Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin approaches its $56,000 support level #btcupdates2024
• Bitcoin nears the key daily support level of $56,000, eyeing for a recovery.
• Ethereum price faces resistance at $2,461, suggesting a downward trend and weak momentum.
• Ripple price retested and bounced above the 100-day EMA at $0.553, signaling a continuation of an upward trend.
Bitcoin (BTC) is approaching a crucial daily support level of $56,000, hinting at a possible recovery. At the same time, Ethereum (ETH) faced rejection from the resistance level, suggesting a downward trend with weak momentum. In contrast, Ripple (XRP) has bounced above the 100-day EMA, indicating a continued upward trend.
Bitcoin could bounce off support at $56,000 for a recovery
Bitcoin price failed to close above the 100-day Exponential Moving Average (EMA) at $60,685 and the descending trendline (drawn from multiple high levels from the end of July) on Friday.
It declined 3.78% in the next three days. At the time of writing on Tuesday, it continues to retrace down to $57,851.
If BTC continues to retrace down, it could find support around the daily level of $56,022. If this support holds, it could again attempt to break above the 100-day Exponential Moving Average (EMA) at $60,685 and the descending trendline.
The Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart hover around their neutral levels of 50 and zero, indicating that neither the bulls nor the bears control the momentum. For the aforementioned bullish move to be sustained, both indicators must trade above their neutral levels.
However, If BTC closes below the $56,022 daily support level, the bullish thesis will be invalidated. In this case, it could decline 3.6% to retest its psychologically important level at $54,000.
Ethereum shows signs of weakness
Ethereum price failed to close above the daily resistance level of $2,461 on Friday and declined 5.88% over the next three days.
