Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Surges Past Descending Trendline

Bitcoin, Ethereum, and Ripple experienced notable price movements over the weekend, suggesting potential shifts in their market trajectories. Bitcoin (BTC) broke above its descending trendline on Sunday, indicating a bullish momentum on the horizon. Ethereum (ETH) and Ripple (XRP) also followed suit, surpassing key resistance levels, setting the stage for possible bullish trends.

Bitcoin’s price surged above the descending trendline, reaching $61,365 on Monday, up by 1%. The trendline, established by connecting various swing high levels from early June to mid-July, could serve as support around $58,357. If this level holds, BTC might rally by 9%, targeting the daily resistance level at $63,956. The Relative Strength Index (RSI) on the daily chart is currently above the neutral level of 50, with the Awesome Oscillator (AO) following suit. Sustained positions above these levels could bolster the recovery rally, but a close below $56,405 may signal bearish sentiment, potentially leading to a 7.5% decline.

Ethereum’s price broke above $3,240 on Sunday, trading at $3,275 on Monday, marking an 0.87% increase. Should $3,240 act as support, ETH could climb by 8.8% to retest the daily high at $3,524. Similar to Bitcoin, Ethereum’s RSI and AO indicators are above critical levels, indicating a potential bullish trend. A close above $3,524 could trigger a further 5.5% rise to revisit the daily high from June 9. Conversely, a close below $2,817 might signal bearish sentiment, leading to a 7% decline.

Ripple’s price breached the daily resistance level at $0.499 on Saturday, currently trading at $0.528, up by 1.7%. If XRP closes above $0.532, it could rally by 7.76% to retest the $0.574 resistance level. With RSI and AO indicators favoring bulls, surpassing $0.574 could pave the way for a 12% increase to revisit the daily high from April 9. However, a close below $0.413 may indicate sustained bearish sentiment, potentially causing a 16% decline.

In conclusion, the recent price movements of Bitcoin, Ethereum, and Ripple suggest potential bullish trends in the crypto market. Traders and investors are closely monitoring key levels and technical indicators to gauge the direction of these cryptocurrencies in the near future.