- Bitcoin price is breaking above the falling wedge, signaling a potential bullish move.
- Ethereum price remains supported at $3,288, the 61.8% Fibonacci retracement level.
- Ripple price still faces resistance at $0.500.
Bitcoin (BTC) breaking above the falling wedge pattern on Monday signals a bullish move, with Ethereum (ETH) and Ripple (XRP) poised to follow as they find support at key levels, paving the way for an upside rally in the days ahead.
Bitcoin price looks promising
The Bitcoin price is breaking above the falling wedge on Monday and is trading up by 1.24% at the $63,571 level.
If BTC’s price closes above the $63,956 daily resistance level, it could rise 5% to retest its next weekly resistance at $67,147.
The Relative Strength Index (RSI) and the Awesome Oscillator in the daily chart are below their neutral levels of 50 and zero. If bulls are indeed returning, then both momentum indicators must maintain their positions above their respective neutral levels.
If the bulls are aggressive and the overall crypto market outlook is positive, BTC could extend an additional rally of 6% 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 in the daily time frame, it could indicate that bearish sentiment persists. Such a development may trigger a 3% decline in Bitcoin’s price, to revisit its low of $56,522 from May 1.
Ethereum price shows potential for an upside move
Ethereum price retested its support level of $3,288, the 61.8% Fibonacci retracement level drawn from a swing low of $2,862 on May 14 to a swing high point of $3,977 on May 27 on June 24.
ETH rebounded by 6.7% from the 61.8% Fibonacci retracement level and trades at around $3,501, edging up approximately 2% on Monday.
If this support at $3,288 holds, ETH price could rise 6% from its current trading level of $3,457 to tag its previous high of $3,717 on June 9.
The Relative Strength Index (RSI) and the Awesome Oscillator in the daily chart are below their neutral levels of 50 and zero. If bulls are indeed returning, then both momentum indicators must maintain their positions above their respective neutral levels.
If ETH closes above $3,717, the high of June 9, it could extend an additional rally of 7% to reach its previous resistance level of $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. This move would invalidate the aforementioned bullish thesis, potentially triggering an extra 13% crash to the previous support level of $2,862.
Ripple price shows resilience
Ripple price currently trades at $0.478, below the daily resistance level of $0.500.
If Ripple price surpasses the barrier at 0.500, it could rise 7% from $0.500 to $0.532, its previous high from June 5.
In 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 bullish trend. Such a development would bolster 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, a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13.
XRP/USDT daily chart
Conversely, if Ripple price daily candlestick closes below $0.450, marking the June 7 low, it would invalidate the bullish outlook by establishing a lower low on the daily chart. This scenario might lead to a 7% decline in XRP’s price towards the April 13 low of $0.419.
This news is republished from another source.
