Bitcoin, Ripple, Litecoin Outlook: BTC Near $100K, XRP Faces Pullback, LTC Tests Resistance

Bitcoin’s (BTC) price continues its upward momentum, fueled by bullish sentiment and positive developments. Michael Saylor, co-founder of MicroStrategy, emphasized Bitcoin’s significance to Microsoft, urging them to adopt it as a strategic asset. This news sparked excitement in the market, with Microsoft’s shareholders set to vote on adding Bitcoin to its balance sheet on December 10. Additionally, pro-crypto remarks by Paul Atkins, the nominee for SEC chair, and Russian President Vladimir Putin’s endorsement of Bitcoin reinforced its strength. Bitcoin’s price is experiencing significant volatility as it approaches the key milestone of the $100,000 to $105,000 price zone.

Similarly, XRP experienced a minor pullback to $2.40 on Monday after a substantial 13% rally last week. On-chain data reveals profit-taking as holders sell at the peak, creating short-term consolidation. The chart below shows the long-to-short ratio of 0.90, reflecting a bearish sentiment. While Ripple’s long-term outlook remains positive, current trends suggest further consolidation or a short-term decline toward lower support levels.

On the other hand, Litecoin (LTC) recently surged to a resistance level of $143.90, buoyed by positive sentiment following the US elections and Trump’s victory. While the $143.90 resistance poses a challenge, a decisive break above this level could push the price toward the $150 mark. Litecoin (LTC) is trading at $124.03, representing a 6.57% decline in price over the past 24 hours. It has a market capitalization of $9.34 billion and a circulating supply of 75.29 million LTC out of a maximum of 84 million. In the last 24 hours, its trading volume increased by 3.24% to $1.02 billion. A new upward wave may follow as the price corrects toward support levels, potentially driving the next rally.

Bitcoin (BTC) Technical Analysis

Bitcoin Daily Chart – Heavy Volatility at $100k

The daily chart for Bitcoin shows that the price has reached the short-term target area after breaking above the black trend line around the $65,000 level. The RSI indicates that the strong move in November has pushed Bitcoin into the overbought region, leading to a price correction. This correction is accompanied by high volatility, as evidenced by the broadening wedge formation at the top. Despite this, the trend remains strongly bullish, with the 50-day SMA staying above the 200-day SMA.

Bitcoin 4-hour Chart – Ascending Channel Pattern

The 4-hour chart for Bitcoin shows that the price has been trading within an ascending channel pattern and has formed an inverted head and shoulders pattern. The price broke above the neckline of the inverted head and shoulders pattern, reaching the resistance level of the ascending channel at $104,000. Currently, the price is consolidating within the ascending channel after hitting the $104,000 resistance and is approaching the $96,000 price zone. A break below $96,000 could trigger a deeper correction in Bitcoin, potentially targeting the $90,000 to $85,000 zone.

Ripple (XRP) Technical Analysis

XRP Daily Chart – Pullback at Overbought Levels

The daily chart for XRP shows that the price has started a correction from the overbought region and is stabilizing at higher levels. The first support for XRP is at the 38.2% Fibonacci retracement level at $1.98, based on the move from the November 2024 bottom. Further support lies at the 50% and 61.8% Fibonacci retracement levels, at $1.70 and $1.40, respectively. XRP has been trading in a bullish environment following a long-term consolidation, suggesting that higher prices are likely. However, the price must break above the $3 level to sustain its upward momentum.

XRP 4-hour Chart – Bullish Pennant

The 4-hour chart for XRP shows that the price remains in surge mode. The price has been forming bullish price action throughout November. The consolidation within the bullish pennant suggests that the price action remains bullish. However, a break below $1.98 would invalidate the bullish pennant and could initiate further downside toward $1.70. The price correction towards $1.98 is also supported by the 38.2% Fibonacci retracement from the November lows.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart – Price Correction To Cup Pattern

The daily chart for Litecoin shows that the price has formed a cup pattern. The breakout from the cup pattern has initiated a surge in Litecoin’s price, pushing it toward the resistance zone between $134 and $143.90. This resistance zone is defined by the February 2022 and March 2022 highs. After reaching this resistance, the price started correcting lower.

The cup pattern suggests a bullish price structure, with immediate support zones at $109 and $113. The RSI may approach the midline as the price corrects toward these levels, indicating a potential rebound in Litecoin from these support zones.

Litecoin 4-hour Chart – Head and Shoulders Pattern

The 4-hour chart for Litecoin shows the formation of an ascending channel pattern. The breakout from this ascending channel pushed Litecoin to extended levels. However, the price is approaching a support level after peaking at the strong resistance zone between $134 and $143.90. This correction has formed a head and shoulders pattern. It suggests the price may continue to trade lower toward the $113 and $109 support zones.