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BTC, ETH and XRP Price Analysis for December 29

Wed, 12/29/2021 - 15:57
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Denys Serhiichuk
Is the current decline a prerequisite for the continued market drop?
BTC, ETH and XRP Price Analysis for December 29
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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Bulls could not hold the initiative, and all of the top 10 coins have come back to the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

Yesterday morning, the POC indicator line stopped the BTC price decline. For some time, the pair held in a narrow sideways channel, but in the second half of the day, the selling pressure intensified and the fall continued to the $47,745 level.

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

This morning, a recovery took place in decreasing volumes. We believe that, in the near future, the price can get stuck in a sideways range using the support of the $47,745 level.

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The Point of Control line of the Volume Profile indicator can serve as the upper border of the short-term consolidation. By the end of the week, the Bitcoin price might continue to decline to the support of $46,000.

Bitcoin is trading at $47,884 at press time.

ETH/USD

Yesterday, the Ethereum (ETH) price decline continued and reached the support of $3,800. At night, the volume of sales decreased and, by morning, the pair held out in a narrow sideways consolidation.

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

One believes that today, some recovery of the Ether price is possible, but soon the fall may continue to the area of $3,600. By the end of the week, the pair may reach the support at $3,400.

Ethereum is trading at $3,782 at press time.

XRP/USD

Buyers were unable to achieve any significant recovery in the XRP price yesterday morning, and the decline continued in the afternoon. At the end of the day, the pair tested the level of $0.85.

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

The fall stopped at night. Today, one can expect the XRP price to drop to the POC line area, and by the end of the week, the pair might reach the support of $0.80.

XRP is trading at $0.8421 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.