Top 4 Cryptocurrencies: BTC, ETH, LTC, XRP patiently await the next upswing
- Main cryptos show consolidation technical formations
- After strong spread-out bullish activity in the last days, Bitcoin wants to claim back its main role in the show
European session has awaken today with every cryptocurrency in similar consolidation formations. Not every crypto is on the same consolidation phase though, with Bitcoin looking like the one in a more advance stage of the current technical development.
BTC/USD 1H Chart: Price levels and technical picture
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BTC/USD is trading in the narrowest area of the current technical pattern that is containing the price since December 8th. Another bullish upmove during this weekend could push the price up to $25500. MACD is in positive territory, with still room to keep moving up.
On the upside, first Bitcoin target is $18000, followed by $19750. A broader bullish extension would bring BTC to $20860 and, afterwards, to $25435.
On the downside, first support level is located at $16250, followed by $15695. Bigger retracements would take Bitcoin price back to $15140 at first, targeting $14460 then. Below $13390 the current bullish scenario would be at risk of vanishing.
XRP/USD 1H Chart: Key price levels
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Ripple has been the crypto star of the past trading days, with a spectacular rise. XRP/USD is trading inside a triangle formation, in the higher area of the trendlines ruling the bullish ride started on December 8th. MACD is looking downwards and Directional Movement Index is trying to figure out its direction, still needing some trading hours to take a decisive step.
On the upside, Ripple first key level is $0.88, above the all-time high. Next target levels for XRP/USD are at $0.98, $1 and $1.04.
On the downside, the most immediate support for Ripple is at $0.715, followed by $0.68 and $0.617.
LTC/USD 1H Chart: Key price levels
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Litecoin price reached its all-time high on December 12th and has been developing a sideways pattern inside a bearish triangle frame since then. The sell-off has been meaningful, with buyers on the sidelines for now. MACD might be hinting a potential bullish swing, but it needs to get back into positive territory before confirming more price rises.
On the upside, Litecoin price has a first resistance around the $310-$315 range. Should that one be broken, the current triangle would be gone, opening a return to the all-time high at $375.54. If that triangle is not broken by its lower side, a third target for LTC/USD is at $424.45.
On the downside, most immediate support for Litecoin is at $240.75, followed by $196.96. Third target is at $163.97.
ETH/USD 1H Chart: Price levels
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Ethereum is moving inside a bearish channel on the very short term. A sudden move looking for the base of the channel would take ETH/USD to $575. MACD is in a bullish cross position but it's important to note that both lines are pretty flat, so the door to another bearish run is still open.
On the upside, Ethereum price finds its first resistance at $670, followed by $701.90. If December 13th all-time highs were to be broken, next targets would be at $812.76 and $846.
On the downside, first support is at $612.07, followed by the aforementioned $575. If that one is broken, pay attention to $532.90 as the next target.
Conclusion
Pretty interesting technical developments have the potential of developing during this weekend, the kind of technical action that would help to clarify the picture for the last two weeks of the year. Expect volatility and bullishness, but the technical picture in the cryptosphere is still very young, so more surprises are on the way.
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
