bitcoin (btc) worth Ethereum is struggling to stay above the support line of the ascending parallel channel while a key Fibonacci resistance level has rejected the Ethereum price. XRP worth Still trading inside a neutral pattern.
Bitcoin price reaches make-or-break level
Bitcoin price has been trading inside an ascending parallel channel since September 21. Such channels usually contain corrective activities. As a result, it would be expected to break.
Additionally, the daily RSI is breaking below its Bullish Divergence Trend Line (Green Line). A clear RSI break would be expected before the price breaks out. If any happens it will take bitcoin price back to the horizontal support area of $18,300.
Conversely, a breakout from the channel at $21,480 (red line) would invalidate the bearish hypothesis.
Ethereum Price Rejected by Fibonacci Resistance
Ethereum price has been rising at an accelerated rate since breaking out of a descending parallel channel on October 25. The rise led to a November 4 high of $1,680. Subsequently, ETH price was rejected by the 0.5 Fibonacci retracement resistance. $1,611. It has decreased in the last 24 hours.
The price of Ethereum has since fallen. The downside momentum was preceded by a bearish divergence on the RSI (green line). Currently, ETH is trying to find support above the 0.5-0.618 Fibonacci Retracement support level (Black) at $1,373- $1,430. Whether it does so or breaks can determine the future trend.
XRP Price Consolidates Inside Neutral Pattern
The same cannot be said for XRP, the global payment currency by Ripple Labs, unlike the price of Ethereum and Bitcoin. XRP is still trading inside its symmetrical triangle pattern. For the trend to remain valid, the price needs to hold above the current low of $0.42.
If so, a breakout would be expected that would take it above $0.60.
Consequently, the trend will be determined by whether the XRP price breaks below $0.42 (red line) or breaks above $0.51 (green line).
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