Price predictions are coming from the analyst about 3 coins: Bitcoin, Ethereum and Ripple. cryptocoin.com As we have previously reported, Altcoins are attracting attention as BTC remains unstable. Bitcoin price showed weakness at the $63,788 resistance level, suggesting that a deeper decline could occur. Ethereum price continues to form new highs as the bulls consider the next $5,000. Ripple price is breaking out of the bullish pennant, suggesting the start of an 80% rally.
New levels for BTC, ETH and Ripple
Bitcoin price has been consolidating for more than ten days and is showing no signs of a directional trend. BTC has gathered liquidity and looks set for a move lower. For now, altcoins are showing strength as BTC rises. If BTC crashes, altcoins take a hit. Bitcoin price rose 8% between November 1 and November 2 and entered the liquidity zone ranging from $62,614 to $63,699. Relative indecision indicates that buyers are unable to move forward. According to analyst Akash Grimath, investors can expect BTC to drop lower to the immediate support level of $60,000. A one-day close below this level will signal a continuation of the downtrend. In such a case, the major crypto will revisit the demand zone ranging from $56,629 to $58,587. This move will be an excellent buying opportunity for patient and long-term investors.
On the other hand, if Bitcoin price bounces off the demand zone between $56,629 and $58,587, it will indicate that buyers are fighting for control. However, a daily close above $63,788 or $64,000 would reveal that an uptrend is likely. Confirmation of uptrend may come from retesting the same level. In such a case, BTC will head towards the psychological level of $ 70,000.
Ethereum price shows strength and tendency to rise. Unlike Bitcoin, Ethereum price formed a new high at $4,643 and is currently hovering in this region. The 100% trend-based Fibonacci extension level of around $5,000 is just a few clicks away; therefore, investors can expect ETH to retest this hurdle in the coming future, especially if BTC continues to consolidate. In this extremely strong state of optimism, ETH could break through this hurdle due to its deflationary nature after recent network upgrades. Last week, the number of ETH minted by miners is less compared to those burned after the EIP-1559 upgrade.
Although on the upside, the outlook rests on the assumption that BTC will not fall violently to $53,000 or lower. If it does, Ethereum price will likely revisit the $3,619 barrier followed by a key $3,200 support base. Investors can expect ETH to make a return in this area.
XRP price sees a bullish trend
Ripple price has set multiple low highs and high lows since August 10, resulting in the formation of a symmetrical triangle pattern when tied using trendlines. This setup estimates the distance between the first high swing and the first low swing to be $1.97, a 79% increase obtained by adding the $1.10 breakout point.
Since the move on November 2, Ripple price has seen a 9% increase so far. While this move is bullish, XRP needs to produce a daily close above $1.41 to strongly confirm a move to its intended target of $1.97. On the other hand, if ripple price fails to break through the supply zone, which ranges from $1.31 to $1.97, it will indicate weakness among buyers. If XRP price returns to the technical pattern, it will invalidate the bullish thesis and retest the $1 psychological level.
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