On Monday, Bitcoin surpassed $90,000, an increase of nearly 2% inside a triangular formation.
On Monday, Ethereum rose 3%, retaking the $3,000 level and heading towards the $3,134 50-day exponential moving average (EMA).
Indicators of momentum point to less selling pressure, which causes XRP to gain by over 2%.
As of Monday morning, the price of bitcoin has risen past $90,000, an increase of over 2%. The price may form a bullish Marubozu candle if the intraday rebound continues, and bulls may aim for the $92,202 50-day EMA.
In addition, Bitcoin's daily chart shows that two trendlines are converging to create a symmetrical triangular formation. A resistance trendline that crosses above the 50-day exponential moving average links the highs of November 15 and December 9.
A breakthrough of the triangle pattern would be confirmed if Bitcoin were to close decisively above $92,202. A possible level of resistance in this scenario would be the $96,846 high from November 15th and the $101,029 200-day exponential moving average.
Buying pressure seems to be increasing as the Relative Strength Index (RSI) points higher at 53 after clearing the halfway level. Further evidence that bullish momentum is building is the fact that the Moving Average Convergence Divergence (MACD) is getting closer to zero.
From a bearish perspective, the triangular pattern would be broken if Bitcoin's price dropped below the support trendline at $86,250. Possible support levels include the lows of $84,450 on November 21 and $80,600 on December 18.
Successfully breaks through $3,000, targeting the 50-day exponential moving average
For the fourth day in a row, Ethereum has been trending upwards, trading over $3,000. Nearing the $3,136 50-day exponential moving average, ETH is up more than 3% as of this writing.
The 200-day exponential moving average (EMA) is at $3,374, which would indicate an 11% increase from current prices if Ethereum were to surpass it.
Just like Bitcoin, Ethereum's momentum indications on the daily chart point to a resurgence in the price. Rising buying pressure is indicated by the RSI, which is at 51 and has crossed the midline. The extra space on top indicates that there is opportunity for growth before prices become too overbought.
In the downside, the big altcoin may try to break below $2,850 by testing a local support trendline that connects the lows of November 21 and December 18.
XRP is aiming to break out of its falling wedge and reach $2.
The daily logarithmic chart shows that Ripple is nearing the resistance trendline of a falling wedge formation, approximately $1.94, with a 2% increase as of Monday's publication time. After XRP breaks over this trendline, $2.06, the 50-day exponential moving average, may be its target.
As it approaches the midline, the Relative Strength Index (RSI) reads 45, suggesting that selling pressure has decreased. At the same time, after breaking above the signal line on Saturday, the MACD continues to show an upward trend, which suggests that there is fresh positive momentum.
If XRP turns around and falls below $1.90, it may go towards the $1.79 S1 Pivot Point.
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