đ Bitcoin, Ethereum, Ripple Weekly Wrap: August 9, 2024
đ Bitcoinâs Price Reclaims Key Support
Bitcoin's price surged 14% in three days, rising above $60,000, a crucial psychological and technical support level. Currently trading at $60,566, Bitcoin's recovery depends on flipping $67,100 into support. A drop below $60,000 could see it fall to $58,236, invalidating the bullish outlook.
đ Ethereumâs Price Has a Long Way to Go
Ethereum struggled after July's hype, dropping nearly 30% in nine days. Now trading at $2,634, it aims to close above $2,681 to continue its recovery. A rally depends on flipping $2,930 into support. Failure could lead to consolidation between $2,930 and $2,681.
đ XRP Price Rise Sends Ripples
XRP saw the largest rise, jumping 16% to near $0.60. To recover fully from a 19% correction, it must flip the 38.2% Fibonacci level at $0.58 into support. Failure could lead to a drop to the 23.6% Fib line at $0.52, causing consolidation and invalidating the bullish thesis.
