an hour ago | Michael Fasogbon
| ⠀Bitcoin price: | $6,790 |
|---|---|
| ⠀Key BTC resistance levels: | $7,000, $8,000 |
| ⠀Key BTC support levels: | $6,400, $6,000 |
*Price at the time of writing
Bitcoin price prediction: Bearish
Last week, Bitcoin broke down the yellow-dotted diagonal support ($8,000) that served as a rebound level for the late October sudden surge to $10,350. The breakdown has resulted in a price drop all the way towards the $6,600 zone, near the channel’s lower boundary.
Following Bitcoin’s low from July, we can see that the channel’s lower boundary has been producing a rebound way long. If this occurs again, BTC may recover to $7,000, followed by $8,000 if the bulls can keep up the buying pressure.
Meanwhile, the RSI and the MACD have fallen into the bearish zone to reveal weakness in the BTC market. For this reason, we can still anticipate $6,400 and $6,000 price levels to come into play. If the aforementioned price zones are unable to contain pressure, Bitcoin may extend its bearish action to the $5,000 zone.
| ⠀Ethereum price: | $137 |
|---|---|
| ⠀Key ETH resistance levels: | $153, $165 |
| ⠀Key ETH support levels: | $127, $118 |
Ethereum price predcition: Bearish
Ethereum has stayed under a lot of bearish pressure for some days now due to the recurring sell-off in the market. However, it may get worse if the descending broadening wedge forming on the daily chart completes the ongoing lower low setup. Looking at the bearish formation, the intraday traders target the channel’s support at $100.
Ethereum is likely to encounter support at $127 and $117 along the way. The recent negative switch on the MACD is an indicator of more bearish actions. Additionally, the RSI has finally entered the oversold region after staying within the RSI boundary for months.
It might get tough for the bulls to reclaim $180. Nevertheless, the $153 and $165 resistance may still act as retracement levels for the buyers. Currently, the ETH market is dominated by a bearish bias.
| ⠀Ripple price: | $0.21 |
|---|---|
| ⠀Key XRP resistance levels: | $0.23, $0.25 |
| ⠀Key XRP support levels: | $0.18, $0.16 |
XRP price prediction: Bearish
Just as we predicted in our previous analysis, Ripple has finally dropped to the channel support ($0.2) that was spotted since August. Having tested $0.2, we should anticipate a bounce-back any moment from now. The close resistance levels to watch for now are $0.23 and $0.25.
As we can see, the daily RSI is heavily in the oversold area to indicate a strong bearish trend, and the MACD is now signaling a negative scenario as well.
If XRP fails to bounce at the channel’s support, a breakdown is the next thing to keep in mind. Should such a move eventually occur, the bearish scenario might just be starting as the $0.18 and $0.16 support levels may be explored. However, we need to wait for a while to spot a break or bounce for the next major move.
Overall summary
The latest price drop has again turned the entire crypto market bearish, making the top three coins to see a loss of close to -10% overnight. Except for Ethereum, which is yet to bottom on the wedge pattern, Bitcoin and XRP are now trading around their channel’s lower boundary, deciding on the next move. A worse scenario may be triggered if the big three continue to be heavily affected by selling pressure.
