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BTC, ETH and XRP Price Analysis for December 11

Price Predictions
Sat, 12/11/2021 - 19:52
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Denys Serhiichuk
Which altcoins can rise against the falling of Bitcoin (BTC)?
BTC, ETH and XRP Price Analysis for December 11
Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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The weekend began with the continued fall of the cryptocurrency market as all of the top 10 coins are in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Despite yesterday's bearish candle, the rate of Bitcoin (BTC) is trying to stay above the vital level of $47,000.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

Bitcoin (BTC) keeps trading below the vital mark of $53,000. The ongoing bearish pressure is confirmed by a high selling trading volume. However, one needs to pay close attention to the area where the daily candle closes.

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In case buyers can accumulate power, there is a chance to see the rise to the crucial $50,000 mark.

Bitcoin is trading at $48,335 at press time.

ETH/USD

Ethereum (ETH) is the biggest loser from the list as the rate of the main altcoin has declined by almost 5% since yesterday.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

Ethereum (ETH) is located in a wide channel between the support at $3,400 and the resistance at $4,842. At the moment, neither bulls nor bears have seized the initiative, which means that sideways trading is the more likely price action for the upcoming week.

Ethereum is trading at $4,017 at press time.

XRP/USD

XRP is also not an exception to the rule with a fall of 3% over the last 24 hours.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

After the continued bearish trend, XRP has bounced off the important level at $0.80. While the price remains trading above it, there is a possibility to see a correction to the nearest resistance at $1.01.

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However, bulls need to accumulate more strength for that, which means that this is the more likely mid-term scenario.

XRP is trading at $0.8327 at press time.

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About the author

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.