A trend-defining decision is coming soon
- Bitcoin price continues to consolidate within a bearish pennant pattern.
- Ethereum price may retest the recently established lows.
- XRP price may witness an exit liquidity pump if the market remains stagnant.
The crypto market is losing ground in terms of a bullish counterstrike. The bear rally witnessed earlier in the month has formed a bearish pennant-like formation on Bitcoin and Ethereum, which could spell bad news for the rest of the market. The resolution of the bearish overload zone is likely to happen soon.
Bitcoin price remains capped
Bitcoin price has yet to show its cards as an ongoing consolidation is below $17,000. After the 25% decline earlier in the month, the peer-to-peer digital currency has been confined to a choppy trading range. A pennant formation appears near the newly established monthly lows, which will result in a crash of the same value as the previous rally.
Bitcoin price is currently trading at $16,682 as the bears have forged multiple rejections at $17,000 through the 8-day exponential moving average. Using classical analysis, a projection can be made from the pennant-looking pattern that formed this week. If the technicals are correct, bearish targets lie at $14,000 and potentially $12,750.
Invalidating the bearish idea is a break above the $18,250 thrust candle. If the level is marked, the bulls could produce a countertrend spike back to $20,000. Bitcoin price will rise by 23% if the invalidation scenario occurs.
BTCUSDT 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
The Ethereum price is still under water
Ethereum price continues to show a bearish stronghold as the third trading week of November heads into the weekend. After a 35% decline earlier this month, all the bullish attempts to recover have been rebuffed. If market conditions persist, the bears could induce a decline towards the recently established lows of $1,080
The Ethereum price is currently auctioned at $1,205. Like Bitcoin, ETH has yet to be able to break the 8-day exponential moving average. The volume profile indicators’ sparse reading may indicate that high-cap investors will remain on the sidelines until a definitive trend resulting from the congestion is established.
If the market is genuinely bearish, ETH’s next target will be $1,080 and potentially the summer low of $880.
Bearish invalidation could occur if the bulls regain the $1,350 swing high. By doing so, an additional rally towards the 21-day simple moving average of $1450 could occur. The Ethereum price will increase by a 20% increase from the current market value should the invalidation scenario occur.
ETHUSDT 4 Hour Chart
In the following video, our analysts dive deep into the price action of Ethereum, analyzing key market interest levels. -FXStreet Team
The XRP price may have one goal to reach
XRP price has diverged from most cryptos as bulls resist the market’s downtrend suppression. The digital remittance token has yet to form a pennant pattern like the majority of cryptos and is at the upper end of the range after the recent decline. The XRP price will either expand towards the mid-$0.40 zone or fall sharply in the coming days.
XRP is currently auctioned at $0.37. The bulls have broken above the 8-day exponential moving average (EMA) and are retesting the indicator for additional support. The Relative Strength Index (RSI) has climbed back to support and is hovering above both RSI’s moving averages, which is an optimistic signal. If the market is preparing for a major countertrend, a rally towards the recently broken support zone at $0.46 would be an ideal target to aim for.
Still, the bullish outlook targeting $0.46 hinges on swing lows at $0.316 as support. A break of the lows could send XRP to the 2020 overload zone near $0.26. The XRP price would drop by 35% if said price action were to happen.
XRPUSDT 1-Day Chart
In the following video, our analysts dive deep into the price action of Ripple, analyzing key market interest levels. -FXStreet Team