Bitcoin has broken the resistance at $24,000 as price rallied to the $28,000 high. Presently, the BTC price is correcting below the recent high. This week, the crypto is likely to reach $30,000 high. The altcoins are also making positive moves except for Ripple which has not recovered after the recent breakdown.
BTC/USD Major Trend: Bullish
For the past week, the BTC price has been trading below the $24,000 resistance level. Buyers made several attempts to break the resistance but were repelled. On December 25, the bulls broke the resistance at $24,000 as BTC rallied to $28,000 high. The bullish momentum was strong enough to break the $25,000 high before reaching the next price level.
After it was resisted at the $28,000 high, BTC price retraced and found support above $26,200. Presently, the BTC price is fluctuating between $26,200 and $28,000. Nevertheless, if the current support holds, the coin will undergo at least three days of correction before resuming upside momentum. Bitcoin is trading at $26,167 at the time of writing. The next target price of Bitcoin is the $30,000 high.
Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. On December 27 downtrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement indicates that BTC price is likely to rise to level 1.618 Fibonacci extension. That is a high of $31,550.80. From the price action, the market has reached a high of $28,000 but pulled back.
ETH/USD Major Trend: Bullish
Last week, the upward move was stalled below $660 resistance level. The bulls could not break the recent high. Consequently, Ether dropped to $547 low. The bulls buy the dips to resume the second uptrend. On December 27, Buyers were able to push Ether above the $660 resistance as the altcoin resumed the upward move. The crypto has risen but it is hovering above the $700 price level.
The biggest altcoin stands the chance of further upside move if the current price momentum is sustained. The coin is expected to reach a high of $800.From the Fibonacci tool indicator, Ethereum is likely to rise. On December 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. This retracement gives the impression that ETH will rise and reach level 2.0 Fibonacci extensions. In other words, Ethereum will reach a high of $806.19
XRP /USD Major Trend: Bearish
On December 23, Ripple plunged to $0.21 low but the price corrected upward to $0.37 high. After the retest at the recent high, the selling pressure resumes. The implication is that the downward move is likely to continue. Technically, if the price retraces and holds above the previous support at $0.21, it is more convincing to move upward.
On the other hand, if the price breaks the previous support, the downward move will be accelerated. Ripple will fall and revisit the previous low at $0.15. Nevertheless, a Fibonacci tool has been drawn to determine the extent of the downward movement. On December 23 downtrend; a retraced candle body tested the 78.6% retracement level. The retracement suggests that Ripple will fall to level 1.272 Fibonacci extension or $0.0968 low. Approximately, the coin will reach the low at $0.10.
BCH /USD Major Trend: Bullish
For the past week, Bitcoin Cash has been battling to break the resistance at $320 and $360. The crypto eventually fell to a low at $268. The bulls buy the dips to push the altcoin to the previous high. The coin rebounded above $276 as it rallied to $370 high. The current uptrend has breached the resistance at $320 and $360. Presently, BCH is facing resistance at the $380 high. In the previous price action, BCH was repelled at the $380 resistance. On the upside, if buyers sustain the bullish momentum above $360, the resistance at $380 will be breached.
The Fibonacci tool has indicated a possible move of the coin. On December 27 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BCH is likely to rise to level 1.618 Fibonacci extensions. In other words, BCH will rise to a high of $402.97.
