The important level of $66,000 is where the price of bitcoin encounters resistance; a closing above this level might signal the continuation of its ascent.
On the cusp of a rebound, the price of Ethereum is finding support at the $2,600 mark, which is also the level of its 50-day exponential moving average.
Breaking out of the $0.560–$0.613 consolidation zone, the price of ripple has begun to rise, indicating that a new upswing is imminent.
A successful closing above the current level of resistance would indicate more gains for Bitcoin (BTC). Simultaneously, ETH and XRP are gaining traction as they make important level breaks and build support, suggesting possible rallies in the future.
Once Bitcoin regains its $66,000 level, it will likely have a surge.
After a 1% increase over the next two days, Bitcoin's price broke out of the consolidation zone between $62,000 and $64,700 on Thursday. On Saturday, however, it encountered resistance at the psychological mark of $66,000 and fell little the next day. It has maintained a downward trajectory in price, hovering about $64,500 as of this Monday morning.
Bitcoin may repeat its July 29 high of $70,079, a 6% rise, if it breaks and closes above the $66,000 barrier.
On the daily chart, the Relative Strength Index (RSI) has dropped a little and is now pointing downward, trading at 59, suggesting that the bullish momentum is slowing down. Upward momentum in the relative strength index (RSI) is necessary for Bitcoin's present uptrend to persist. Traders have to exercise caution, nevertheless, should it surpass the 70-point overbought mark.
Nevertheless, Bitcoin's price might continue its 7% slide and retest its $57,610 low from September 17 if it breaks and closes below the $62,000 consolidation zone.
With support at a critical level, Ethereum is looking forward to a possible rally.
At $2,601 on Monday, the price of Ethereum was trading close to its 50-day EMA. There was an 11% upswing as it broke above its falling trendline on September 19.
From its current trading level of $2,625 to retest its August 24 high of $2,820, ETH might continue its surge if the 50-day EMA support around $2,601 holds.
The relative strength index (RSI) is showing a decline in positive momentum, as it is trading at the 55 level on the daily chart. A relative strength index (RSI) reading over 60 usually indicates that bulls are gaining ground, which is necessary for the rally to continue.
Nevertheless, Ethereum price might continue to fall until it reaches its September 6 low of $2,152 if the 50-day exponential moving average (EMA) doesn't hold and the market closes below the $2,461 daily support level.
If ripple prices close above the resistance level, bulls will be chasing the price increase.
On Sunday, the price of ripple surged 4.5 percent after breaking out of its consolidation zone, which was located between the $0.560 and $0.613 crucial levels. The price again tried to close above its previous high of $0.658 on July 31 but was unsuccessful. It is trading at a little above $0.645 as of Monday.
With a closing over $0.658, Ripple price has the potential to surge 11% and revisit its high of $0.732 on March 12.
When it reaches 70, the RSI will be considered overbought. A price retracement is more likely if it closes in on the zone. The RSI may also continue its ascent into overbought territory if the surge persists.
However, Ripple's price might continue to fall and retest its lower level of consolidation around $0.560 if it breaks and closes below the consolidation zone at $0.613 again.