Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Falls Below $60,000
Bitcoin, Ethereum, and Ripple are facing critical price levels that could determine their future trends in the cryptocurrency market.
Bitcoin (BTC) is currently hovering near the $58,700 mark, with a potential downside looming if it fails to hold above this level. A recent rejection at $65,379 saw a 7.5% drop over the following days, settling at $59,368 on Wednesday. A breach below $58,783 may trigger a further 4.5% decline towards the daily support at $56,002. Technical indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) are signaling a weakening momentum, hinting at a possible bearish phase. However, a rebound above $58,783 could invalidate the bearish scenario, paving the way for an 11% upswing towards $65,379.
Ethereum (ETH) encountered resistance near the $2,843 level, coinciding with the daily resistance at $2,927 and the 50-day Exponential Moving Average (EMA) at $2,869. Following an 11% decline, ETH is currently trading at $2,469. A retracement to the broken ascending trendline at $2,619 could lead to a 6% drop towards the August 8 low of $2,327. Similar to Bitcoin, Ethereum’s RSI and AO are below key levels, indicating a potential bearish trend. Conversely, a breakout above $2,843 and closing beyond $2,927 might negate the bearish outlook, driving a potential 11% rally towards $3,236.
Ripple (XRP) faced rejection at the $0.626 resistance level, resulting in a 7.75% decline to revisit the 200-day Exponential Moving Average (EMA) at $0.551. Currently trading at $0.567, a breach below $0.551 could trigger a 10% drop towards the August 7 low of $0.492. The RSI and AO on the daily chart are below critical thresholds, supporting a bearish bias. However, a close above $0.626 could alter the market structure, potentially leading to a 5.3% increase towards the July 31 high of $0.658.
In conclusion, the cryptocurrency market is at a crucial juncture as Bitcoin, Ethereum, and Ripple navigate key support and resistance levels. Traders and investors are closely monitoring these price dynamics to gauge the direction of the broader market trend.
