Bitcoin, Ethereum and XRP price trends revealed today

Bitcoin (BTC) price is at risk of breaking down from an ascending parallel channel, while Ethereum (ETH) price may do the same against its ascending support line. XRP price looks more bullish due to the recovery of the horizontal area of ​​$0.385.

Bitcoin fails to reach the resistance line of the pattern

Bitcoin price has been trading inside an ascending parallel channel since November 21st. The upward movement has been contained within a rising parallel channel, which is considered a bearish pattern.

The channel’s resistance line rejected the BTC price on December 1 (red icon). While it made a slightly higher high on December 5, it failed to reach the resistance line again. The higher high was combined with bearish divergence in the RSI (green line). This is considered a sign of weakness and a bearish trend.

The center line of the channel (red circle) is now expected to provide resistance.

The nearest support area is at $16,680, the 0.382 Fib retracement support level and the channel support line.

If a breakdown occurs, the next closest support area will be $16,220, 0.618 Fib retracement support level and a horizontal support area.

Conversely, a breakout from the ascending parallel channel will invalidate the Bitcoin price forecast.

Ethereum price is barely holding above the support

Ethereum is the original token of the Ethereum blockchain, created by Vitalik Buterin. It is the second largest cryptocurrency based on market capitalization, only after Bitcoin.

The Ethereum price has been increasing along with a rising support line since November 22nd. While doing so, the ETH price was rejected three times by the $1,305 resistance area.

This is a crucial level as it is the 0.382 Fib retracement resistance level. The rejection created a triple top pattern and catalyzed a drop towards the support line.

A break above the $1,305 resistance area is likely to catalyze an upward move towards $1,450, the 0.618 Fib retracement resistance level.

On the other hand, a breakdown from the support line would lead to a drop to the $1,165 support, created by the 0.618 Fib retracement support level and a horizontal support area.

XRP regains crucial horizontal level

XRP is the original token of Ripple Labs, created by Jed McCaleb. The digital asset is used for real-time financial transactions. Despite its low price, it has a market cap of $19 billion through its circulating supply of 50.26 billion XRP.

The XRP price has been rising along with a rising support line since June 14th. The line has been validated several times, most recently on 9 and 14 November (green icons). Both of these touches created bullish candlesticks.

Afterwards, the XRP price retook the horizontal area of ​​$0.385. In the last 24 hours it has validated it as support.

If the XRP price succeeds in doing so, an upward move towards the descending resistance line of $0.43 is expected.

If not, XRP price may fall to the ascending support line of $0.35.

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