Bitcoin
$47,540.05
-8721.8
(-15.5%)
Ethereum
$3,981.12
-543.17
(-12.01%)
Ripple
$0.79
-0.18
(-18.73%)
Litecoin
$154.04
-48.01
(-23.76%)
EOS
$3.03
-0.98
(-24.5%)
Cardano
$1.38
-0.25
(-15.09%)
Stellar
$0.29
-0.06
(-18.36%)
NEO
$28.36
-8.93
(-23.95%)
NEM
$0.13
-0.04
(-23.22%)
DigitalCash
$135.98
-41.22
(-23.26%)
Tether
$1.00
0
(0%)
Binance Coin
$556.12
-59.77
(-9.7%)
QTUM
$10.76
-3.74
(-25.81%)
Verge
$0.02
-0.01
(-22.38%)
Ontology
$0.75
-0.31
(-29.04%)
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-51.56
(-22.83%)
Steem
$0.47
-0.14
(-22.89%)

Altcoins to outperform leading cryptos

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  • Bitcoin price at risk of a deeper push south as upside potential is limited.
  • Ethereum price develops a bull-trap pattern, warning of some continued weakness.
  • XRP price may find some bullish momentum due to a key Ichimoku time-cycle.

Bitcoin price faces a double-bottom pattern on its $1,000/3-box Reversal Point and Figure Chart hinting at a substantial drop ahead of the Thanksgiving weekend. Ethereum price filled a prior gap between the bodies of the weekly candlesticks and the weekly Tenkan-Sen, but downside risks remain. XRP price may begin a new swing higher because of a Kumo Twist.

Bitcoin price faces -16% drop ahead of Thanksgiving holiday and weekend

Bitcoin price has developed a double-bottom on its Point and Figure chart, creating a short opportunity for the bears. The hypothetical short entry is a sell stop order at $55,000, a stop loss at $59,000 and a profit target at $42,000. While the Vertical Profit Target Method in Point and Figure Analysis projects an actual target of $37,000, likely, the neckline (black diagonal line) of the prior inverse head-and-shoulders pattern will act as support.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

Bulls could invalidate the near-term bearish bias by pushing Bitcoin price to a close above the former 100$ Fibonacci expansion level at $63,000. From there, a renewed push to all-time highs would likely commence.

Ethereum price likely to face continued weakness

Ethereum price, like Bitcoin, shows signs of continued weakness ahead. A bear trap pattern is in development on Ethereum’s $25/3-box Reversal Point and Figure chart. This pattern can create substantial selling pressure as late-term buyers inevitably turn into sellers as prices accelerate their movement south.

ETH/USD $25/3-box Reversal Point and Figure Chart

The theoretical short entry is a sell stop order at $4,050, a stop loss at $4,150 and a profit target at $3,300. However, the weekly Tenkan-Sen (not shown) is at $3,800 and could limit any further downside pressure for Ethereum. Therefore, any daily close above $4,400 would invalidate the short trade idea.

XRP price could lead altcoins to outperform Bitcoin and Ethereum

XRP price has undoubtedly had a bearish past two weeks. From the November 10th swing high, XRP is down over 24%. However, the Kumo Twist coming up on November 24th could end that downtrend and move higher. Kumo Twists, when Senkou Span A crosses above or below Senkou Span B, are often periods where significant major and minor swing highs and lows are found.

XRP/USDT Daily Ichimoku Chart

XRP price would need to close at or above the $1.19 value are to return to a bullish market. From there, XRP is poised to begin its run above the $2.00 value area. However, if XRP remains below the Cloud ($1.05) throughout the week, a steep drop towards $0.84 is next.

 



Read More: Altcoins to outperform leading cryptos

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