xrp crypto stock

Altcoins to outperform leading cryptos

Steep correction looms crypto market
Written by publisher team

  • Bitcoin price is at risk of a deeper southward rally as upside potential is limited.
  • Ethereum price is developing a bull trap pattern, warning of some continued weakness.
  • XRP price may find some bullish momentum due to a major time cycle in Ichimoku.

Bitcoin price is facing a double bottom pattern on the reversal point of $1,000/3Box and Figure chart, which indicates a significant decline ahead of Thanksgiving weekend. Ethereum price filled the previous gap between the weekly candlestick bodies and the weekly Tenkan-Sen, but the downside risks remain. XRP price may start a new swing higher due to the Kumo Twist.

Bitcoin price faces 16% drop ahead of Thanksgiving and weekend

Bitcoin price developed a double bottom on the dot and figure chart, which created a short opportunity for the bears. The default 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 predicts an actual target of $37,000, the neckline (black diagonal line) of the previous inverted head and shoulders pattern is likely to act as support.

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

The bulls can negate the bearish bias in the near term by sending the bitcoin price to a close above the previous $100 Fib extension at $63,000. From there, a renewed rush to all-time highs is likely to kick in.

Ethereum price likely to face continued weakness

The price of Ethereum, like Bitcoin, is showing signs of continued weakness ahead. Bear trap pattern in development on Ethereum’s 25/3-box reversal point and figure chart. This pattern can create significant selling pressure as late buyers inevitably switch to sellers as prices accelerate their movement south.

ETH/USD 25/3 Reversal Points Squares and Chart

The theoretical short entry is a sell stop at $4,050, stop loss at $4,150 and a profit target at $3,300. However, the weekly Tenkan-Sen (not shown) is at $3800 and could limit any further downside pressure on Ethereum. Therefore, any daily close above $4,400 will invalidate the idea of ​​a short trade.

XRP Price Could Lead Altcoins To Outperform Bitcoin And Ethereum

The price of XRP has undoubtedly been bearish in the past two weeks. from 10 novembery Swing high, XRP is down over 24%. However, Kumo Twist will be released on November 24y It could end this downtrend and move higher. Kumo Twists, when a Senkou Span A intersects above or below a Senkou Span B, are often periods when major and minor highs and lows are found.

XRP / USDT Ichimoku Daily Chart

XRP price will need to close at or above the $1.19 value to return to a bull market. From there, XRP is preparing to launch above the $2.00 value area. However, if XRP remains below the cloud ($1.05) over the course of the week, the next sharp drop will be towards $0.84.

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