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28 November 2021
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Ethereum

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for final pullback before next leg up

  • Bitcoin price is due for a retracement as MRI flashes a sell signal on the daily chart.
  • Ethereum price continues to consolidate under the $3,938 resistance level.
  • Ripple price slides below the $1.09 support level as the crypto markets prepare for a minor correction.

Bitcoin price is facing resistance and selling pressure as it is inches away from retesting its all-time high. The technicals are also hinting at a retracement, which could translate to other altcoin markets.

Bitcoin price readies itself for a launch

Bitcoin price has risen a whopping 48% since October 1 but is finally slowing down as it approaches its all-time high of $64,895. On the daily chart, the Momentum Reversal Indicator (MRI) has flashed a red ‘one’ sell signal. This technical formation forecasts a one-to-four candlestick correction.

Investors should exercise caution as a pullback could be on its way. This correction could knock the big crypto downer to $62,944, the immediate support level below price, or push it down to the $60,000 psychological level. In some cases, if profit-taking intensifies, BTC might retest the $56,000 support barrier.

The aforementioned retracement may provide an opportunity for sidelined buyers to jump on the bandwagon and kick-start a massive uptrend that not only breaches through the all-time high at $64,895 but also sets up a new target at $70,000.

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The 161.8% trend-based Fibonacci extension level at $77,525, could be the next pitstop for bulls.

BTC/USD 1-day chart

BTC/USD 1-day chart

While things are looking slightly bearish for Bitcoin price in the short-term, a breakdown of the $56,000 support level has the chance to deepen the corrective wave, pushing BTC as low as $52,000 or, in some cases, $51,000, therefore, market participants need to be careful and wait for a confirmation of the upswing.

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