• 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.

Recommended content


Recommended Content

Editors’ Picks

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

More Meme Coins News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs beat Gold ETFs with 65% gain since launch

Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.

More Ethereum News
Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin: New all-time high at $78,900 looks feasible

Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP