Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Preparing for the Market’s Next Move

by James · November 22, 2022

Bitcoin bounces 5% after a 10% decline over the weekend.
Ethereum shows bulls losing underlying strength.
The XRP price is consolidating into an area that could resolve in an explosive move.

The crypto market has produced a countertrend bounce after a sustained weekend decline. The two-week consolidation broke to the downside over the weekend, which has projected targets much lower than today’s price. Key levels are defined to determine the top 3 crypt’s next potential move.

Table of Contents

Bitcoin price bounces back

Bitcoin price broke out to the downside after nearly two weeks of consolidation in the $17,000 range. The breakout made a monthly low of $15,476. Now, the peer-to-peer digital currency has retaliated against the bearish onslaught as bulls have recovered 5% of their losses on Tuesday, November 22. Nevertheless, a pennant formation, which surrounded the BTC price throughout the 2-week consolidation, has projected targets between $13,500 and $14,000. Thus, the downward trend can continue.

Bitcoin price is currently auctioned at $16,161. The 5% rise was catalyzed by a bullish divergence reported on several altcoins during the New York session on November 21. The bulls now face significant resistance near the 8-day exponential moving average of $17,000. A retest of the barrier could provoke a much stronger selloff.,

Invalidating the bearish idea is a break above the swing highs within the previous consolidation at $17,200. If the level is tagged, the bulls could produce a countertrend spike back to the 21-day simple moving average of $17,900. Bitcoin price will increase by 10% if the invalidation scenario occurs.

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BTC/USDT 1-Day Chart

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

Ethereum price is losing ground

The Ethereum price has seen better days as the bears have produced a 10% decline since the weekend. At the present time, the bulls are trying to produce a countertrend bounce, but the attempt could exhaust their underlying strength. The Volume Profile indicator confuses this narrative as fewer transactions have taken place in recent days compared to the previous selloff in November that momentarily breached the $1,000 barrier. If the market conditions persist, the bears could induce a definitive move to sustain the Ethereum price below $1,000.

The Ethereum price is currently auctioned at $1,119. Bears in the market will likely target summer liquidity at $1,000 and potentially $939. If bulls on the sidelines don’t step into these zones, a freefall decline aimed at the summer low of $880 is imminent. Invalidating the downtrend side would be a break above $1,276.

On the contrary, a countertrend spike into the previous $1,276 overload zone would be an ideal target zone for short-term bulls. The bulls need to hurdle the 8-day exponential moving average of $1,192 to justify any bullish trade ideas.

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ETH/USDT 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 range bounded before an explosion

XRP price has succumbed to the bearish stronghold, much like Bitcoin and Ethereum. The digital remittance token has now formed a range between $0.34 and $0.39. The technicals show lower highs and higher lows gradually throughout the month. The newly discovered congestion zone will likely resolve in an explosive move. If the move is bearish, XRP price is likely to trade below $0.30 in 2023.

XRP is currently auctioned at $0.37. The bulls are making the first attempt to break the 8-day exponential moving average (EMA) after the rejection that led to the weekend’s 10% decline. As the price rises, you may want to keep an eye on the Relative Strength Index (RSI). The indicator shows the current price close to previous highs, suggesting that a bearish divergence will soon be established and may justify traders opening a bearish position.

The bearish targets would be November’s monthly low of $0.3160 and potential summer low of $0.298. Invalidating the bearish thesis is a break above the $0.40 swing high. If the bulls can break the barrier, a rally towards the previously broken support zone of $0.44 could occur. Such a move would result in an increase of 20% from the current price.

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