Bitcoin, Ethereum, Ripple Price Predictions: Bitcoin Faces Resistance at $60,000 Level
Bitcoin, Ethereum, and Ripple faced resistance at key levels and experienced declines on Sunday, hinting at potential further downward trends in the near future, according to technical analysis and prevailing market conditions.
Bitcoin’s price struggled around the 61.8% Fibonacci retracement level of $62,066, derived from the swing high of $70,079 on July 29 to Monday’s low of $49,101. Currently trading slightly lower at $58,564 on Monday, failure to breach $62,066 could lead to a 19% drop, revisiting the $49,917 daily support level. The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart suggest a bearish trend, with both indicators below neutral levels.
Alternatively, a close above the August 2 high of $65,596 could trigger a 6% price increase for Bitcoin, challenging the weekly resistance at $69,648.
Ethereum encountered resistance near the 50% retracement level of $2,843, stemming from the swing high of $3,562 on July 22 and the low of $2,124 on August 5. Currently trading at $2,537 on Monday, a failure to surpass $2,843 may result in a 25% drop to test the weekly support at $2,118. The daily RSI and AO also indicate a bearish dominance.
Conversely, closing above the July 29 high of $3,396 could drive a 5% increase in Ethereum’s price, aiming to revisit the July 22 high of $3,562.
Ripple saw rejection at the daily resistance level of $0.643 on August 8, leading to a 10.35% decline over the following days. Finding support around $0.544 on Monday and trading slightly higher at $0.560, a break below the $0.544 level could result in a 10% decline to retest the August 7 low at $0.492. The daily chart RSI and AO signal a bearish trend if they fall below their neutral levels.
On the other hand, closing above the $0.643 daily resistance level could drive a 12% increase in Ripple’s price toward the next daily resistance level at $0.724.
In summary, Bitcoin, Ethereum, and Ripple are facing critical resistance levels that could dictate their future price movements, with technical indicators suggesting a bearish outlook for these cryptocurrencies in the upcoming days.