Cryptocurrency Price Forecast: Bitcoin, Ethereum, and Ripple Trends

Bitcoin, Ethereum, and Ripple are experiencing significant market movements as they test critical support levels. Bitcoin has fallen below the $52,226 daily support level, indicating potential further declines. Similarly, Ethereum is retesting its weekly support at $2,118, and Ripple’s close below $0.544 signals a bearish outlook.

Bitcoin Outlook: Potential Drop if Key Support Breaks

Bitcoin’s price has been under pressure, breaking below a rising trend line since July 5. On August 2, Bitcoin fell below this trend line, dropping 5.6% over the next two days. As of Monday, Bitcoin had declined 6% to $54,585, testing the daily support at $52,266.

If Bitcoin closes below this critical support, it could continue to drop 4.7%, targeting the next daily support level around $49,917. The daily Relative Strength Index (RSI) and Awesome Oscillator (AO) are both below their neutral levels of 50 and 0, respectively, indicating a bearish trend.

Bitcoin/USD Daily Chart

However, if Bitcoin manages to close above the August 2 high of $65,596, it would establish a higher high on the daily timeframe, potentially reversing the market structure. This scenario could propel Bitcoin’s price upwards by 6%, testing the weekly resistance at $69,648.

Ethereum Analysis: Vulnerable Below $2,100

Ethereum has also faced selling pressure, closing below the $2,927 daily support on August 3 and declining by 7.4% the following day. By Monday, Ethereum had fallen 14% to $2,321, approaching the weekly support at $2,118.

A close below $2,118 could lead to an 8.7% decline, targeting the next weekly support near $1,935. The RSI and AO on the daily chart are below their neutral points, suggesting further downside risk.

Ethereum/USD Daily Chart

Conversely, if Ethereum closes above the July 29 high of $3,396, it would create a higher high, potentially altering the market trend. This could lead to a 5% rise, testing the July 22 high of $3,562.

Ripple’s Decline: Below $0.544 Signals More Losses

Ripple closed below its daily support of $0.544 on Sunday. By Monday, the price had dropped 9% to $0.477. If the previous support turns into resistance, XRP could continue to fall 17%, targeting the weekly support at $0.413.

The daily RSI has briefly dipped below its neutral level of 50, and the AO is also trending downward. These indicators suggest strong bearish momentum and the potential for further price declines.

Ripple/USD Daily Chart

However, a close above the $0.544 level would form a higher high on the daily timeframe, potentially changing the market structure. This could drive Ripple’s price up 18%, reaching the next daily resistance at $0.643.

Disclaimer

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