Bitcoin price is currently trading within descending trend as the bears are mounting enough pressure in the past couple of hours. The selling volume has intensified massively which has compelled the price to drop heavily in the past couple of hours.
However, the bulls also appear to be poised to keep up the rally toward the north. Moreover, another sell-off within the market may spill the beans which could be a bearish start for the year 2023.
Bitcoin (BTC) Price Analysis
Bitcoin price appears to have lost some momentum as it approached $17,000 and as it marked the daily highs at $17,142, it faced a major rejection which dragged the price lower. However, after hitting the daily lows at $16678.83, the bulls jumped in to sweep the price a little higher.
A Fibonacci retracement tool around November’s decline displays the current congestion zone. If the bulls fail to hold the price at these levels, then the resurgence of the bearish trend may be speculated.
If the current market conditions persist, the lows may be encountered at the beginning of the new yearly trade. With the descending trend being intensified, the next lower target could be around $14,900 which is the liquidity zone remained untouched since 2020. If the bulls wish to sweep high, then they need to clear the hurdle at 0.38 FIB levels.
Ethereum (ETH) Price Analysis
Ethereum price has been within a declining trend since it marked interim highs during the August highs beyond 2000. Since then the price is constantly marking lower highs and lows and presently testing one of the crucial support zones. Failing to hold at these levels may mount huge selling pressure that may drag the price quiet lower ahead.
Ethereum price rallied by more than 20% after recovering from the 36% decline encountered during the first week of November. The bulls however managed to surpass the crucial resistance at the 0.38 FIB levels but failed to pull another leg up which could have validated the bullish divergence. However, ETH price may either rebound and reclaim the position above the support to lay down a firm upswing towards $1344 or drop back to test November lows.
Ripple (XRP) Price Analysis
The XRP price is currently consolidating after breaching down from the market structure, while on its way toward the upper resistance. With the beginning of the monthly trade, the token appears to have moving away from the trend line, it failed to hold. The XRP price which currently trades just below $0.39 is believed to drop heavily in the next couple o hours.
The volume displays that the bullish influence is waning even if the market sentiments are in favor of the bulls. Currently, they are testing the 21-day MA levels after losing support from the 8-day exponential MA during the first few days in December. Presently, labeling the trend as bearish could be premature as the bulls still possess the potential to rally by more than 10% higher beyond October’s broken support zone at $0.44.
Conversely, a daily candlestick below $0.375 or lower could lead to a bearish scenario, drawing new lows for 2022.
Source: https://coinpedia.org/price-analysis/top-predictions-for-bitcoin-ethereum-and-ripple-for-q1-2023/