Bitcoin, Ethereum and XRP Price Prediction: Will Crash Continue?
Bitcoin (BTC) price struggling to stay above the support line of an ascending parallel channel while a significant Fib resistance level rejected the Ethereum price. XRP price still trading within a neutral pattern.
Bitcoin Price Reaches Make-Or-Break Levels
Bitcoin price has been trading inside an ascending parallel channel since September 21st. Such channels usually contain corrective movements. As a result, a breakdown would be expected from it.
In addition, the daily RSI breaks down from its bullish divergence trend line (green line). A clear RSI breakdown is expected to precede a price breakdown. It will take the Bitcoin price back to the $18,300 horizontal support area if it occurs.
Conversely, a breakout from the $21,480 channel (red line) would invalidate the bearish hypothesis.
Ethereum price rejected by Fib resistance
Ethereum price has been rising at an accelerated rate since breaking out of a descending parallel channel on October 25. The increase led to a peak of $1,680 on November 4. Afterwards, the ETH price was rejected by the 0.5 Fib retracement resistance at $1611. It has gone down in the last 24 hours.
The Ethereum price has since fallen. The downward movement was preceded by bearish divergence in the RSI (green line). Currently, ETH is trying to find support above the 0.5-0.618 Fib retracement support levels (black) at $1,373-$1,430. Whether it does or breaks down may determine the future trend.
XRP price consolidates inside neutral pattern
Unlike the Ethereum and Bitcoin price, the same cannot be said for XRP, the global payment currency by Ripple Labs. XRP is still trading within the symmetrical triangle pattern. For the trend to remain valid, the price must hold above the current low of $0.42.
If so, a breakout would be expected that would take it above $0.60.
As a result, the trend will be determined by whether the XRP price breaks below $0.42 (red line) or breaks out above $0.51 (green line).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but will note responsible for missing facts or inaccurate information. You comply and understand that you should use all such information at your own risk. Cryptocurrencies are highly volatile financial assets, so do your research and make your own financial decisions.
Disclaimer
All information on our website is published in good faith and for general information purposes only. Any action the reader takes on the information contained on our website is strictly at their own risk.
