As bitcoin prices come closer to a $62,000 critical resistance level, it looks like it is going to collapse.
After being resisted at $2,843 significantly, the price of Ethereum is destined to drop.
$0.544 mark on daily level has returned Ripple’s price; failure to hold here may lead it down.
Ripple (XRP), Bitcoin (BTC), and Ethereum (ETH) all experienced losses on Sunday after hitting resistance at crucial levels. The general trend for these digital currencies seems to be downward in the coming days according to technical analysis and market conditions.
Bitcoin could have a fall as it reaches the critical resistance level of $62,000.
Bitcoin price failed several attempts by bears to push below 61.8% Fibonacci retracement level of 62,066. On Monday trading at %58,564 losing 0.3 percent
If this holds as a resistance area around $63k touching its broken trend line with the 100-day EMA line acting as support, there maybe more selling pressure coming in where one can see another decline towards 60K Fibonacci retracements that is also aligned with previous high at %64k or %.618
It means that if Bitcoin does not break above $62k then we might see a 19% fall down to test daily support at around $49k again.
Otherwise if BTC/USD finishes above 65,596 higher than Aug-02 high suggesting new daily highs are possible which may lead up towards weekly resistances for example up to 6 percent gains at about $69,648.
Ethereum’s price will likely decrease having breached important resistance levels.
Between July 22’s high of $3,562 and August 5th’s low of $2,124, Ether met with rejection near the fifty percent Fib retracement zone of $2,843. Daily Resistance aligns closely towards this point therefore breaking above it today could see bulls take charge.
On Monday, Ethereum was trading at $2,537 which was 0.7% below its previous peak after a short-term pullback last week and rebound to the daily level of $2,118 on Aug 5.
If it does not go above the mark of $2,843, Ethereum might drop by 25% to find weekly support at $2,118.
This reinforces bearishness as both Daily RSI and AO fall below their respected midpoints; hence, below neutral levels of 50 and zero respectively.
However if price manages to close above the last high on daily chart over $3396 then ethereum may rise by 5% up to $3,562 (previous monthly high).
Once this important daily support is broken by XRP’s price there will be more room for decline.
There was resistance that was met at Ripple’s price on August 8th at the level of a dollar per share that led to a fall lasting three days amounting to about ten percent. Currently exchanging hands at fifty six cents with an increase of one and half percent since previous day’s low being hit around fifty four cents region.
It could be possible for XRP/USD to extend its decline toward August 7’s low of $.492 which is about minus 10% give or take using current prices if it drops down below $.544 per coin now.
A higher daily high in Ripple price at $.643 would change market structure putting us back into a surge zone for next resistance line @ $.724: I expect about twelve percent gain here.