Bitcoin Hits $18,000 – Is It Time for Ethereum and XRP to Break Out?

2022-12-14 17:33

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

Bitcoin Price Prediction: BTC Finally Breaks Out

Bitcoin, the digital asset created by Satoshi Nakamoto, has increased above an ascending support line since Nov. 21. The line has been validated numerous times, most recently on Dec. 10. While the price may be trading inside an ascending parallel channel, the resistance line has not been validated sufficient times.

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

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

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

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

BTC/USDT Six-Hour Chart. Source: TradingView

Conversely, a close below the ascending support line would suggest that the trend is bearish instead.

Ethereum Price Prediction: Can ETH Break Out?

ETH is the native token of the Ethereum blockchain, created by Vitalik Buterin. Ethereum price movement is somewhat similar to that of Bitcoin price. ETH price has increased since Nov. 21 but initially failed to break out above the $1,290 resistance area, despite several attempts.

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

As a result, the Ethereum price may break out above the $1,290 resistance. If so, the next resistance would be at $1,450, the 0.618 Fib retracement resistance level.

ETH/USD Six-Hour Chart. Source: TradingView

Conversely, another rejection from the $1,290 resistance could lead to a fall toward $1,200.

Ripple Price Prediction: XRP Consolidates Above Support

XRP price has increased alongside an ascending support line since June 13. The upward movement led to a high of $0.56 on Sept. 23. Since then, XRP price has decreased beneath a descending resistance line.

Currently, Ripple price is trading inside the $0.38 horizontal support area. Over the past 24 hours, the XRP price bounced and created a bullish candlestick (green icon). The candlestick is identical to that created on Nov. 14, which led to a sharp upward movement.

XRP/USDT Daily Chart. Source: TradingView

The most likely XRP price forecast is an increase toward 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.

The post Bitcoin Hits $18,000 – Is It Time for Ethereum and XRP to Break Out? appeared first on BeInCrypto.

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