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6 February 2023
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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Anticipating bear market target zones

  • Bitcoin price lost 16% of market value in November and has since risen by 9%.
  • Ethereum price shows slightly more strength in the market compared to Bitcoin.
  • XRP price has the potential for a 14% rally if the recently breached resistance zone maintains support.

The crypto market produced a shallow countertrend pullback following November’s bearish stronghold. Now the technicals show waning momentum during the uptrend’s hike. Another sell-off in the market could spell bad news for the start of 2023.

Bitcoin price is unconvincing

Bitcoin price is losing momentum as a countertrend rally stalls near the $17,000 barrier. During November, the bears produced a 16% market decline, establishing a new yearly low at $15,546. Now the 9% uptrend move shows signals that warrant concern.

Bitcoin price currently auctions at $16,984. Since breaching the new yearly low, the largest candlestick and volume influx belongs to the bears. A Fibonacci retracement tool surrounding November’s decline shows the ongoing congestion zone just below the 38.2% retracement level. The bull’s failure to tag the level may be viewed as a demonstration of how strong the bearish force is.

tm/btc/12 /6/22

BTC/USDT 1-Day Chart

If market conditions persist, the new yearly low could be due for a retest. A second target will be the $14,900 liquidity zone which has remained unaucitoned since 2020. The bulls will need to hurdle the 38.25 % Fib level to invalidate the bearish outlook and justify aiming for higher targets.

Ethereum price has potential

Ethereum price rallied by 20% after enduring November’s 36% decline. A Fibonacci retracement tool surrounding November’s downtrend shows the bullish retaliation as stronger than Bitcoin’s. The bulls were able to hurdle the 38.2% fib level, and although the first attempt did not prompt an additional rally, there is a going battle near a previously broken support zone at $1,250.

Ethereum price currently auctions at $1,248. The volume indicator shows a tapered effect, the selloff has fewer transactions than the November 30 candle that pierced through the support zone and Fib level. 

If the bulls can sustain support above the reconquered support zone, aiming for the 50% and 61.% Fib level would be a justifiable trade. The bullish scenario would create the potential for up to a 13% increase from ETH’s current market value. 

tm/eth/12/6/22

ETH/USDT 1-Day Chart

A breach below the November 30 bullish engulfing candle that pierced the support zone at $1212 would invalidate the bullish potential. If the candle’s low is breached, the bears could reroute south and target the November low at $1,075. Such a move would result in a 14% decrease from the current Ethereum price. 

XRP price maintains a bullish stance

XRP price consolidates after breaking market structure to the upside during the final week of November. On December 6, the digital remittance token continues to hover above a breached trendline that acted as resistance throughout November when XRP traded between $0.33 and $0.38.

XRP price currently auctions at $0.39. The volume profile indicator shows the bullish strength is waning despite the increase in market value. The bulls are testing the 21-day simple moving average as support after losing support from the 8-day exponential moving average on December 1.

At the current time, calling for bearish entry would be premature and ill-advised. The bulls still have the potential to rally 13% higher into October’s broken support zone at $0.44. The earliest evidence to make void of the bullish potential would be a daily candle stick close to November’s range.

tm/xrp/12/6/22

XRP/USDT 1-Day Chart

 A candlestick close at $0.375 or lower would create a scenario to target the other side of November’s trading range at $0.33. The XRP price would decline by $15% if said price action were to occur. 

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