Bitcoin (BTC) Approaching Important Resistance at 17,575. ETH close to breakout of key resistance. XRP made a bearish breakout but formed a massive long lower wick Behind the rise in the BTC price According to the results of the technical analysis, the BTC price has been rising along the ascending parallel channel since December 30. After several unsuccessful attempts, the price still made a bullish breakout from the channel. This happened on January 8, and the next day the market tested the channel's resistance line for strength as support. Now the price is approaching the important resistance at $17,575. This is the Fibo 0.618 retracement level. Since the RSI is signaling a bearish divergence, the possibility of a short correction cannot be ruled out.. In this case, the market may visit this support line again.. However, the short-term trend will remain bullish until BTC moves back into the channel. Earlier, the editors of BeInCrypto collected in one review the opinions of members of the crypto community on how BTC might behave in the near future, and also shared a technical forecast for bitcoin. Source: TradingView Where will ETH go? Ethereum has been declining since August 14, moving under the descending resistance line. As a result, the price marked a low of $1,073 on November 9. Since then, ETH has consistently moved north.. On January 11, the coin reached the area of convergence of resistance levels at $1,330 (red circle). It is formed by the aforementioned descending resistance line and the $1,330 resistance area.. Together with a likely ascending support line (dotted line), it forms an ascending triangle on the chart, which is considered a bullish pattern. In addition, the daily RSI is rising and has moved above the 50 mark.. In this regard, the most likely scenario is a bullish break of the $1,330 resistance area, which will target ETH to the next $1,650 resistance.. However, as long as this level remains unbroken, a bullish breakout will continue to be the most likely forecast. Earlier, we said that a major Chinese miner announced the start dates for the growth of Bitcoin and Ethereum, while giving preference to ETH. Source: TradingView Daily RSI for XRP began to give bullish signals The XRP price has been moving along the ascending support line since June 14. The price has already bounced off it six times (green and black icons). On January 2, the XRP price seemed to break this support line after 202 days of its existence.. However, at the same time, the price formed a very long lower wick and on the same day again recovered above this line. This is a very strong bullish signal, as such dynamics suggests that the bears do not have enough strength to push the price lower to the south. If the rise continues, immediate resistance will come into play in the $0.384 area. The daily RSI also supports the thesis of continued growth. It made a bullish break of the descending resistance line (black) and is now above the 50 mark. A potential break of the $0.384 area could send XRP towards the descending resistance line in the $0.410 area. Meanwhile, a price rebound from this area may provoke a fall to the support line at $0.35. Source: TradingView Thus, the direction of the trend for these three cryptocurrencies is more or less bullish. Ethereum is now the closest to confirming a bullish reversal. It may be followed by XRP, while the BTC trend is relatively neutral. Disclaimer All information contained on our website is published in good faith and objectively and for informational purposes only. The reader is solely responsible for any actions taken by him on the basis of information received on our website.