Bitcoin Breaks Out – Will Ethereum, XRP Follow?

Bitcoin (BTC) price finally broke out of a resistance area that had been in place since the beginning of the month. Meanwhile, the Ethereum (ETH) price is currently trying to do so, and the Ripple (XRP) price may soon follow.

Bitcoin Price Prediction: BTC Finally Breaks Out

Bitcoin, the digital asset created by Satoshi Nakamoto, has risen above a rising support line since November 21. The line has been validated several times, most recently on 10 December. Although the price can be traded in a rising parallel channel, the resistance line has not been validated enough times.

After the bounce (green icon), Bitcoin price broke out of the $17,200 area, which had been in place since early December.

The breakout was also significant because the six-hour RSI broke out of its bearish divergence trendline. Moreover, several long-term bullish signs are in place, both from technical and chain indicators.

If the upward movement continues, the first resistance area for the BTC price will be at $17,770. This will coincide with the 0.382 Fib retracement resistance level and the middle of the channel.

The next resistance for the Bitcoin price will be at $18,200, created by the resistance line of the channel and a horizontal resistance area.

Conversely, a close below the rising support line would indicate that the trend is bearish instead.

Ethereum Price Prediction: Could ETH Break Out?

ETH is the original token of the Ethereum blockchain, created by Vitalik Buterin. The Ethereum price movement is somewhat similar to the Bitcoin price. ETH price has rallied since November 21, but initially failed to break above the $1,290 resistance area, despite several attempts.

However, Ethereum price broke out of a short-term descending parallel channel on December 13. This also coincided with the RSI breaking out of its own descending resistance line.

As a result, Ethereum price may break out above the $1,290 resistance. In that case, the next resistance will be at $1,450, the 0.618 Fib retracement resistance level.

Conversely, another rejection from the $1290 resistance could lead to a drop towards $1200.

Ripple Price Prediction: XRP Consolidates Above Support

The XRP price has been rising along with a rising support line since June 13. The upward movement led to a high of $0.56 on September 23. Since then, the XRP price has fallen below a descending resistance line.

Currently, the Ripple price is trading within the horizontal support area of ​​$0.38. In the last 24 hours, the XRP price bounced and created a bullish candlestick (green icon). The candlestick is identical to the one created on November 14, which led to a sharp upward movement.

The most likely XRP price forecast is a rise towards the descending resistance line at $0.43. A daily close below the $0.38 horizontal area would invalidate this bullish hypothesis.

For BeInCrypto’s latest crypto market analysis, click here.