Bitcoin
Bitcoin Is Breaking Above the Falling Wedge
- Bitcoin price is breaking through the bearish barrier, signaling a possible bullish move.
- Ethereum price remains supported at $3,288, the 61.8% Fibonacci retracement level.
- Ripple price still faces resistance at $0.500.
Bitcoin’s (BTC) falling wedge pattern breakout on Monday signals a move higher, with Ethereum (ETH) and Ripple (XRP) set to follow as they find support at key levels, paving the way for an increase in the coming days.
Bitcoin Price Looks Promising
O Bitcoin Price is breaking out of the descending wedge on Monday and is trading 1.24% higher at the $63,571 level.
If BTC price closes above the daily resistance level of $63,956, it could rise 5% to retest its next weekly resistance at $67,147.
The Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart are below their neutral levels of 50 and zero. If the bulls are indeed making a comeback, then both momentum indicators should maintain their positions above their respective neutral levels.
If bulls are aggressive and the overall cryptocurrency market outlook is positive, BTC could extend a further 6% rally to revisit its weekly resistance at $71,280.
BTC/USDT Daily Chart
However, if BTC closes above the $58,375 level and forms a lower low on the daily time frame, it could indicate that the bearish sentiment persists. Such a development could trigger a 3% decline in Bitcoin price to revisit its May 1 low of $56,522.
Ethereum Price Shows Potential for Upward Movement
Ethereum Price retested its support level at $3,288, the 61.8% Fibonacci retracement level drawn from a low of $2,862 on May 14 to a high of $3,977 on May 27 on June 24.
ETH has recovered 6.7% from the 61.8% Fibonacci retracement level and is trading around $3,501, up approximately 2% on Monday.
If this support at $3,288 holds, ETH price could rise by 6% from its current trading level of $3,457, reaching its previous high of $3,717 on June 9.
The Relative Strength Index (RSI) and the Awesome Oscillator on the daily chart are below their neutral levels of 50 and zero. If the bulls are indeed making a comeback, then both momentum indicators should maintain their positions above their respective neutral levels.
If ETH closes above $3,717, the June 9 high, it could extend an additional 7% rally to reach its previous resistance level at $3,977.
ETH/USDT Daily Chart
On the other hand, if Ethereum’s daily candlestick price closes below the $3,288 level, it would produce a lower low and signal a break in the market structure. Such a move would invalidate the bullish thesis mentioned above, potentially triggering an extra 13% drop to the previous support level of $2,862.
Rippled price shows resilience
Ripple price is currently trading at $0.478, below the daily resistance level of $0.500.
If Ripple price breaks the 0.500 barrier, it could rise by 7% from $0.500 to $0.532, its previous high from June 5.
On the daily chart, the Relative Strength Index (RSI) is currently below the 50-mark, indicating neutral to bearish sentiment, while the Awesome Oscillator (AO) remains below zero, suggesting bearish momentum. Both indicators must rise above their critical thresholds of 50 for RSI and zero for AO for a sustained uptrend. Such a development would reinforce the ongoing recovery rally in the market.
If the XRP daily candlestick closes above $0.532, it could extend an additional 9% rally to $0.581, the 50% price retracement level of the $0.419 and $0.744 highs from March 11 to April 13.
XRP/USDT Daily Chart
On the other hand, if the daily candlestick of Ripple price closes below $0.450, marking the low of June 7, it would invalidate the uptrend. panorama setting a lower low on the daily chart. This scenario could lead to a 7% decline in XRP price towards the April 13 low of $0.419.