Bitcoin, Ethereum and XRP are all testing support levels that could decide whether the crypto market recovers or falls further. Ali Martinez says all three could rebound, “but only if these levels hold.” Gareth Soloway’s view of Bitcoin and Ethereum is similar, though he places the trigger points differently.
Bitcoin: Both Watch $81,000
Ali Martinez:
- $81,000 is the bottom of Bitcoin’s rising channel on the daily chart.
- If buyers defend it, BTC could move to the middle of the channel at $84,000, then to the top at $86,500.
- A break below $81,000 would shift his focus to $76,000.
Gareth Soloway:
- Bitcoin is stuck in a range of about $6,000, between $81,000 and $87,200.
- It briefly fell to about $79,750 before climbing back above support.
- A move above $87,200 could take BTC to a rising trendline near $91,000. By late November, that trendline would be near $97,000.
- A daily close below $81,000 would point to lower prices.
Ethereum: $2,350 Or Sub-$2,000
Ali Martinez:
- ETH is testing $2,350, the support line of a right-angled ascending broadening pattern.
- A bounce from there could take it to $2,700, or as high as $3,000.
- A daily close below $2,350 would bring $2,000 into focus.
Gareth Soloway:
- ETH has held its key support but has not yet broken its key resistance.
- A breakout should lead to a retest of $2,800.
- A breakdown could send ETH below $2,000, where Soloway said he would be a heavy buyer.
XRP: An Inverse Head And Shoulders In The Making
Martinez is watching $1.25 for XRP. On the three-day chart, holding that level could complete the right shoulder of a possible inverse head-and-shoulders pattern, a setup that often comes before a trend reversal.
- Confirmation: a sustained close above $1.56
- Target if confirmed: $2
- Risk: losing $1.25 would bring $1 into view
