Crypto analyst Valdrin Tahiri states that Bitcoin (BTC) is following an ascending support line. The analyst notes that Ethereum (ETH) is trading within an ascending parallel channel. And the analyst says, “Forget Bitcoin and Ethereum, this altcoin is extremely bullish.”
Will Bitcoin break the resistance?
BTC price has rallied alongside an ascending support line since Dec. During this bullish move, it is facing resistance at $16,950. Combined with the support line, this resistance area forms an ascending triangle, which is considered a bullish pattern. More recently, the region rejected Bitcoin price on January 4 (red icon). If bitcoin price successfully climbs above this area, it could quickly bounce back from the $17,345 high to the 0.5 Fib retracement resistance. On the other hand, a break below the ascending support line could push Bitcoin price back to $16,000.
BTC daily chart / Source: TradingViewEthereum reaches critical resistance
cryptocoin.com Similar to BTC, the price of ETH has increased since December 16. However, the move was held inside an ascending parallel channel, which is considered a bearish divergence. As a result, a casting from him would be the most likely scenario. Also, Ethereum price was rejected by the resistance line of the channel and the 0.618 Fib retracement resistance level on Jan 4 (red icon). It subsided over the next 24 hours. As a result, a downward move towards the support line of the channel may occur. A break from the $1,275 resistance area means the trend is up. On the other hand, a dump from the channel could push the price back to $1,090.
ETH six hour chart / Source: TradingViewXRP price recovers 202-day support line
XRP price has rallied alongside an ascending support line since June 14. This line has been verified many times so far (green icons). Since September 23, the price has also followed a descending resistance line. Combined with the support mentioned above, this creates a symmetrical triangle that is considered a neutral pattern. The line rejected the price on November 5 (red icon) and started the current downward move.
On January 2, XRP price seemed to have broken through the support line after 202 days. However, he created a very long bottom wick (black icon) and took the string back the same day. This is considered a bullish sign as the bears do not have enough strength to sustain the decline. If the bounce continues, the nearest area of resistance will be $0.384. In any case, the trend is still considered neutral as long as the XRP price exits or declines from the current symmetrical triangle. A breakout means the trend is downtrend, while a breakout means it is bullish instead.
XRP daily chart / Source: TradingViewAs a result, the trend direction for these three digital assets is still unclear. When it comes to XRP, whether the price exits the triangle or not will determine the future move. When it comes to Bitcoin and Ethereum prices, there is no clear indication of whether the long-term trend is bullish or bearish.