|

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Bullish higher lows or a dead cat bounce?

  • Cryptocurrencies enjoyed stability and advanced gradually over the weekend. 
  • However, they then retreated, leaving open questions on each chart.
  • The SEC delay and the NASDAQ plans echo in markets.

After the SEC delayed the decision on a Bitcoin Exchange Traded Fund (ETF) ahead of the weekend, digital coins tumbled down. However, the calm over the weekend allowed some stabilization and we have seen a cautious recovery. The new week already brings fresh falls, but not to new lows.

Does this mean that the recovery was just another "dead cat bounce"? The bullish view is that the fall is only a correction in an uptrend. The drop to higher lows confirms the correction. HODLers may have been disappointed by the SEC decision but can certainly be encouraged by the decision by NASDAQ to ramp up preparations for launching Bitcoin futures, joining other exchanges. 

Elsewhere, Binance, one of the largest crypto-exchanges, is set to launch its Binance Blockchain shortly. Another exchange, ErisX, raised no less than $27.5 from institutional names such as NASDAQ, Fidelity, and others. At the margins of the crypto world,

Venezuelan President Nicolás Maduro decided to raise the value of the country's crypto by 150%. Petro is now worth 9,000 bolivars against 3,600 beforehand. Inflation is rampant at the South American nation.

BTC/USD Technical Analysis - capped by downtrend resistance

Bitcoin technical analysis December 10 2018

BTC/USD is trading under downtrend resistance in the four-hour chart (thick black line on the graph). Both Momentum and the Relative Strength Index (RSI) do not point to any new moves. However, Bitcoin trades below the 50 Simple Moving Average, a bearish sign.

Immediate support awaits at $3,466 which was the trough on November 24th. The next line is the recent low point at $3,208 which was seen a few days ago. Lower, $3,000 is the obvious support line as a round number eyed by many.

Looking up, the recovery high of $3,640 is the first level to watch. Further up, $3,850 was a low point in late November and a resistance line in early December. The next line is $4,051, the initial low after losing $5,000.

XRP/USD Technical Analysis - Critical double-bottoms

Ripple technical analysis December 10 2018

Ripple is under pressure but trades above the annual lows seen several months ago. XRP/USD is capped by downtrend resistance that accompanies the price since it recovered to around $0.4060 in late November.

Momentum is balanced and the RSI is not indicating oversold conditions.

Support awaits at $0.3060 which was a recent support level. $0.2970 was a cushion over the weekend. It is followed by $0.2900, a round number and the cycle low. The next levels are from September: $0.2680 and $0.2510.

$0.3230 is a significant line of resistance after it limited the recovery in recent days. $0.3420 provided support in late November and $0.3540 was a support line at the turn of the month.

ETH/USD Technical Analysis - Looking better

ETH USD technical analysis December 10 2018

Ethereum is under pressure after falling to double-digits. After the slump, also ETH/USD saw some stability and a bounce. Vitalik Buterin's currency, commonly used in ICO's, is trading below the 50 SMA, similar to its peers. Also here, the RSI is stable and Momentum is slight to the upside.

Support awaits at $90.83 which provided some support recently and over the weekend. The round level of $85 was a swing low over the weekend. Lower, $82 is the trough in the recent fall. The round number of $80 is next down the line.

Looking up, there is no obvious resistance line until $100 which was also a recent swing high and trough in late November. Further up, the next level to watch is at $105.90 which provided support early in December. $114 capped Ether early in the month and is a high target.

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

More from Yohay Elam
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Aave Price Forecast: AAVE primed for breakout as bullish signals strengthen

Aave (AAVE) price is trading above $204 at the time of writing on Friday and approaching the upper boundary of its descending parallel channel; a breakout from this structure would favor the bulls.

Meme Coins Price Prediction: DOGE, SHIB, PEPE stall amid warming retail demand

Meme coins, including Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE), struggle to regain strength as the broader cryptocurrency market recovers. Derivatives data reveals fresh retail demand as Open Interest of DOGE, SHIB, and PEPE futures surge.

Terraform Do Kwon gets 15-year prison sentence for role in Terra-Luna $40 billion crash

Terraform Labs founder Do Kwon was sentenced to 15 years in prison by a New York federal court on Thursday for his role in organizing one of the largest cryptocurrency frauds in history.

Top 3 Price Prediction: BTC and ETH eyes breakout, XRP steadies at support

Bitcoin (BTC) and Ethereum (ETH) are nearing the key resistance levels at the time of writing on Friday, and a successful breakout could open the door for a fresh rally. Meanwhile, Ripple (XRP) is stabilizing around a crucial support zone, hinting at a potential rebound if buyers maintain control.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.