• Bitcoin price sees an uptick, with buyers returning to the scene, forming a bullish breakout towards $65,087.
  • Ethereum price sees bulls preparing breakout towards $4,646, targeting new all-time highs. 
  • XRP price is stuck in a bearish triangle, but bulls are slowly but surely stepping up their game.

Bitcoin price sees bulls returning to the scene on Thanksgiving as investors see buying opportunities across the board in cryptocurrencies. Ethereum price sees momentum even building towards a bullish breakout with buy-side volume under excessive bidding. Although XRP is lagging, it is still stuck in a bearish triangle,  the higher lows show a bullish inflow into the currency. 

Bitcoin price regains control above the monthly pivot, with an uptick in buy-side flow

Bitcoin (BTC) price was under siege by bears after making new all-time highs at the beginning of November. As price started to fade quite quickly, bears gained control of a few fundamental technical indicators with the monthly pivot, the 55-day Simple Moving Average (SMA) and a break below the Fibonacci level at $59,586. But there are signs of change as more inflows are seen coming in and an uptick in the Relative Strength Index (RSI), away from oversold. 

BTC price sees bulls in a festive mood awaiting their turkey in the oven, as bulls regain control above the monthly pivot at $57,335. The lift came with the bounce of the descending short-term trend line from November 21. As the inflow should continue throughout the day, expect a test and possibly reclaim the Fibonacci level at $59,586.

BTC/USD daily chart

BTC/USD daily chart

Expect investors to spot the uptick in later sessions by starting to buy in greater volumes. This will spiral into a squeeze and pop above the descending trend line from November 10, with a run-up towards $65,087 even possible. As markets will probably shift towards more risk-off, expect this to attribute to some tailwinds for Bitcoin, lifting price further up by next week with a retest of new all-time highs above $69,123.

 

Ethereum price sees impatient bulls building momentum for a breakout towards $5,000

Ethereum (ETH) price is no different from Bitcoin and is even witnessing an even more violent bullish rebound today, although the US markets are closed for holidays. ETH price action is brushing against the upside of the wedge and looks to be at the point of breaking out of it  soon, given the Relative Strength Index looks to rise as buy-side volume spikes in early European hours. Although bulls face resistance soon after at $4,465, expect it to break quite easily as the buy volume is quite chunky. 

ETH price will then slowdown after hitting $4,465 and then pull-back and possibly retest $4,646, which is the next resistance barrier, originating from May 12. The best technical play here would be to wait for the failed test, see the pullback towards $4,465, see another second wave of buy-in from investors that came to the party too late to get in. This in turn, would create a second breakout towards new all-time highs at $5,000.

ETH/USD daily chart

ETH/USD daily chart

Thus, ETH prices will be under some pressure from bears that have these two upside levels presenting resistance. It will be essential to see if bulls can refrain from taking any short-term profits and rather sit on their trades expecting and pumping for new all-time highs. If that can unfold, a break of the monthly R1 resistance level should be inevitable.

 

XRP price still under bearish pressure, but bulls are pushing back on further downside

Ripple (XRP) price is still stuck in a downtrend, with bears selling alongside a descending trend line from November 16. XRP price halted at $0.99 with the 200-day SMA as a supporting factor and saw price being pushed back towards the descending trend line again. Bulls are presenting themselves as the price gets a squeeze higher, with higher lows, which could point to a similar inflow of investors as Bitcoin and Ethereum are experiencing, but more mildly. 

XRP price’s movements are reflected in the RSI which is showing a slight knee-jerk reaction to the upside, but is not popping up aggressively as we saw with Bitcoin and Ethereum prices. Nevertheless, the downtrend may still continue a little further for now as bears grasp the opportunity to take some more profit with a possible retest of $0.99.

XRP/USD daily chart

XRP/USD daily chart

When global cryptocurrencies starting to gain traction and show green profit numbers again, expect these tailwinds to help lift the mood for XRP price with a potential break above the descending trend line and a retest of $1.09. Following that break, more investors will probably want to jump aboard the trend. This should see an uptick towards $1.25 possibly, which would see quite a lift in sentiment. The acquisition of new all-time highs is a bit too far fetched for now but could be in the making if Bitcoin and Ethereum also hit them. This might then lead to a delayed reaction for Ripple price by the end of next week – if all the stars, that is, align in favor of it.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why DOGE price will not be back above $0.17 anytime soon

Three reasons why DOGE price will not be back above $0.17 anytime soon

Dogecoin price is at the cusp of saying goodbye to $0.10 as the price is set to drop another leg lower in the coming week after DOGE price consolidated below that same $0.10. With such a move, losses would sum up to 55% of depreciation.

More Dogecoin news

Cardano price could go either way next week, but downtrend still rules

Cardano price could go either way next week, but downtrend still rules

Cardano price closes the week with another loss on the books. ADA price looks set to instead chose more downside as investors are turning away from cryptocurrencies. Expect another drop with at least a retest at $0.415.

More Cardano news

Why another 60% drop in SHIB price is inevitable

Why another 60% drop in SHIB price is inevitable

Shiba Inu price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action.

More Shiba Inu news

A weekly close below $0.50 spells another correction ahead for XRP price

A weekly close below $0.50 spells another correction ahead for XRP price

Ripple (XRP) price came close to a full recovery after the positive shift in sentiment on Friday, but as long as price action remains below $0.50, there is still no evidence of a fundamental turnaround in sentiment. Expect to see further downward pressure as several bearish pressures are not easing.

More Ripple news

Bitcoin: The last rebound before capitulation

Bitcoin: The last rebound before capitulation

Bitcoin is showing bullish signs in the lower time frames, which can be taken advantage of by traders in the next couple of days. But looking at BTC from the higher time frames suggests that the bottom is not in yet.

Read full analysis

BTC

ETH

XRP