- Bitcoin is consolidating below the broken support level.
- The price of Ethereum has recovered 12% of the market losses, but still shows unreliable signals.
- The price of XRP is deviating from the market and has created a gap in the market structure.
The crypto market has produced a rally of relief that encourages traders to join the trend and aim for higher targets. However, ahead of the last trading weekend, traders should expect volatility and difficulty in making profits. Key levels have been set to identify possible next moves in the top 3 cryptocurrencies.
Bitcoin Price in Decisive Situation
The price of bitcoin has recovered 7% of its market value after falling after almost two weeks of consolidation. A fresh low at $15,476 triggered a bullish divergence on the Relative Strength Index (RSI), likely prompting traders to consider going long over the weekend. Although the price of BTC shows bullish signals, overly cautious risk management practices should be applied until the end of November.
Bitcoin price is currently being auctioned at $16,617. The 7% rally on Thursday, November 24 has stalled as bulls and bears battle for ground on the shorter timeframes. The 8-day EMA was successfully crossed on Nov. 23, giving classic price action traders more confidence to hit the 21-day SMA at $17,601.
However, the price of bitcoin has not yet broken the top of the triangle near the current price levels. The current upward movement can be seen as a cyclical retest of the recently broken support zone. The bearish divergence Relative Strength Index is displayed at the top of the current terrain rally.
Based on these factors, storing bitcoins over the weekend can be problematic. Another low targeting $15,000 has a good chance.
The reversal of the bearish idea is a break above the previous consolidation highs at $17,200. If the level is marked, the bulls could spark a countertrend surge towards the 21-day SMA at $17,600. The price of bitcoin will increase by 6% if an invalidation scenario occurs.
BTC/USDT 1-day chart
In the following video, our analysts dig deeper into Bitcoin’s price action by analyzing key levels of market interest. -Team Netcost-Safety
Ethereum price resists
The price of Ethereum posted an impressive 12% rally this week as traders who were left out immediately jumped to a price offer below $1,100 earlier in the week. Like BTC, the price of ETH has risen above the 8-day exponential moving average but remains below the previously broken support zone around $1,200.
The price of Ethereum is currently being auctioned at $1,199. Several bearish divergences have been set on the shorter timeframes as part of the rise in the Relative Strength Index. The indicator may indicate the imminent completion of the upward movement. The Volume Profile indicator shows a lack of confidence from all market participants as there is very little interest in the previous sell off at $1080 on Nov 9th.
Traders should be especially careful as the market structure has not yet treated the rally rebound wave as a larger countertrend rally. As such, ETH could return to territory below $1,100. The targets will be $1,080 and possibly $1,000.
The refutation of the bearish thesis is a break above the top of the market structure at $1292. If the bulls break the barrier, an additional rally targeting the $1,400 liquidity zone would be a fair target. Such a move would increase the current price of Ethereum by 16%.
ETH/USDT 2-hour chart
In the next video, our analysts dig deeper into Ethereum’s price action by analyzing key levels of market interest. -Team Netcost-Safety
XRP Price Breaks Market Structure
The price of XRP has deviated again as the technical data shows a bullish tone. Over the past two weeks, the digital discount token has formed a range of $0.34 to $0.39, gradually making higher highs and lowering lows. This week, as the bulls regained 15% of their lost market value, the price of XRP broke through an upward consolidation range, setting a new high at $0.404.
XRP is currently being auctioned at $0.399. The upward break creates a likely 12% uptrend scenario targeting previously broken support at $0.44. The bulls have broken the 8-day exponential moving average and are also trying to break the 21-day simple moving average at the time of writing. A close above the second moving average could be the entry signal traders are looking for to join the trend.
Confirmation of the bullish thesis is a break below the daily candle that crossed the 8-day exponential moving average at $0.367. In this case, a drop to the lower half of the range around $0.34 and possibly to $0.31 could occur. Such a move would cause the current price of XRP to fall by 20%.
XRP/USDT 12 hour chart
In the following video, our analysts delve into Ripple’s price action by analyzing key levels of market interest. -Team Netcost-Safety