BTC, ETH and XRP: Bullish Breakout for the New Year!

Bitcoin (BTC) and Ethereum (ETH) are trading inside bullish patterns, XRP has already broken out of its channel and is moving towards $0.38 support. During this time, the price tried unsuccessfully to break through the $16,940 resistance area three times (red icons). Combined with horizontal resistance, this support line forms an ascending triangle on the chart.. Traditionally, this pattern is considered bullish. In the event of a bullish breakout, the $17,800 area is the most likely buying target.. This goal is highlighted by us as a result of measuring and projecting the height of the triangle. It also coincides with the support line of the previous ascending parallel channel. Meanwhile, a firm close of BTC below the ascending support line will signal the start of a decline towards $16,000. Source: TradingView Ethereum has set its sights on the area above $1,230 As in the case of BTC, the ETH rate has been trading inside an ascending triangle since December 20. The price is now approaching the point of convergence of the support and resistance lines. Accordingly, it makes sense to expect that some decisive market movement in one of the directions will follow. In case of a bullish breakout, Ethereum could rise towards $1,278 (Fibo 0.618 retracement and horizontal resistance area). This is the most likely target for the bulls in case of a successful break out of the triangle.. The dynamics of the 4-hour RSI, which holds above 50, also speaks in favor of the growth scenario. On the other hand, a close below the ascending support line could provoke a fall to $1,150. Source: TradingView in excellent shape, but the ETH price forecasts do not yet share this optimism. XRP keeps the course at $0.38 Unlike Ethereum and Bitcoin, the XRP price has already broken through the important resistance area of $0.35. After that, the price topped out at $0.37 over the next 24 hours.. The bullish break was also supported by the RSI index, which rose above 50. If the increase continues, immediate resistance will come into play in the $0.38 region.. It is formed by a descending resistance line that has been present on the chart since November 25th. The most likely short-term scenario for Ripple is to reach resistance at $0.38. The further trend of the coin will depend on how XRP behaves when it reaches this area. Source: TradingView Thus, BTC, Ethereum and XRP growth is possible in the short term. However, the direction of the longer-term trend is still unclear. Previously, 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 on the principles of good faith and objectivity, as well as for informational purposes only.. The reader is solely responsible for any actions taken by him on the basis of information received on our website.