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BTC, ETH, and XRP Price Analysis for December 6

Price Predictions
Mon, 12/06/2021 - 16:57
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Denys Serhiichuk
How fast can the market recover after the recent dump?
BTC, ETH, and XRP Price Analysis for December 6
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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Bears keep exerting pressure on the cryptocurrency market, with all coins from the top 10 list being in the red zone.

Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

The price of Bitcoin (BTC) recovered above the $47,745 level, and fixed above it by the end of the week during sideways consolidation on Saturday. The upper border of the side channel was the resistance at the level of $49,800, which buyers could not test.

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

If in the near future the 61.8% Fibonacci level can keep the pair from falling, then the BTC price can recover in the area of $53,400 at the beginning of the week.

Bitcoin is trading at $48,728 at press time.

ETH/USD

Last Saturday, the Ethereum (ETH) price recovered above the psychological level of $4,000, and this recovery continued close to the level of $4,300. The local peak is indicated in the area of $4,258.

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

Until this morning, buyers have not yet had time to test the green resistance of $4,300.

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If at the beginning of this week the bulls manage to restore the pair above this green level, then one can expect an increase in the area of $4,500 in the second half of the week.

Ethereum is trading at $4,085 at press time.

XRP/USD

Over the weekend, the XRP price recovered above the $0.80 resistance and marked a local high at $0.864.

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

On Sunday, the pair could not hold in the high zone and rolled back to the blue level of $0.80, trying to find support there.

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The lateral consolidation of the pair right on the blue line continued until this morning. If it keeps the pair from falling today, then the recovery may continue to the area of $0.90 in the first half of the week.

XRP is trading at $0.7833 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.