Top 3 Price Prediction for Bitcoin, Ethereum, Ripple: Bitcoin Retraces to Crucial Support
Bitcoin Price Faces Rejection at Weekly Resistance Level of $67,147
Bitcoin (BTC) price is experiencing resistance at the high level of $67,147, causing it to decline and seek support at a critical level.
What’s Happening?
Bitcoin was stopped by the weekly resistance level of $67,147 and is now moving within a descending channel. This channel shows a pattern of highs and lows from early June to mid-June, as illustrated in the one-day chart.
If BTC declines further, it could find support at $62,451, which is the 61.8% Fibonacci retracement level. This level is drawn from the low of $56,523 on May 1 to the high of $71,994 on May 21.
What to Watch?
- If $62,451 support holds, BTC could rally 7.5% to $67,147.
- The Relative Strength Index (RSI) and Awesome Oscillator (AO) need to stay above their mean levels of 50 and zero for a bullish comeback.
- If bullish sentiment continues, BTC could rise by 6% to test the previous resistance level of $71,280.
However, if Bitcoin falls below its daily support level of $60,800, it could drop 4% to $58,375.
Ethereum Price Outlook is Optimistic
Ethereum (ETH) price is steadying near the $3,362 support level established on June 14.
What's Happening?
Ethereum’s price finds support around the June 14 low of $3,360. Currently, it is trading at $3,523, trying to maintain above this low, which is near the 61.8% Fibonacci retracement level of $3,279.
What to Watch?
- If this support holds, ETH could rally 5% from $3,523 to $3,717.
- The RSI and AO minimum levels should stay above their mean levels of 50 and zero for the recovery.
- Closing above $3,717 could lead to a 7% rise to $3,977.
If Ethereum closes below $3,292, it could signal a break in structure, leading to a 13% drop to $2,864.
Ripple Price Shows Promise
Ripple (XRP) faces a barrier at $0.515, aligning with its 50-day Exponential Moving Average (EMA).
What's Happening?
Ripple's price was resisted at $0.515 and now trades at $0.490. If XRP breaks above the 50-day EMA at $0.512, it could see a 7% increase from $0.499 to $0.532.
What to Watch?
- RSI should stay above the 50 mean level, and AO above zero for a bullish trend.
- If the daily candlestick closes above $0.532, Ripple might extend to a 9% rally to $0.581.
On the downside, if Ripple closes below $0.450, it could lead to a 7% decrease to $0.419.
Caution
The information provided is for educational purposes and is not investment advice. Conduct thorough research before making investment decisions, as trading cryptocurrencies involves significant risks, including potential loss of capital.
The views expressed are those of the author's, and neither they nor FXStreet shall be liable for any errors or losses from this information. Always consult a professional for personal investment advice.
