Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Faces Resistance Under $60,000
Bitcoin, Ethereum, and Ripple are currently at critical junctures in their price movements, with potential bearish trends looming if key support levels are breached. Bitcoin’s price faced rejection near the $65,379 daily resistance level and subsequently declined by 8% over the following days, settling around $59,306. A further drop below $58,783 could lead to a 4.5% decrease, testing the daily support at $56,002. The Relative Strength Index (RSI) and the Awesome Oscillator (AO) indicators on the daily chart suggest weak momentum and a possible bearish trend.
Ethereum encountered resistance around the $2,619 level, corresponding to a broken ascending trendline, and is currently trading at $2,516, down by 0.4%. If the resistance at $2,619 persists, ETH may decline by 6% to revisit the August 8 low of $2,327. The RSI and AO indicators on the daily chart also signal bearish dominance.
Ripple found support near the 200-day Exponential Moving Average (EMA) at $0.552 after being turned away from the $0.626 daily resistance level. Currently priced at $0.564, XRP could drop by 10% if it falls below the 200-day EMA and closes under $0.544, targeting the August 7 low of $0.492. The RSI and AO indicators on the daily chart support a bearish outlook.
If Bitcoin manages to hold above $58,700 and closes beyond $62,042, invalidating the bearish scenario, it could surge by 5.5% towards the $65,379 daily resistance level. Similarly, Ethereum breaking above $2,619 and closing beyond $2,927 could lead to an 11% rally to retest the weekly resistance at $3,236. For Ripple, surpassing the $0.626 daily resistance level might trigger a 5.3% increase to revisit the July 31 high of $0.658.
In conclusion, the cryptocurrency market is on the edge of pivotal movements, with Bitcoin, Ethereum, and Ripple facing crucial support and resistance levels that will dictate their future price actions. Traders and investors are advised to closely monitor these levels and corresponding technical indicators to make informed decisions in this dynamic market environment.
