Bitcoin prices may fall by 5%, rebound to $34483 at the 250 day moving average, and then jump north again.If the support provided by the upward trend line remains above $2029, Ethereum prices may rise by 5% to the high point of the $2136 range
- Bitcoin prices may fall by 5%, rebound to $34483 at the 250 day moving average, and then jump north again.
- If the support provided by the upward trend line remains above $2029, Ethereum prices may rise by 5% to the high point of the $2136 range.
- As XRP erases its weekly increase, the price of Rayleigh coins filled with symmetrical triangles may drop by 10% to $0.5981.
The prices of Bitcoin (BTC), Ethereum (ETH), and Ripple Coin (XRP) are currently unchanged. However, according to a recent comment by Bloomberg Intelligence analyst James Seyfart, the window period for the US Securities and Exchange Commission (SEC) to approve spot BTC exchange traded funds (ETFs) is very short, as of November 17th. Against the backdrop of speculation and investors attempting to launch a possible release, the next three days may be very interesting for the King of Cryptocurrencies.
Unless spot BTCETF is launched, Bitcoin prices are expected to decline by 5%
The price of Bitcoin (BTC) may or may not fall by 5%, depending on what the US SEC decides to do in the next three days. With the detailed eight day window period quickly closing, the pros and cons of spot Bitcoin exchange traded funds (ETFs) will become the determining factor.
At the same time, as the momentum declines, Bitcoin prices seem likely to decline by 5%. After Bitcoin was significantly overbought, buyers were exhausted. Due to the support of the relative strength index (RSI) and momentum oscillation index (AO), BTC may decline to test the convergence of support between the 25 day index moving average (EMA) and the $34483 level, and may then rebound.
In a worse scenario, a sharp drop may exceed $34483 and test the 50 day moving average of $32332. Selling pressure may cause Bitcoin prices to lose key support of $31190. The daily candlestick closing price below this level will invalidate the bullish argument.
BTC/USDT1 daily chart
On the other hand, if the SEC approves the launch of spot BTCETF, purchasing pressure will increase, which may lead to an increase in Bitcoin prices, breaking through the high point of the $37972 range, thereby making the psychological level of $40000 a reality.
Ethereum prices must remain above the upward trend line to achieve their potential for growth
Ethereum (ETH) prices show weakness, but the overall trend remains bullish. In order to achieve more returns, the second largest cryptocurrency by market value must remain above the upward trend line, which may result in a 5% increase to test the high point of the $2136 range. In a highly bullish situation, the increase may extend to the psychological level of $2200.
ETH/USDT1 daily chart
On the other hand, the increase in seller motivation may cause Ethereum prices to fall below the upward trend line of $2029. Breaking through and closing below this level may cause ETH to fall into the supply area, turning into a bullish breakthrough. If it falls below the median of around $1935, it will consolidate its continued downward momentum.
Ripple Price Fill Triangle
As the volatility of the XRP market decreases, the price of XRP has formed a triangle. For the next direction deviation, investors should wait for confirmation of a breakthrough in this model. At the same time, all signs indicate a downward trend in the context of declining momentum, with RSI and AO bar charts flashing in red.
The increase in selling pressure may lead to the price of Swiss dollars breaking the downward trend line of the triangle, testing the 25-day moving average of $0.6187. If 25-EMA fails to maintain support, XRP's decline may continue to the support level of $0.5981, which is 10% lower than the current price. Breaking through and closing below this level will clear the way for further spiraling remittance tokens, sliding past $0.5837 and $0.5619 in 50 and 100 days, respectively, and falling into the consolidation range between $0.5392 and $0.4735.
XRP/USDT1 daily chart
On the other hand, breaking the above trend line may lead to a rebound in Ripple prices, recovering from the November 13 high of $0.7500. In a highly bullish scenario, it may break through the fair value gap (FVG) of $0.7519 to $0.7623 and regain balance before reaching the psychological level of $0.8000. This move will increase by 20% compared to the current level.
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