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BTC, ETH, and XRP Price Analysis for December 7

Can one expect the top 3 coins to rise in the nearest future?

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Cover image via www.tradingview.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of CryptoComes. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Bullish sentiment might have made a comeback in the cryptocurrency market, with almost all of the 10 coins being in the green zone. Binance Coin (BNB) is the only exception after suffering a 0.01 percent dip.  

Top 10 coins by CoinMarketCap
Top 10 coins by CoinMarketCap

The key data for Bitcoin (BTC), Ethereum (ETH), and XRP:

Name

Ticker

Market Cap

Price 

Volume (24h)

Change (24h)

Bitcoin 

BTC

$357,219,364,306 $19,244.52 $27,020,753,044 +0.93%

Ethereum

ETH

$67,806,686,145 $596.19 $11,978,373,242 +0.78%

XRP

XRP

$27,679,010,298 $0.611394 $8,722,574,484 +1.97%

BTC/USD 

Last weekend, trading activity was low, but even with small buying volumes, the bulls were able to gain a foothold above the hourly EMA55. Sellers tried several times to push the pair below the average level, but until the end of the week, the price remained in a sideways corridor above the EMA55 moving average.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

There has been no strong pressure from the bears this morning. If the average price level once again works as support, then the bulls will try to continue their attempts to storm the 100 percent Fibonacci retracement level ($19,666).

👉 MUST READ Bitcoin (BTC) Price Analysis for December 6related article image

Bitcoin is trading at $19,225 at press time.

ETH/USD 

Last Saturday, sales volumes decreased, and the ETH/USD pair recovered to the average price area. Until the end of last week, the price of Ethereum (ETH) had been moving sideways around the hourly EMA55. Buyers tried to hold above the $600 mark, but by the beginning of this week, they failed to gain a foothold above this strategic line.

ETH/USD chart by TradingView
ETH/USD chart by TradingView

If bearish pressure intensifies, there is a possibility of a renewed decline due to weak support in the areas of $560 and $540. A stronger support level can be considered the upward green trend line, which runs around the $520 mark.

Ethereum is trading at $596.23 at press time.

XRP/USD 

Over the weekend, the XRP price recovered to the mid-range, but the POC line ($0.619) prevented more upside. The range of consolidation narrowed significantly tonight.

XRP/USD chart by TradingView
XRP/USD chart by TradingView

If buyers are able to overcome the resistance level of the Volume Profile indicator line ($0.619), then the growth will resume to the level of $0.70. In case the bears intensify the pressure and push through the support of the hourly EMA55, then the price may test the psychological level of $0.50.

XRP is trading at $0.6107 at press time.

 

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Denys Serhiichuk

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing & ICO Advisory, ATB Coin, and others, can be contacted at denys.serhiichuk@cryptocomes.com