Bitcoin, Ethereum, Ripple Price Predictions: Bitcoin Facing Challenges at $60,000 Level
Bitcoin, Ethereum, and Ripple faced resistance at critical levels and experienced declines on Sunday. Analysis and current market conditions indicate a continued downward trend for these cryptocurrencies in the near future.
Bitcoin’s price struggled around the 61.8% Fibonacci retracement level of $62,066, failing to break through. Currently trading at $58,564, a failure to surpass $62,066 could lead to a 19% drop back to $49,917. The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart signal bearish dominance.
On the other hand, a close above $65,596 could drive a 6% increase to challenge the weekly resistance at $69,648, establishing a higher high on the daily chart.
Ethereum encountered resistance near the 50% retracement level of $2,843 and is now trading at $2,537. Failing to surpass $2,843 might result in a 25% drop to test the weekly support at $2,118. The daily RSI and AO suggest a bearish trend.
Conversely, closing above $3,396 could lead to a 5% increase, targeting the July 22 high of $3,562, forming a higher high on the daily chart.
Ripple faced rejection at the daily resistance of $0.643 on August 8, resulting in a 10.35% decline. Currently trading at $0.560, a break below the $0.544 daily level could lead to a 10% decline to retest the August 7 low at $0.492. The daily RSI and AO support a bearish trend.
However, closing above $0.643 could drive a 12% increase towards the next daily resistance at $0.724, establishing a higher high on the daily chart.
In conclusion, Bitcoin, Ethereum, and Ripple are all facing crucial resistance levels that could determine their future price movements. Technical indicators suggest a bearish trend if these levels are not surpassed, while a breakthrough could lead to significant price increases. Traders and investors are advised to monitor these key levels closely to make informed decisions in the volatile cryptocurrency market.
