Bitcoin, Ethereum, Ripple: US CPI data boosts bitcoin volatility
Bitcoin price faces resistance around $58,375 weekly; a break might herald a positive trend.
Ethereum may rebound from $2,817 support.
A rebound is expected when ripple price hits weekly support at $0.413.
Bitcoin (BTC) fell before rising following Wednesday's US CPI report. Ethereum (ETH) and Ripple (XRP) may follow BTC's lead, demonstrating cryptocurrency markets' synchronization.
Bitcoin pricing seems promising.
Bitcoin faced weekly resistance at $58,375 this week. BTC fell 0.2% to $57,250 on Friday.
BTC is below a declining trendline linking various swing high levels from early June to mid-July.
After closing over the weekly barrier at $58,375 and breaking the falling trendline, BTC might rise 9% to revisit the daily resistance at $63,956.
If BTC closes below the daily support level at $52,266 and establishes another lower bottom, negative sentiment may persist. Bitcoin's price might drop 4%, hitting February 23's $50,521 low.
Ethereum price shows endurance and potential
Ethereum found support around $2,817, its May 1 low, on Monday. Two days later, it rose 2.7%. Friday's trade is up 0.32% at $3,059.
Ethereum may rise 8.8% to $3,524, its July 1 daily high, if it closes over $3,240.
Surpassing $3,524 might lead to a 5.5% gain to retest the June 9 daily high of $3,717.
If Ethereum's daily candlestick finishes below $2,817, marking a lower bottom, it may indicate negative sentiment. Ethereum's price might drop 7% to $2,621, its daily support.
Ripple price hopes to rise.
After finding support at $0.413 early this week, Ripple's price rose 4% over the next two days. Friday's price is $0.452, up 0.6%.
A daily closing over $0.450 for XRP may spark an 11% surge to its daily resistance level at $0.499.
Surpassing $0.499 may lead to a 6.4% climb to retest the June 5 daily high of $0.532.
Ripple's daily candlestick closing below $0.413, marking a lower bottom, signals continued negative sentiment. A 16% drop in Ripple's price may bring it back to its March 12 low of $0.347.
