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TOP 3 Price Predictions: Bitcoin, ETH, XRP — Local Correction Before a New Bull Run?

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TOP 3 Price Predictions: Bitcoin, ETH, XRP — Local Correction Before a New Bull Run?
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit
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The cryptocurrency market continues to storm new local maxima. For many investors, it is a good sign in anticipation of the resumption of an upward trend.

The number of Bitcoin futures reached a record level, which generally indicates the presence of positive dynamics. Repeated testing of local minima looks unlikely in this case.

BTC/USD

Bitcoin was able to continue to grow after it dropped below $5,200. Although the price of the main cryptocurrency is rapidly increasing, its significant jump over the past few days has brought it closer to the formation of the world's first intersection of simple moving averages (SMA) for 20-200 days from October 2015 – a formation that usually occurs with a massive price jump.

BTC/USD chart by TradingView

It is important to note that during the last week, Bitcoin repeatedly deviated from $5,300, which indicates that this price is a resistance level that may require a significant surge in consumer pressure to break higher.

The price of BTC is trading at $5,214.03 at the time of writing.

ETH/USD

A key bullish trend line was broken through with the support of $177 on the ETH/USD hourly chart. The pair even rose below the support level of $175 and formed a new intraday minimum of $170.06.

ETH/USD chart by TradingView

Analyzing the chart, the price of ETH has started a serious downward correction from the resistance of $184. Thus, there is a risk of a long fall below the support of $171. Having said that, bulls are likely to present a solid purchasing opportunity near the $164 level. Conversely, if a break below the $164 support occurs, the price may return to the $156 zone.

The price of ETH is trading at $171.47 at the time of writing.

XRP/USD

After the deviation near the level of $0.3780, the price was adjusted lower against the US dollar. The pair XRP/USD fell below the levels of $0.3700 and $0.3600. Later, the price bounced back and made several attempts to consolidate above the resistance levels of $0.3710 and $0.3740. However, buyers failed, and the price fell below the Fibonacci retracement of 50% of the last wave from a minimum of $0.3255 to a maximum of $0.3780.

XRP/USD chart by TradingView

Looking at the chart, it seems that the price is struggling to gain momentum above $0.3600, which can lead to a short-term breakdown. Closing below $0.3480 and $0.3460 is likely to cause a prolonged fall to the support area of $0.3320 or $0.3250 in the upcoming sessions.

The price of XRP is trading at $0.3395 at the time of writing.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and make predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others.

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Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout

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  • Alex Dovbnya
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    Bitcoin could witness a bullish breakout if its looming diamond pattern gets confirmed

Bitcoin Price Forms Diamond Bottom Pattern, Signalling Bullish Breakout
Cover image via u.today

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

ByBit

The Bitcoin price is on the verge of forming a diamond bottom, which represents two juxtaposed symmetrical triangles. This a major bullish pattern that could be the bellwether of substantial price gains. 

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According to cryptocurrency trader "The Moon," Bitcoin has a 70 percent chance of a bullish breakout if the aforementioned pattern gets confirmed.   

That said, Bitcoin would need a huge buying volume for this scenario to translate into fruition. 

Trading vet Peter Brandt noticed that the XRP/BTC pair was about to complete a diamond bottom. However, Ripple's native token failed to rally even before the much-awaited SWELL event that took place on Nov. 7-Nov. 8.     

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Bitcoin Price Could Soon Drop 40 Percent, BitMEX Data Shows

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As reported by U.Today, BTC dropped to the low-$8,000 level due to lack of enthusiasm on the buyer's side who failed to step in to reclaim $9,000. At press time, the coin that started it all is changing hands at $8,165 after being rejected at $8,200. 

Given that Bitcoin has trimmed all of its recent gains, market sentiment is now predominantly bearish. It remains to be seen how long it will be able to hold the crucial $8,000 support.      

Bitcoin Price
image by coinstats.app

Earlier, market analyst Willy Woo claimed that BTC's bearish price action ahead of the halvening event could mean that it might not witness another bull market. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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