Bitcoin (BTC) Surges Above $65,000, Poised for Rally
Bitcoin has broken out of its consolidation zone, closing above $65,000 on Thursday. As of Friday, BTC is trading slightly below that mark at $64,900 after hitting resistance at $65,379. If Bitcoin manages to break and close above this resistance level, a rally of up to 7% could push the price to retest its July 29 high of $70,079.
However, traders should watch the Relative Strength Index (RSI), which is currently pointing downward at 64. If the RSI climbs toward 70, it would signal a bullish continuation. A drop below $62,000 could trigger a 7% decline, testing support at $57,610.
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Ethereum (ETH) Finds Support, Eyes Rally
Ethereum is trading around its 50-day Exponential Moving Average (EMA) at $2,594, finding support after an 11% rally triggered by a break above its descending trendline. If ETH maintains support above the 50-day EMA, it could retest its August high of $2,820.
For the rally to sustain, the RSI must rise above 60 from its current level of 57, signaling strengthening bullish momentum. A failure to hold the $2,594 level could result in a decline to retest the September low of $2,152.
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Ripple (XRP) Consolidates Amid Uncertainty
Ripple is trading within a consolidation range between $0.560 and $0.613, maintaining support above its ascending trendline. Currently priced at $0.586, XRP could test its resistance level at $0.626 if it breaks above the consolidation zone. A daily close above this level could push prices up by 5%, targeting the July high of $0.658.
The RSI, hovering around 53, needs to break above 60 to signal a bullish move. However, a drop below $0.560 could lead to a bearish break, potentially retesting the September low of $0.502.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always perform your own research before making any investment decisions.
