2022-12-28 21:00 |
The Bitcoin (BTC) and Ethereum (ETH) prices are trading inside bullish patterns but have yet to break out. The XRP (XRP) price has already broken out from its main resistance area and is moving toward $0.38.
Bitcoin Price Could Break Out From Bullish PatternThe Bitcoin price has moved upward alongside an ascending support line since Dec. 20. During this period, it made three unsuccessful attempts at breaking out above the $16,940 resistance area (red icons). When combined with horizontal resistance, the support line creates an ascending triangle, which is considered a bullish pattern.
If the Bitcoin price breaks out, the most likely target would be $17,800. The target is found by projecting the triangle’s height and coincides with the support line of the previous ascending parallel channel.
Conversely, a decisive close below the ascending support line would indicate that a downward movement toward $16,000 has begun.
BTC/USD Four-Hour Chart. Source: TradingView Ethereum Price Attempts Breakout Above $1,230Similarly to BTC, the ETH price has been trading inside an ascending triangle since Dec. 20. It is approaching the point of convergence between support and resistance; thus a decisive movement is expected to occur soon.
If the ETH price breaks out, it could increase toward $1,278. This is the 0.618 Fib retracement resistance level and a horizontal resistance area. Therefore, it is the most likely target if the Ethereum price breaks out. Since the four-hour RSI is above 50, the most likely future movement is a breakout from the triangle.
On the other hand, a close below the ascending support line could lead to a fall toward $1,150.
ETH/USDT Four-Hour Chart. Source: TradingView XRP Price Prediction For December: $0.38 in SightUnlike the Ethereum and Bitcoin prices, the price action shows that the XRP price has already broken out from it main resistance area found at $0.35. After doing so, it proceeded to reach a high of $0.37 during the next 24 hours. The breakout is also supported by the RSI, which has moved above 50.
If the upward movement continues, the closest resistance would be at $0.38, created by a descending resistance line in place since Nov. 25.
As a result, the most likely XRP price prediction for December suggests that the XRP coin will reach the resistance line at $0.38. The reaction once it gets there will determine the future trend.
XRP/USDT Four-Hour Chart. Source: TradingViewTo conclude, Bitcoin, Ethereum, and XRP prices are all likely to increase in the short term. However, the direction of the long-term trend is still unclear.
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