A strong correction looms in the crypto market

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The price of Bitcoin faces rejection around the $ 60,000 level, hinting at a potential move to $ 53,000. Ethereum’s surge in price reverses itself as the $ 4,387 hurdle reduces buying pressure. Ripple Price is considering retesting the $ 1 psychological barrier after a breakout of an ascending parallel channel.

Bitcoin’s price has seen a momentary rise after its initial drop on November 18. This rapid rise failed to gain momentum, resulting in rejection and retracement. This short-term bearish outlook translated into Ethereum, Ripple, and other altcoins.

Bitcoin Price Approaches Another Stable Support Level

The price of Bitcoin rose 7.4% in two days, but did not surpass or even retest the psychological support level of $ 60,000. As a result, BTC suffers a reversal towards the support floor of $ 56,233. Breaking this hurdle will cause a shift to the demand area from $ 52,746 to $ 54,972.

This drop is critical to raising cash below $ 53,000, which is likely to happen this week. If big buyers step in, the slowdown will stop and a reversal can be expected. In a worst-case scenario, however, a breach of the $ 53,000 barrier could cause an 8.7% crash to $ 48,379.

1 day BTC / USD chart

As things go down for the price of Bitcoin, a decisive daily candlestick near the $ 60,000 barrier would turn the tide and give hope for a bullish narrative. In such a scenario, BTC could retest the resistance barrier of $ 63,000.

If the big crypto manages to reverse this level, it will likely consolidate between $ 63,000 and $ 65,000. Only a daily close above the $ 65,000 level would invalidate the bearish thesis.

Ethereum price tracks big cryptos

Although the price of Ethereum showed considerable strength in its rally, the retracement of BTC had a ripple effect, causing ETH to correct sharply. As the price of Ethereum trades around $ 4,179, investors can expect it to retest the psychological level of $ 4,000.

This breakdown will drive the smart contract token to the 50% Fibonacci retracement level at $ 3,756. Market participants can expect a rebound or short-term relief consolidation to occur here. However, if BTC goes down to $ 53,000 or even $ 50,000, ETH could easily drop to $ 3,500 or $ 3,200.

ETH / USD 1 Day Chart

The correlation between Ethereum and Bitcoin prices is something investors should be careful about. A drop in BTC could invalidate a perfectly bullish setup on ETH. If BTC manages to produce a daily close above $ 63,000, the Ethereum price has a chance to rise.

In this situation, ETH could attempt the resistance level of $ 4,609. A daily candlestick close to this hurdle will take it to an all-time high of $ 4,875. A higher above this level would invalidate the bearish thesis.

Ripple price begins its retracement

The ripple price set three higher highs and four higher lows since September 18. Connecting these oscillation points using trend lines reveals an ascending parallel channel. This setup foresees a bearish outlook on a breakout of the trendline below $ 1.09.

On November 18, XRP price broke through the base of technical formation, indicating a breakout. Since then, the slight rally has confirmed the decline by testing the breaking point again. Going forward, the Ripple price will head towards the psychological level of $ 1.

A daily close below this barrier will trigger a 15% drop in the demand zone, ranging from $ 0.77 to $ 0.84.

XRP / USD 1 Day Chart

Regardless of the bearish outlook, if the Ripple price manages to stay above the psychological level of $ 1, there is a chance of a recovery. A daily close above the 50% Fibonacci retracement level at $ 1.24 will invalidate the bearish thesis.

A swing from the $ 1.41 level into a support floor, however, will pave the way for $ 1.8 and $ 2.

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