Ripple, Bitcoin, Ethereum: Bitcoin to retest critical levels
BTC price is in a falling wedge, and a break over $64,600 is positive.
ETH price is nearing $3,288, the 61.8% Fibonacci retracement level.
XRP price confronts daily resistance at $0.500.
Despite a downward trendline, Bitcoin (BTC) price may break out over $64,600. Ethereum (ETH) and Ripple (XRP) prices retraced to key support levels before rising.
âBitcoin consolidating in a downside wedge
As indicated in the daily chart below, bitcoin price is trading in a downward channel from various swing highs and lows between early June and mid-June.
BTC may find support around $62,451, the 61.8% Fibonacci retracement level from a swing low of $56,552 on May 1 to a swing high of $71,995 on May 21.
The $62,451 support and breaking above the declining channel might boost BTC 7.5% to $67,147, its prior resistance level.
BTC may climb 6% from $67,147 to $71,280 if the cryptocurrency market is optimistic.
If Bitcoin breaks and closes below its daily support level of $60,800, the bullish thesis may be undermined, causing a 4% collapse to $58,375, its weekly support level.
âEthereum price may retest crucial support
Ethereum's price is falling near $3,288, the 61.8% Fibonacci retracement line from a swing low of $2,862 on May 14 to a swing high of $3,977 on May 27.
If this support holds, ETH might rise 13% to $3,717, its June 9 high.
If ETH closes over $3,717, its June 9 high, it might rise 7% to $3,977, its prior resistance level.
However, Ethereum's daily candlestick price closing below $3,288 would generate a lower low and disrupt the market structure. This would contradict the bullish argument, perhaps causing a 13% drop below $2,862 support.
âRipple price to fall
Ripple is now trading at $0.477 and finds daily resistance at $0.499.
Ripple's price might gain 7% to $0.532, its June 5 high, if it breaks over $0.499.
If the XRP daily candlestick finishes above $0.532, it might surge 9% to $0.581, a 50% price retracement level between $0.419 and $0.744 from March 11 to April 13.
#BTC #ETH #XRP