Bitcoin price, Ethereum price and XRP price movement analysis

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The price of Bitcoin (BTC) and the price of Ethereum (ETH) have a very similar price action, but ETH is advancing at a faster rate. XRP price rescued a breakdown of a crucial support zone by creating a bullish candlestick on January 2.

Will BTC break through resistance?

The price of BTC has been rising alongside an ascending support line since December 19. Throughout this upward move, it faces resistance at $16,950. When combined with the support line, this resistance area creates an ascending triangle, considered a bullish pattern. Most recently, the zone rejected the BTC price on January 4 (red icon).

If BTC price successfully moves above this area, it could quickly hit the 0.5 Fib retracement resistance at $17,345. On the other hand, a breakout below the ascending support line could take Bitcoin price back towards $16,000.

BTC/USD daily chart. Source: TradingViewETH Hits Crucial Resistance

Similar to BTC, the price of ETH has been rising since December 16. However, the move was contained in an ascending parallel channel, which is considered a bearish pattern. Therefore, a failure of it would be the most likely scenario.

Additionally, Ethereum price was rejected by the channel resistance line and the 0.618 Fib retracement resistance level on January 4 (red icon). It decreased over the next 24 hours. As a result, a downward move towards the channel’s support line could occur.

A break of the $1,275 resistance zone would mean the trend is bullish. On the other hand, a chain failure could bring the price down to $1,090.

ETH/USD six-hour chart. Source: TradingViewXRP price saves 202-day helpline

XRP price has been rising alongside an ascending support line since June 14. The line has been validated several times so far (green icons).

Since September 23, the price has also been following a descending resistance line. When combined with the aforementioned support, it creates a symmetrical triangle, considered a neutral pattern. The line rejected the price on November 5 (red icon) and initiated the current bearish move.

On January 2, the price of XRP appeared to crash from the support line after 202 days. However, it created a massively long bottom wick (black icon) and recovered the line the same day. This is considered a bullish sign since the bears did not have enough strength to support the breakdown.

If the rebound continues, the nearest resistance zone would be at $0.384.

Either way, the trend is still considered neutral as long as XRP price breaks out or descends from the current symmetrical triangle. A breakout would mean that the trend is bearish while a breakout would mean that it is rather bullish.

XRP/USDT daily chart. Source: Trading View

To conclude, the direction of the trend for these three digital assets is still unclear. In the case of XRP, whether the price breaks out or descends from the triangle will determine future movement. In the case of Bitcoin and Ethereum prices, there is no clear determinant of whether the long-term trend is bullish or bearish.

For the latest crypto market analysis from BeInCryptos, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for missing facts or inaccurate information. You comply and understand that you must use this information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.

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