The Bitcoin (BTC) price is struggling to hold on above the support line of an ascending parallel channel while a significant Fib resistance level rejected the Ethereum price. The XRP price is still trading inside a neutral pattern.
Bitcoin Price Reaches Make-Or-Break Levels
The Bitcoin price has traded inside an ascending parallel channel since Sept. 21. Such channels usually contain corrective movements. As a result, a breakdown from it would be expected.
Additionally, the daily RSI is breaking down from its bullish divergence trend line (green line). A clear RSI breakdown would be expected to precede a price breakdown. It will take the Bitcoin price back to the $18,300 horizontal support area if one occurs.
Conversely, a breakout from the channel at $21,480 (red line) would invalidate the bearish hypothesis.
Ethereum Price Rejected by Fib Resistance
The Ethereum price has been increasing at an accelerated rate since breaking out from a descending parallel channel on Oct. 25. The increased led to a high of $1,680 on Nov. 4. Afterward, the ETH price was rejected by the 0.5 Fib retracement resistance at $1,611. It has decreased over the past 24 hours.
The Ethereum price has fallen since. The downward movement was preceded by bearish divergence in the RSI (green line). Currently, ETH is attempting to find support above the 0.5-0.618 Fib retracement support levels (black) at $1,373-$1,430. Whether it does so or break down could 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 payments’ currency by Ripple Labs. XRP is still trading inside its symmetrical triangle pattern. For the trend to remain valid, the price has to hold on 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 down below $0.42 (red line) or breaks out above $0.51 (green line).
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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