In his daily YouTube video posted on Dec. 4, the crypto analyst behind the popular CryptoTV channel predicted that several top cryptocurrencies are poised for a major breakout.
The analyst pointed to recent price action in assets like Bitcoin (BTC), Ethereum (ETH), and XRP as early confirmation that the anticipated rally is underway.
As you guys can see across the board with these cryptos, we are breaking out.
Specifically, the analyst believes Bitcoin could continue running higher after two days of closing above what he identifies as a key “ascending fractal” resistance level. However, he cautions that Bitcoin is nearing overbought territory on the relative strength index (RSI).
Similarly, in the analyst’s view, Ethereum exhibits a bullish setup following two daily closes above a “major price ceiling.” He says he has taken a leveraged long position in Ethereum to capitalize on this move.
The analyst seems most enthusiastic about the prospects for the XRP token. He highlights how XRP appears to be breaking out from a “bull flag” technical pattern that has preceded major uptrends multiple times over the past year.
If history repeats, the analyst suggests XRP could ascend to price targets soon. Still, he notes the journey higher may be volatile given XRP’s tendency for “major swings” in price action.
We are easily expecting prices to hit 70, maybe even 83 cents with ease on XRP. So keep your eyes peeled on this because this is the breakout.
Overall, the crypto analyst cites improving technical indicators and breaking of key overhead resistance levels as reasons he foresees sustainable uptrends ahead across the crypto market.