Newsbit analysts analist: Crucial phase for Bitcoin, Ethereum, and XRP

Yesterday there was another hit on the crypto market. The Bitcoin (BTC) price shot through $90,000 in a short time, but then fell back just as hard to $85,000. The price now appears to have stabilized around $87,000.

According to Newsbit analyst Erik Juffermans, Bitcoin, Ethereum (ETH) and Ripple (XRP) are at a technical tipping point. What do the graphs say about the possible direction?

Bitcoin continues to fluctuate

For a month now, the BTC price has not managed to regain the level of 93,000 dollars. Earlier this week, the price even lost the channel it had been trading in for the past month. A bearish signal. However, the price remains above the important level of $ 84,500, the bottom of December 1.

A drop below this level would mean a lower low. This is a break of structure and a reason for more selling pressure. So we’re not there yet. We even see a positive signal on the 4-hour chart. The relative strength index (RSI) is on the rise while the price recorded a double bottom. This is a form of bullish divergence. Now it would be a nice move if the price regains the $88,000 level and rises back within the channel.

ETH looks ready for bounce

Ethereum (ETH) also seems ripe for a bounce. The price fell back to our purple support zone and is still finding support there. This bottom coincides exactly with an upward trend line. The RSI indicator also reached an oversold level. A break from the psychological level of $3,000 would be a strong move back to the recent highs.

Ripple (XRP) recovery is in short supply

Then we’ll add Ripple (XRP). The picture remains the same here. The price lost the range it traded in last year and for the time being we see no signs of recovery. However, the zone around $1.80, where the price is now trading, is a potentially interesting level for buyers.

This level coincides with the recent bottom on November 21st. The RSI also points to a cautiously bullish divergence. However, we are not seeing any meaningful volume coming in and overall the positive sentiment surrounding XRP is currently lacking. A recapture of $2 remains crucial for recovery. However, another rise in BTC would be the boost XRP needs.