See More

Bitcoin, Ethereum and XRP Price Prediction: How Long Will Crash Continue?

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • BTC is trading inside an ascending parallel channel.
  • ETH was rejected by the $1,611 resistance level.
  • XRP is trading inside a symmetrical triangle.
  • promo

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.

Bitcoin (BTC) price channel
BTC/USDT Chart By TradingView

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.

Ethereum (ETH) price rejection
ETH/USDT Chart By TradingView

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).

XRP Price Triangle
XRP/USDT Chart By TradingView

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024
Harambe AI Harambe AI Explore
Uphold Uphold Explore
Exodus Exodus Explore
Coinbase Coinbase Explore
Chain GPT Chain GPT Explore
Top crypto projects in the US | July 2024

Trusted

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Valdrin-Tahiri.jpg
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored