Bitcoin, Ethereum, Ripple Price Predictions: Bitcoin’s Downtrend Persists

Bitcoin, Ethereum, and Ripple are currently at pivotal points in their price trends, with potential bearish signals looming if key support levels are breached.

Bitcoin (BTC) faced rejection near the $59,560 mark, a significant 50% price retracement level, resulting in a 2.78% drop on Tuesday. The subsequent decline continued on Wednesday, with BTC slipping by 1.5% to $56,640, testing the daily support at $56,022. A close below this level could trigger a further 3.5% decline towards the psychological support at $54,000. The Relative Strength Index (RSI) and Awesome Oscillator (AO) on the daily chart are both below neutral levels, indicating weak momentum and a potential continuation of the downtrend. On the upside, overcoming the $59,560 resistance and closing above $62,019 may invalidate the bearish scenario, paving the way for a 5.5% upswing towards the daily resistance at $65,379.

Ethereum (ETH) encountered resistance around the $2,619 level, corresponding to a previously broken ascending trendline, resulting in a 4.4% decline on Tuesday. By Wednesday, ETH had dropped by 2.5% to $2,367, approaching the August 8 low of $2,327. A breach below this level could lead to an 8.5% decline towards the weekly support at $2,118. The RSI and AO on the daily chart are signaling bearish dominance, with both indicators below their respective neutral levels. Conversely, surpassing the $2,619 resistance and closing above the daily resistance at $2,927 might invalidate the bearish outlook, potentially driving ETH up by 11% towards the weekly resistance at $3,236.

Ripple (XRP) is currently finding crucial support around the 200-day Exponential Moving Average (EMA) at $0.549, aligned with the daily support at $0.544. Trading slightly lower at $0.551, a breakdown below these levels could result in a 10% decline towards the August 7 low of $0.492. The RSI and AO on the daily chart are both below neutral levels, indicating a continuation of bearish momentum. However, a close above the $0.626 daily resistance level could alter the market structure, potentially leading to a 5.3% rise towards the July 31 high of $0.658.

In conclusion, the cryptocurrency market is currently at a critical juncture, with Bitcoin, Ethereum, and Ripple facing potential downside risks if key support levels are breached. Traders and investors are advised to closely monitor these levels and the corresponding technical indicators for potential shifts in market sentiment and price trends.