Top 3 Price Predictions Bitcoin, Ethereum, Ripple: Below $58,800 support, Bitcoin
Bitcoin price falls below $58,783, indicating a continuation of the downtrend.
Ethereum price faces resistance around its trendline retreat, indicating a fall.
Ripple closes below the 200-day EMA at $0.552, indicating a bearish trend.
Bitcoin (BTC) and Ripple (XRP) prices fall below crucial support, indicating a downturn. Ethereum's (ETH) price was rejected near its resistance level, reinforcing its decline.
Bitcoin price will fall when it breaches support.
Sunday saw bitcoin drop below $58,783 support and hit $57,201. It rose 0.56% to $57,674 on Monday.
It may fall to $56,000, its daily support level, if its 50% price retracement level of $59,560 holds.
Bitcoin smashes over $59,560 support and closes above $62,042, its 61.8% Fibonacci retracement mark (from late July to early August). That would disprove the bearish premise. BTC might gain 5.5% to $65,379, its daily barrier level.
Ethereum will fall after retesting its resistance barrier.
Ethereum price retested its broken ascending trendline (made by linking successive low levels from August 7) at $2,619 on August 29 and fell 4% in three days. Monday's trading is 1% higher at $2,445.
If the broken ascending trendline at $2,619 remains resistant, ETH might fall 5% to retest its August 8 low of $2,327.
If ETH breaks over $2,619 and closes above daily resistance at $2,927, setting a higher daily high, it might rise 11% to retest its weekly resistance level at $3,236, invalidating the bearish thesis.
Ripple will tumble when it falls below its 200-day EMA.
Ripple fell below the 200-day EMA at $0.552 on Sunday. On Monday, it trades 0.4% higher at $0.564, hitting 200-day EMA resistance.
The 200-day EMA might remain as resistance and close below $0.544, causing XRP to fall 10% to retest its August 7 low of $0.492.
However, if Ripple closes over the $0.626 daily resistance level, it would create a higher daily high, perhaps causing a 5.3% advance to $0.658, the July 31 high.
