Just before the monthly close, the bearish activity intensified, causing the prices of most tokens to plunge hard. Meanwhile, the Bitcoin (BTC) price is struggling to defend the support that keeps the bullish hopes alive. Besides, the Ethereum (ETH) price & XRP price are holding within the range, which suggests a strong rebound could be fast approaching.
Bitcoin (BTC) Price Analysis
The Bitcoin price displayed a huge possibility of marking a new ATH in the first few days of November. However, the bearish interference prevented the bulls and dragged the levels heavily, which delayed the possibility of a new ATH. Moreover, the bears have begun to intensify their activity, suggesting a drop below $66,000 may be imminent.
After the recent rebound from the lows, the token has been ranging along the ascending trend line, indicating a continuation of consolidation until the first week of December. The RSI is holding the ascending trend line, and a rebound is much expected after testing the support. Secondly, the MACD suggests a rise in the selling pressure, but the levels remain within the positive range. Therefore, the current trade setup suggests the price to remain within an ascending triangle and reach the apex in December to trigger a breakout.
Ethereum (ETH) Price Analysis
The volatility of Ethereum has dropped drastically as the token maintains a consolidated trend within a parallel channel since the drop in August. The dropped volume also substantiates the bearish claim, indicating the possibility of testing the lower support in the coming days. Therefore, the ETH price seems to be poised to maintain a continued descending trend for the next few days.
The latest drop has triggered the price below the crucial 50-day MA that has flashed a bearish signal for the token. The MACD displays a rise in the selling volume, which may drag the levels into the negative range. Therefore, the ETH price may maintain a descending trend for the next few days and drop close to $2,300, which could act as a strong base to trigger a healthy rebound. However, until the price remains within the consolidated range between $2,735 and $2,320, the possibility of an upswing remains lower; meanwhile, a rise above $3000 could invalidate the bearish narrative.
XRP Price Analysis
The XRP price is struggling to hold $0.5 support as the bearish influence over the token has increased to a large extent. The price has followed a similar pattern since the start of Q4, which highlights the bearish trajectory of the token. Meanwhile, the possibility of a bullish rebound remains pretty high only if the token remains above the pivotal support and bulls display some momentum.
There has been pretty little variation in the XRP price since the start of October, suggesting less involvement of the market participants Besides, the RSI remains drained within the lower range, indicating a reduced strength of the rally that may eventually drag the levels below the 0.382 FIB at around $0.49. The token is expected to trigger a rebound as it did before, but due to the low bullish strength, the XRP price may remain consolidated below $0.55 until the bulls display extreme strength.
