Bitcoin, Ethereum, and Ripple Price Predictions: Bitcoin Nears $56,000 Support Level
Bitcoin is on the verge of testing a critical daily support level at $56,000 as it aims for a potential recovery. Meanwhile, Ethereum is encountering resistance at $2,461, indicating a downward trajectory with limited momentum. On the other hand, Ripple has successfully retested and rebounded above the 100-day Exponential Moving Average (EMA) at $0.553, signaling a continuation of its upward movement.
Bitcoin’s price failed to secure a close above the 100-day EMA at $60,685 and the descending trendline on Friday, resulting in a 3.78% decline over the subsequent three days. Presently, it is retracing towards $57,851. If the downward trend persists, Bitcoin may find support around the daily level of $56,022. A successful hold at this support could pave the way for another attempt to breach the 100-day EMA at $60,685 and the descending trendline. Key indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart are hovering around neutral levels, suggesting a lack of dominance by either bulls or bears. To sustain a bullish move, both indicators need to remain above their neutral thresholds. However, a close below the $56,022 support level could invalidate the bullish scenario, potentially leading to a 3.6% decline towards the psychologically significant level of $54,000.
Ethereum struggled to surpass the daily resistance level of $2,461 last Friday, resulting in a 5.88% drop over the following three days. Currently, Ethereum is trading at $2,275. If the $2,461 resistance persists, ETH could experience a further 5.6% decline towards its September 6 low of $2,150. Momentum indicators like the RSI and AO on the daily chart are below their neutral levels, indicating a continuation of bearish momentum. However, a breakout above the $2,461 resistance level could propel Ethereum to rally by 4% towards its 61.8% Fibonacci retracement level at $2,564.
Ripple managed to break and close above the daily resistance level at $0.544 and the 100-day EMA at $0.553 on September 12. Subsequently, it surged by 6% over the next two days, retraced, and found support around the 100-day EMA at $0.533 on Monday. Currently, Ripple is trading above at $0.583. If the 100-day EMA at $0.553 and the daily support at $0.544 continue to hold, XRP could extend its upward trajectory towards retesting the daily resistance level at $0.626. Both the RSI and AO on the daily chart are above their neutral levels, indicating bullish control and sustaining the positive momentum. Nevertheless, a close below the $0.544 daily support level and a breach of the ascending trendline could nullify the bullish outlook, potentially resulting in a 7.5% decline towards the September 6 low of $0.502.
