36 minutes ago | Michael Fasogbon
Key highlights
- Bitcoin is weak below $7,400, but bulls will be looking to defend the $7,100 support
- Ethereum gains +4% overnight as buyers eye $156 in the near term
- XRP is trapped in a consolidation mode, struggling to break away
| Bitcoin price | $7,310 |
|---|---|
| Key BTC resistance levels | $7900, $8300 |
| Key BTC support levels | $7100, $6500 |
Bitcoin price prediction: Bullish
For this year, Bitcoin’s price might close above $7,000 if the short-term support ($7,100) holds. However, the market has suffered from low volume over the last four days, which likely contributed to Bitcoin closing below $7,400 last week. As of now, the momentum is weak from the bull side.
How to buy Bitcoin on Binance?
Bitcoin needs to spike above the grey horizontal resistance of $7,900 before seeing a major rally to $8300. Meanwhile, the $7,400 and $7,700 remain problematic levels to surpass for the buyers. Should the volatility turn in the opposite direction, Bitcoin might fall back to the $7,100 support and potentially even $6,500 if the aforementioned support fails to hold.
The technical indicators have been struggling below their immediate resistance levels for several days. If the RSI and the MACD successfully cross over the marked area on the indicators, a notable growth is more likely. By then, Bitcoin could touch the channel’s upper boundary. For now, the short-term bullish set up is still shaky.
| Ethereum price | $133 |
|---|---|
| Key ETH resistance levels | $143, $156 |
| Key ETH support levels | $122, $116 |
Ethereum price prediction: Bullish
The daily market cycle for Ethereum has continued to shape in a descending wedge pattern, suggesting that the market is following a bearish sentiment. Nevertheless, Ether is currently set for a short-term bullish correction, which is likely to hit $156 in the next rally before the downtrend potentially resumes.
How to buy Ethereum on Binance?
However, bulls will first need surpass the resistance at $143. If ETH continues to surge after reaching $156, a drive to $220 could be in play. ETH’s growth in the last 24 hours is quite clearly revealed on the RSI indicator, but it is still struggling below the 50 level. The daily MACD for Ethereum remains negative.
If ETH volume decreases, it may cause a negative impact in the market as sellers may regain momentum as price could drop to $122 and possibly $116. As it stands now, buyers are more likely to control this market in the short term.
| XRP price | $0.193 |
|---|---|
| Key XRP resistance levels | $0.218, $0.233 |
| Key XRP support levels | $0.18, $0.176 |
XRP price prediction: Neutral
The December 17 breakdown from the six-month channel boundary has now trapped XRP in a consolidation cycle, which has led to the subdued price action of the last 15 days. The ongoing squeeze has held the price in a tight range between $0.18 and $0.20.
However, a surge in volatility is likely to occur soon. An surge upwards might open the door for a drive towards the $0.218 and $0.233 resistance levels. Considering the recent break, more drops could be underway.
XRP could print a fresh low if the price breaks beneath the $0.18 and $0.176 support levels. Currently, the technical indicators are moving sideways, suggesting an indecisive market. Still, it’s important to wait for a clean break before taking a position.
Overall summary
The top three coins saw a moderate growth last week, closing with average gains of 5%. This week, Bitcoin, Ethereum and XRP might see more gains if demand continue to increase along with strong trading volume. The market is currently calm but we can anticipate a significant volatility surge soon.
Previous crypto price analysis
At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent articles about the price of Bitcoin, Ethereum and XRP:
