Key highlights:

  • Bitcoin saw a healthy 22% price hike this week as it continues to set new ATHs at $29,545.
  • Ethereum saw a robust 18.53% price surge this week as it trades at $740.
  • XRP saw a strong 33.36% price fall this week as it battles to get back above $0.24.

Bitcoin set a new ATH price again today at $29,545. The cryptocurrency has been surging all month and managed to increase by a substantial 53%. The price hike has also helped Ethereum as it sees a 17.6% surge this week to reach the $740 level. Alternatively, XRP has been struggling since the SEC announced they would be taking legal action against the company for operating an unregistered securities offering.

Let us look at the top 3 coins and provide some strong support and resistance areas moving forward.

Bitcoin Price Analysis

What has been going on?

The price surge for BTC seen in December has been nothing short of magical. The majority of the price increase came in the second half of December after BTC crossed the $20,000 level on the 16th of the month. From there, BTC started to head higher until it met resistance at $23,853. It struggled at this resistance for around a week but eventually overcame it in the third week of the month.

Since breaking $23,853, BTC has surged higher without any pullbacks. The coin climbed above $28,000 a couple of days ago and continued higher above $29,000 today as it currently trades at the $29,400 level – provided by 1.414 Fib Extension.

Judging by the magnitude of the push higher, we can undoubtedly expect Bitcoin to hit the $30,000 level within the next couple of days – In fact, it is likely to happen today.

BTC price short term prediction: Bullish

Bitcoin is most certainly bullish right now. The cryptocurrency would now need to drop beneath $24,000 to turn neutral in the short term. It would have to continue beneath $18,000 (100-day EMA) to turn bearish in the short term.

If the sellers push lower, the first level of support lies at $28,732. This is followed by support at $28,000, $27,163, $25,000, and $24,875 (.382 Fib Retracement). Additional support lies at $23,853, $22,000 (.618 Fib Retracemnet), and $20,000.

Where is the resistance toward the upside?

On the other side, once the buyers break above $29,500, the first level of resistance lies at $30,000 (long term 1.414 Fib Extension – orange). Beyond $30,000, resistance is expected at $31,032, $31,614, and $32,357.

This is followed by additional resistance at $32,896 (long term 1.618 Fib Extension – orange), $43,000, and $34,314. Beyond $35,000, resistance is found at $32,358, $36,000, and $36,732.

Ethereum Price Analysis

What has been going on?

Ethereum also saw an excellent price-performance during the past week of trading. Last week, it was trading around the $630 level as it started to push higher. Over the course of the week, Ethereum managed to break beyond resistance at $675 (bearish .786 Fib Retracement) as it continued higher above $700.

The buyers continued to drive higher until they met the resistance at $750 yesterday – provided by a bearish .886 Fibonacci Retracement level. ETH has since dropped slightly from this resistance and is now trading at $740.

ETH price short term prediction: Bullish

ETH is also considered bullish right now. The coin would need to drop back beneath $600 to turn neutral again and would have to continue much further beneath the $480 level before being in danger of turning bearish.

If the sellers do break beneath $735, the first level of support lies at $720. This is followed by support at $700, $695 (.236 Fib), $675, and $655. Added support lies at $630 (June 2018 Highs), $600, and $590 (.618 Fib Retracement).

Where is the resistance toward the upside?

On the other side, the first level of resistance lies at $750 (bearish .886 Fib Retracement). Above this, resistance lies at $761, $775, $790 (1.272 Fibonacci Extension level), and $800.

Beyond $800, additional resistance is located at $818 (1.414 Fib Extension), $830 (1.272 Fib Extension – orange), $850, $857, and $870 (1.414 Fib Extension – orange).

Ripple Price Analysis

What has been going on?

XRP is in a totally different boat to the top 2 cryptocurrencies after it dropped by a steep 61% over the past month. The news that the SEC is planning on suing Ripple Labs and the company’s executives for holding an unlicensed securities offering caused a slew of capitulation. 

The large sell-offs continued further this week when top-tier exchanges such as Coinbase and Binance announced that they would be removing their support for XRP by suspending any XRP trading on their respective platforms.

XRP had dropped as low as the December 2019 lows this week when it hit $0.169 but has since rebounded above $0.2 to trade at $0.236.

XRP price short term prediction: Bearish

XRP has to be considered as bearish right now but would need to close beneath $0.2 for the bearish trend to continue. A break above the 200-day EMA at $0.325 would turn XRP neutral, and it is a long way away from turning bullish again.

Toward the downside, support lies at $0.219, $0.20, and $0.169. 

Where is the resistance toward the upside?

On the other side, resistance lies at $0.25, $0.30, and $0.325 (bearish .236 Fib Retracement & 200-day EMA).



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