The Bitcoin (BTC) and the Ethereum price are trading in descending parallel channels, while the XRP price follows an ascending support line.
Can ETH Price Break out From Channel?
ETH, the native token of the Ethereum network, was created by Vitalik Buterin. The Ethereum blockchain is also home to various other cryptocurrencies.
The ETH price has decreased inside a descending parallel channel since Aug. 14. It was rejected by its resistance line on Nov. 4 and reached a low of $1,073 five days later. The Ethereum price has increased since and is attempting to reclaim the $1,260 horizontal area.
The reclaim of the $1,260 area would be an extremely bullish development since the area also coincides with the middle of the channel. Moreover, it would likely cause an RSI movement above 50. Conversely, a rejection from it would probably take the price back to the channel support near $900.
XRP Creates Bullish Pattern
On Nov. 9, XRP broke down from the $0.44 horizontal support area. It reached a low of $0.31 the next day.
Afterward, it bounced twice at an ascending support line, on Nov. 9 and 14 (green icons). The second bounce created a bullish engulfing candlestick. The was no positive XRP news to precede this increase. The XRP price resumed its upward movement over the next 24 hours.
As a result, the most likely scenario is an increase toward the closest resistance at $0.44. A breakdown from the ascending support line would invalidate this bullish XRP price prediction.
Bitcoin Price Prediction: Will BTC Reclaim $19,000 Area?
The technical analysis from the daily time frame shows that the price of Bitcoin is also trading inside a descending parallel channel. It has bounced at the channel’s support line twice (green icons), most recently on Nov. 9.
The previous day, it broke down from the long-term support area with an average price of $19,000. The decrease was also present in the rest of the crypto market. The $19,000 area is now expected to provide resistance.
The Bitcoin price increased afterward, but has stayed above the middle of the channel. Moreover, the daily RSI is still below 50.
So, the future BTC price prediction is undetermined. A decrease below the channel’s support line would support the bearish scenario, while a reclaim of the $19,000 area would likely lead to a high close to the next resistance at $24,500.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
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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.