Bitcoin (BTC), price broke through a resistance zone that had been in place since January 1st. Currently, Ethereum price (ETH) is trying to break through and Ripple price (XRP), could soon follow.
Bitcoin Price Prediction: BTC finally breaks out
Bitcoin, the digital asset created and maintained by Satoshi Nakamoto has moved above an ascending resistance line since Nov. 21. It has been validated numerous times, including on Dec. 10. Although the price might be trading within an ascending parallel channel of trade, the resistance line is not validated enough times.
After bounce (green icon), Bitcoin prices broke from the $17.200 area that had been in place since December’s beginning.
This breakout was also important because the six hour RSI moved away from its bearish divergence trendline. Moreover, several long-term bullish signs are in place, both from technical and on-chain indicators.
The $17,770 resistance level would be the first for Bitcoin price if the upward trend continues. This would be in line with the resistance level at 0.382 Fib and the middle channel.
The resistance level for Bitcoin prices would be at $18,200. It is created by the resistance line in the channel and a horizontal area.
A close below the ascending support would indicate that the trend is instead bearish.
Ethereum Price Prediction: Can Ethereum Break Out?
Vitalik Buterin created the native token ETH, which is the Ethereum blockchain’s currency. The price movements of Ethereum are similar to Bitcoin’s. ETH prices have increased since Nov. 21st, but initially failed, despite multiple attempts, to break above $1,290 resistance.
The Ethereum price broke through from a short-term parallel channel that was descending on December 13. This coincided with the RSI breaking free from its own descending resistance.
This could lead to Ethereum breaking above $1,290. The next resistance would be at $1.450, the 0.618 fib retracement resistance.
However, a rejection of the $1290 resistance could lead to a fall towards $1,200.
Ripple Price Prediction: The XRP Consolidates Above the Support
Since June 13, the XRP price has risen along with an ascending support level. This upward movement resulted in a record high of $0.56 on September 23. Since then, XRP prices have fallen below a descending resistance level.
Ripple currently trades within the $0.38 horizontal area. The XRP market price bounced in the past 24 hours creating a bullish candlestick. (Green icon). The candlestick created on Nov. 14 is identical and led to a sharp upward move.
The most probable XRP price forecast is a rise towards the $0.43 descending resistance line. This bullish hypothesis would be invalidated if the daily close falls below $0.38 horizontal.
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