If Bitcoin manages to close strongly above the $66,000 resistance mark, it will likely resume its current rise.
The price of Ethereum surpassed a resistance level, suggesting that a rally may be on the horizon.
A closing above $0.553, the 200-day exponential moving average, would indicate a potential rebound in the ripple price.
A strong closing over this barrier can drive Bitcoin's (BTC) continued climb; the cryptocurrency is now retesting its critical resistance level. On the other hand, Ethereum has broken through its resistance, which might mean that prices are about to rise, while Ripple is getting near to its critical resistance level, where a close above could mean that prices are about to rebound.
Optimists in the bitcoin market target $70,000
After finding support at its 200-day EMA at $60,217 on Thursday, the price of bitcoin surged 9.7 percent to reestablish its psychological $66,000 milestone during the next four days. Its trading price has dropped to around $65,700 as of Tuesday.
Bitcoin, if it continues its current ascent and closes over $66,000, might retest its high of $70,079, which it reached on July 29.
A bullish crossing on the daily chart is shown by the Moving Average Convergence Divergence (MACD) indicator, which adds credence to Bitcoin's ascent. On Monday, a purchase signal was given when the MACD line (blue line) crossed above the signal line (yellow line). Additionally, it reveals that the green histogram bars are climbing above the neutral line of zero, which may indicate that the price of Bitcoin is experiencing upward momentum.
With a current price of $62.50 and a relative strength index (RSI) near to the 70 mark, Bitcoin is not yet overbought, according to the daily chart of the Relative Strength Index (RSI). Even if the rally may continue, traders should avoid adding to their long positions if it reaches the zone on a closing basis. After entering overbought territory, a return to the neutral level of 50 would indicate a more severe decline is imminent.
Nevertheless, Bitcoin might continue its 3% slide to retest its 200-day exponential moving average (EMA) at about $60,000 if it closes below the $62,000 support level.
Signs of backlash from Ethereum bulls
On Monday, the price of Ethereum surged 6.5%, surpassing the $2,461 daily resistance mark and ending over $2,536, its 50-day exponential moving average. It is selling for around $2,600, down a little bit, as of Tuesday morning.
With $2,536 serving as support, the 50-day exponential moving average (EMA) might be a retest level for Ethereum, which surged to $2,820 on August 24.
As a positive crossing on the daily chart is shown by the MACD indicator, Ethereum's advance is further supported. On Monday, the MACD line crossed above the signal line, indicating a potential purchase opportunity. Above the neutral line of zero, it displays green histogram bars that are growing, further indicating that Ethereum's price may be experiencing upward momentum.
Additionally, the RSI on the daily chart trades at 59, above its neutral level of 50, suggesting bullish momentum and a further rise in Ethereum.
However, Ethereum's price might continue its 13% slide to retest its $2,155 low on September 6 if it closes below the $2,461 daily support level.
On Monday, the price of ripple surged over the $0.544 mark, which had served as a daily obstacle. As of Tuesday, it trades at around $0.547, nearing its 200-day EMA at $0.553.
Rallying over 13% to retest its next daily barrier at $0.626 is possible if XRP breaks and closes above the 200-day EMA at $0.553.
Traders should brace themselves for a bullish crossing on the daily chart of the MACD indicator. A purchase signal would be indicated if the MACD line crossed above the signal line. This suggests that bullish momentum is in control and could experience upward momentum.
However, if the XRP price fails to close above the $0.553 level and closes below the daily resistance level at $0.547. This scenario could lead to a decline in the Ripple price to retest the October 3 low of $0.506.
