2023-1-11 17:30 |
The Bitcoin (BTC) price is approaching a critical resistance at 17,575. The Ethereum (ETH) price is close to breaking out from a critical resistance area. The XRP price was spared a breakdown on Jan. 2 by creating a massive, long lower wick
What’s Behind the Bitcoin Price Increase?The Bitcoin price increased alongside an ascending parallel channel since Dec. 30. After several unsuccessful attempts, the price broke out on Jan. 8 and validated the channel’s resistance line as support the next day.
Now, the Bitcoin price is approaching a crucial resistance at $17,575. This is the 0.618 Fib retracement resistance level.
Since the RSI has generated bearish divergence, it is possible that a short correction will follow. If one occurs, the price could revisit the support line once more.
However, the short-term trend remains bullish as long as the BTC price does not fall back inside the channel.
BTC/USDT Six-Hour Chart. Source: TradingView What’s the Next Move for Ethereum Price?The Ethereum price has fallen below a descending resistance line since Aug. 14. The downward movement led to a minimum price of $1,073 on Nov. 9. Since then, the ETH price has gradually moved upward.
On Jan. 11, it reached a confluence of resistance levels at $1,330 (red circle). The resistance is created by the aforementioned descending resistance line and the $1,330 resistance area. When combined with a possible ascending support line (dashed), this resistance creates an ascending triangle, which is considered a bullish pattern.
Moreover, the daily RSI is increasing and has moved above 50. Therefore, the most likely scenario would be a breakout from the $1,330 area, which could take the Ethereum price to the next resistance at $1,650.
Failure to break out would likely cause a fall toward the ascending support line at $1,200. However, as long as the ETH price does not break down below this support line, the most likely possibility for the future price is an eventual breakout.
ETH/USDT Daily Chart. Source: TradingView Daily RSI for XRP Turns BullishThe XRP price has moved upward following an ascending support line since June 14. So far, the XRP price bounced above it six times (green and black icons).
On Jan. 2, the XRP price seemingly broke down from the support line. At the time, the line had been in place for 202 days. However, it created a huge long lower wick and reclaimed the line the same day. This is considered a decisive bullish sign, since bears were not able to push the price down.
If the upward movement continues, the closest resistance would be at $0.384. The daily RSI supports the continuation of the upward movement. The indicator broke out from a descending resistance line (black) and is now above 50. A potential breakout from the $0.384 area would take the XRP price to a descending resistance line near $0.410.
On the other hand, a rejection from the area would likely cause a drop toward the support line at $0.35.
XRP/USDT Daily Chart. Source: TradingViewTo conclude, the direction of the trend for these three digital assets is leaning bullish to varying degrees. The Ethereum price is the closest to confirming its bullish reversal, followed by XRP. The Bitcoin price trend is relatively neutral.
For BeInCrypto’s latest crypto market analysis, click here.
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