BTC and ETH do not give any signals, XRP painted a bullish candle

Bitcoin (BTC) and Ethereum (ETH) are showing very similar price performance, although ETH is growing at a faster pace. XRP formed a bullish candlestick on January 2, avoiding the breakdown of important support Can BTC break through the resistance According to the results of technical analysis, the BTC rate has been moving along the ascending support line since December 19. Resistance is at $16,950. Together, these two lines form an ascending triangle, which is considered a bullish pattern.. Recently, on January 4th, Bitcoin bounced off this area (red icon). If BTC is able to break through this resistance, then the price could quickly bounce to the Fibo 0.5 retracement level at $17,345. On the other hand, a bearish breakdown of the ascending support line could send the market in the direction of $16,000. Earlier, the editors of BeInCrypto said that a number of on-chain metrics are still destroying hopes for a market reversal in BTC. Source: TradingView ETH hits key resistance Like BTC, ETH has been rising since December 16. However, here the price is holding back inside the ascending parallel channel, which is considered to be a bearish pattern.. Accordingly, the most likely scenario for Ethereum is a bearish breakout. In addition, on January 4, the price bounced off the channel resistance line and the Fibo 0.618 correction level (red icon) and continued to decline the next day. This may cause further drawdown of ETH towards the channel support line. Its break could set the market back to $1,090. Meanwhile, a break of the $1275 resistance area will signal a bullish trend. Earlier, the editors of BeInCrypto said that Ethereum stakers faced problems amid the fall in the ETH rate.. Only 20% of them now remain in the profit zone. Source: TradingView XRP defended the 202-day support line The XRP rate has been growing along the ascending support line since June 14. The market has already tested this line for strength many times (green icons). Since September 23, the price has also been following a descending resistance line.. In combination with the aforementioned support, it forms a symmetrical triangle on the chart, which is considered a neutral pattern.. On November 5, the price bounced off this line (red icon) and began a decline that has continued to this day.. On January 2, the XRP price seemed to break through the support line after 202 days of its existence.. However, at the same time, the price formed a very long lower wick (black icon) and on the same day again recovered above this line. This is a bullish sign, since such dynamics suggests that the bears do not have enough strength to consolidate the breakout. If the bounce continues, immediate resistance will come into play in the $0.384 area. In any case, the trend will be considered neutral until XRP makes a bullish or bearish breakout from a symmetrical triangle.. This will indicate a bullish or bearish trend, respectively. Source: TradingView Thus, the future prospects of the three leading cryptocurrencies in the world are still unclear. In the case of XRP, the direction of the trend will depend on the direction of the price breakout from the symmetrical triangle.. In the case of BTC and ETH, there are no clear indicators at all that could become signals of a long-term trend. Earlier, the editors of BeInCrypto collected the opinions of experts and their forecasts for the rates of Bitcoin, Ethereum and Ripple for 2023. 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.