As Bitcoin nears its critical resistance level of about $62,000, a decline in price seems certain.
After encountering a significant level of resistance at $2,843, the price of Ethereum is likely to decline.
The price of ripple remains steady at the $0.544 daily support level, suggesting a possible rebound is imminent.
Ripple (XRP) is displaying stability around the daily support level of $0.544, suggesting the possibility for a rebound, in contrast to Bitcoin (BTC) and Ethereum (ETH), whose values are expected to fall as they approach their important resistance levels.
After retesting a crucial resistance level, the price of bitcoin is almost ready to be rejected.
From its swing high of $70,079 on July 29 to its low of $49,101 on August 5, the 61.8% Fibonacci retracement level of $62,066 has been a constant point of resistance for the Bitcoin price. On Wednesday, its price was $60,642, an increase of 0.1%.
There may be further selling pressure if the broken trendline, the 100-day Exponential Moving Average, and the 61.8% Fibonacci retracement level all remain as resistance levels, which could be around $62,066.
In the event that $62,066 is not broken, a 20% drop can occur, with the daily support level of $49,917 being a possible target.
The Awesome Oscillator (AO) and the Relative Strength Index (RSI) are both trading below their neutral levels of zero and fifty, respectively, on the daily chart, indicating that a bearish trend is imminent.
On the other hand, Bitcoin may see a 6% price gain and challenge the weekly resistance at $69,648 if it closes above the August 2 high of $65,596. This would create a higher daily chart high.
After re-entering its critical resistance level, the price of Ethereum is expected to fall.
With a price range of $3,562 on July 22 and $2,124 on August 5, the 50% retracement level is being tested once again by the Ethereum price, which is now trading around $2,843. This level is significant because it forms a tight wedge with the daily resistance at $2,927. On Wednesday, it was $2,704, up 0.2% from the previous day.
Ethereum may take a 25% dive below $2,118, its weekly support level, if it fails to rise over $2,843.
The daily relative strength index (RSI) and average true range (AO) have fallen below their neutral thresholds of 50 and zero, respectively, confirming the current negative trend and lending credence to the bearish prognosis.
However, Ethereum might see a 5% climb to $3,562 (its previous high) if its price closes over $3,396 (its previous high on the daily chart), which would be a greater high than the one on July 29.
After finding support at the daily level, the ripple price shows signs of possible recovery.
On August 8, Ripple encountered resistance at the $0.643 daily level, which caused a decline of 10.35% in the subsequent three days. But it found support around about $0.544 on Monday, so it recovered 1.5% on Tuesday. Ripple is now trading at $0.578—a modest increase of 0.45%—as of Wednesday.
With a 10% increase, XRP may go up to $0.643—the next level of resistance—if the daily support at $0.544 remains.
Both the relative strength index (RSI) and the average true range (AO) have risen beyond the neutral threshold of 50 on the daily chart. If both momentum indicators go above their neutral levels, it will strengthen the positive trend.
The converse is also true: a 9.5% drop to $0.492 (the low from August 7) may occur if Ripple's price drops below the $0.544 daily support level, which would change the market structure by making a lower low on the daily chart.