Cryptocurrency prices continue to rise after a minor correction, however, key resistance levels have not yet been broken by buyers.
The important data for Bitcoin (BTC), Ethereum ETH), and XRP is below.
On the daily chart, the price of Bitcoin (BTC) was able to leave the downward channel. However, bulls need to reach above the $9,800 level before we can talk about the beginning of full-fledged growth in the value of the digital asset.
In favor of the upward trend are moving averages, which are almost crossed. As the main trading idea, one should expect a test of the broken channel border near the $8,355 level and, after, continued growth to the first target at $10,995.
An additional signal in favor of this movement will be a rebound from the trend line on the RSI indicator, where the previous test provoked a price increase.
Bitcoin is trading at $9,354 at press time.
On the daily chart, Ethereum (ETH) is testing the resistance area at $180. Buyers need to gain a foothold above the $200 mark. At the moment, there are risks of falling quotes with a test at the $156 level. As one can see, the values of the RSI indicator once again broke through the resistance line, however, they are still near the overbought level, which could trigger the development of a correction.
Cancellation of the scenario with an increase in the asset will drop and consolidate quotes below the $138 level, which will indicate a breakdown of the lower border of the Ichimoku Kinko Hyo indicator cloud. In this case, traders should expect a continued decline to the level of $117.
Ethereum is trading at $176.01 at press time.
Our recent XRP price forecast is coming true as the price has declined to below $0.24.
In terms of the technical analysis, the nearest price projection is bearish for the third most popular cryptocurrency. On the 4H chart, a bearish divergence has been formed, confirming the ongoing correction. In this case, the closest zone XRP can reach is $0.23.
XRP is trading at $0.2373 at press time.