Bitcoin price found support at the 50-day Exponential Moving Average (EMA) near $98,800 earlier this week and is currently trading around $104,000. Ethereum and Ripple are approaching critical resistance levels, and if they are rejected, corrections could be seen in the future, according to crypto analyst Manish Chhetri.
BTC Price Prediction: Could Bitcoin Drop?
Bitcoin gained support at the 50-day EMA at $98,845 on Monday. It gained 2.69% on Thursday to $104,700, closing above that level. As of Friday, Bitcoin is trading around $104,100. If BTC breaks below $100,000 and closes below the 50-day EMA, the decline could deepen further and test the next support level at $90,000.
The Relative Strength Index (RSI) on the daily chart is at 57, above the 50 level, but it is giving bearish signals and indicates that the momentum is weakening. Also, the MACD indicator is converging, which is creating indecision among traders. If the MACD continues to move in a downtrend, it is a sell signal and the price can be expected to enter a downtrend. On the other hand, BTC could recover and retest its January 20 high of $109,588.
Ethereum (ETH) Price Analysis
Ethereum bounced off the $3,000 psychological level on Monday and gained 6.33% through Thursday. However, at the time of writing on Friday, it was approaching and rejecting the descending trendline and was trading at $3,231. If the descending trendline remains as resistance, ETH could retest $3,000. A close below this level could trigger a price pullback to $2,810.
The daily RSI has dropped to 46 after being rejected at 50, indicating bearish momentum. The MACD is also converging, suggesting indecision among traders. If ETH breaks above the descending trendline, it could potentially test the next resistance level at $3,730.
Ripple (XRP) Price Analysis
Ripple has gained 2.25% through Thursday, having bounced off the ascending trendline at $2.72 on Monday. At the time of writing on Friday, XRP is trading slightly lower at $3.07. If XRP breaks below the ascending trendline and closes below $2.72, the price could drop to the next support level at $1.96.
The RSI indicator is reading 59 above the 50 level and is moving lower after being rejected from the overbought level, indicating weakness in bullish momentum. Also, the MACD turned bearish on Sunday and gave sell signals, indicating a downtrend. However, if XRP continues its upward momentum, it could test the $3.40 resistance level and extend its rally.