Bitcoin (BTC) price and Ethereum (ETH) price has a very similar price action, but ETH is trending higher at a faster rate. XRP Price rescued a breakdown from an important support area by forming a bullish candlestick on January 2.
Will BTC break above the resistance?
B T c worth Has risen along an ascending support line since December 19th. Throughout this movement, it is facing resistance at $16,950. When combined with the support line, this resistance zone forms an ascending triangle, which is considered a bullish pattern. Most recently, the area rejected BTC price on Jan 4th (red icon).
If BTC price successfully moves above this area, it could quickly jump above the 0.5 Fibonacci retracement resistance at $17,345. On the other hand, a break below the ascending support line could lead bitcoin price back towards $16,000.
ETH Reaches Important Resistance
Similarly BTC, ETH worth Has increased since 16 December. However, the movement has been contained inside an ascending parallel channel, which is considered a bearish pattern. As a result, breakdown from it will be the most likely scenario.
Besides, Ethereum price was rejected by the resistance line of the channel and the 0.618 Fibonacci retracement resistance level on January 4 (red icon). It has decreased in the next 24 hours. As a result, there could be a downside movement towards the support line of the channel.
A break above the $1,275 resistance area would mean that the trend is bullish. On the other hand, a break of the channel could lead the price back to $1,090.
XRP price rescues 202-day support line
XRP worth There has been an uptrend since June 14 along the ascending support line. The line has been validated several times so far (green icons).
Since September 23, the price has also followed a descending resistance line. When combined with the support above, it forms a symmetrical triangle, which is considered a neutral pattern. The line rejected the price on November 5 (red icon) and initiated the current downward movement.
On January 2nd, XRP price appeared to have broken the support line after 202 days. However, it formed a massive long lower wick (black mark) and retook the line on the same day. This is considered a bullish signal as the bears did not have enough strength to sustain the breakdown.
If the bounce continues, the nearest resistance area will be at $0.384.
In any case, the trend is considered neutral until XRP price breaks out of or below the current symmetrical triangle. A breakdown would mean that the trend is bearish while a breakout would mean that it is bullish.
To conclude, the direction of the trend of these three digital assets is still unclear. In the case of XRP, whether the price breaks out of the triangle or turns down will determine the future momentum. In the case of Bitcoin and Ethereum prices, there is no clear determinant whether the long-term trend is bullish or bearish.
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