Bitcoin prices may rise by 7%, recovering the ground lost since the high point of the rejected $37972 range on November 9th.Ethereum prices will defend the support level of $1935 at all costs, and if successful, it may rise by 10% to $2200
- Bitcoin prices may rise by 7%, recovering the ground lost since the high point of the rejected $37972 range on November 9th.
- Ethereum prices will defend the support level of $1935 at all costs, and if successful, it may rise by 10% to $2200.
- The price of Swiss dollars has shown weak performance, breaking through the triangle towards the south, with a 25 day moving average of $0.6183 providing support.
Bitcoin (BTC) prices have once again shown strength after a significant adjustment hit the market on Tuesday. Ethereum (ETH) is following the trend set by the largest cryptocurrency by market value. However, the situation with XRP is not the same, at least not yet, as the prices of remittance tokens have been weak.
As the momentum recovers, Bitcoin prices rise
Bitcoin (BTC) prices are rising in an attempt to recover all the lost land from the recent crash, which has led to the disappearance of up to $90 million in open positions from the market. As the 25 day moving average (EMA) of the index takes effect at $34572, BTC is attempting to recover the area above the key resistance level of $36788.
In order to confirm the increase, investors should pay attention to Bitcoin prices breaking through and closing above the level of $36788. This will set the tone for BTC to target the high point of the $37972 range before reaching a psychological level of $38000.
In a highly bullish situation, the price of Bitcoin may expand to the psychological level of $40000, which will increase by 10% compared to the current level.
The relative strength index (RSI) tilts northward, indicating an upward trend, while the momentum oscillation index (AO) remains in a positive range. This increases the credibility of the bullish argument.
On the contrary, if the resistance level of $36788 is rejected again, Bitcoin prices may lose support due to the 25 day and 50 day moving averages being at $34572 and $32456, respectively, and then fall into the supply area, becoming a bullish breakthrough point. It can be tested that the 100 day moving average EMA is $30528.
Ethereum prices remain above $1935
Ethereum (ETH) prices remain above $1935, which is a key support that, if lost, could bring bad luck to ETH. As RSI tilts northward and AO remains positive, ETH may expand northward and recover above the support level of $2029 to comply with the upward trend line. This may push the second largest cryptocurrency by market value to the high point of the $2136 range.
However, if selling pressure increases, Ethereum prices may fall below the support level of $1935. Breaking below this level will confirm a downward trend, and ETH may test the 25-day moving average or 50-day moving average at $1892 and $1806, respectively.
In a worse scenario, Ethereum prices may hit the 100 day moving average of $1763, breaking and closing below that average would invalidate the bullish argument under the $1753 support level.
Ripple Price Breaks Triangle
The price of XRP has shown weak performance, breaking through the downward triangle despite reduced volatility. The increase in selling pressure may cause XRP to fall below the 25-day moving average of $0.6181. Breaking below and closing below $0.5981 will reduce the optimistic sentiment of rising.
However, if the buyer's motivation increases, the price of the Swiss currency may recover above the downward trend line of the triangle above $0.6584, which will set the tone for an increase to $0.7000.
In a highly bullish scenario, returns may extend to the Fair Value Gap (FVG) between $0.7519 and $0.7623, and the price of Swiss dollars will fill the inefficiency and restore balance.
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