergence signal showed up on the 4-hour Chart. An influx of volume accompanies the recent spike, suggesting Ripple intends to rally higher. , 

XRP price auctions at $0.4939. The 8-day exponential moving average and 21-day simple moving average are well below the current auctioning price and could produce a bullish cross in the coming hours. If the cross does not occur, XRP could pull back into the indicators near $0.46 before rallying higher. If the cross does occur, the next bullish target would be the previous congestion zone near$0.61.

The health of the uptrend depends on the swing low at $0.41, remaining untagged. If the bears tag the Invalidation level, a further decline targeting the $0.35 liquidity zone could occur. Such a move would result in a 30% decline from the current XRP price. 

tm/xrp.11/4/22

XRP/USD 4-Hour Chart






 


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