The monthly settlement defines the next move

• Bitcoin price has dipped below a trading range, which could lead to another selloff.
• The Ethereum price is meandering within a range that could project ETH into the $400 price zone.
• The XRP price needs to close above $0.46 to invalidate a possible drop in the price levels below $0.30.

The crypto market is quiet in the last days of November. The monthly price is likely to show price action for several weeks ahead and the market may witness an increase in volatility. Traders should keep an eye on the key levels identified for last minute moves.

Bitcoin price is consolidating below previous support

Bitcoin price is currently auctioning at $16,419 as the bulls and bears spar over the mid-$16,000 level on smaller time frames. During the last weekend of November, BTC price witnessed a 3% decline and hit a higher low of $15,995. Although the bulls were able to rebound, BTC has since stalled below the previous support zone that formed near $16,700 during the first two weeks of the month.

As November approaches, it’s best to zoom out from smaller time frames and look at the bigger picture. The Bitcoin price is currently down 20% from where it began on November 1st. If the consolidation continues, BTC will print a large bearish engulfing pattern on the monthly time frame. Classic price action techniques allow candlesticks to target future targets. Given the context, BTC the bears can rightly target $13,000, a 20% drop from today’s market value.

BTC/USDT 1-Day Chart

Bitcoin needs to make a serious move north before the month ends to reduce the bearish potential. A rise back to the $19,000 zone would convert the bearish engulfing candle into a bullish hammer. If this scenario occurs, the bulls could redirect north and target $23,000 in December, resulting in a 20% increase from the $19,000 zone.

The Ethereum price is a dangerous long-term investment

The Ethereum price is still down 24% on the month despite recovering around 15% since November 22nd. Although the shorter timeframes have provided more opportunities for short-term bulls, the longer timeframe’s technical aspects point to a much more serious bearish scenario.

The Ethereum price is currently auctioned at $1,208. Over the past few months, the ETH price seems to have shifted into an area that is making higher and lower highs. The consolidating price action on the monthly chart could be a triangle, if correct, it could project a bearish target near $450. The $450 target zone is a strong confluence as an Elliott Wave Trend Channel around Wave 1, and Wave 2 of the 2019-2020 bull run remains untested near the same area.

Bulls should consider taking additional preventive measures as a second attempt at the triangle’s ascending trend line at $970, which could catalyze the 56% decline. The bulls must produce a higher high to invalidate the triangle assignment. A tag above $2,031 would extend the range and create an opportunity for a real bull run targeting the psychological $3,000 level. Ethereum price would rise by 145% if said price action happened.

ETH/USDT 1-month chart

XRP price will be a challenge

XRP price is currently the digital asset outperforming the top 3 cryptocurrencies. The bulls have recovered 22% of their losses, bringing the monthly return to a 16% decline. However, much like Ethereum, the bears may still be able to induce further selling in the coming months.

The XRP price is currently trading at $0.39. The bulls have blocked the 21-day simple moving average on smaller time frames, which could lead to a shorter liquidity bounce into the October low of $0.42. Nevertheless, the monthly chart is still negative and even if the 10% pump into the previous support zone occurs, the monthly chart will still produce an Evening Star pattern. Evening stars are reversal patterns that are very common among classic price action traders. Using the size of the last candlestick in the pattern can often project a future target. Given the context, if the Evening Star pattern manifests on the monthly time frame, the XRP price could fall to between $0.25 and $0.22.

XRP/USDT 1-Month Chart

XRP needs to close on the monthly chart above the November opening price of $0.4640 to invalidate the Evening Star pattern and invalidate its bearish potential. A close above $0.4640 could set up a 40% top to the upside, targeting the $0.65 tested broken support zone.