Bitcoin
Bitcoin is breaking above the descending wedge
- Bitcoin price is breaking out of the descending 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 move higher, with Ethereum (ETH) and Ripple (XRP) poised to follow as they find support at key levels, paving the way for a recovery positive in the coming days.
Bitcoin Price Looks Promising
O Bitcoin Price is breaking out of the descending wedge on Monday and is trading up 1.24% 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 the bulls are aggressive and the overall crypto market outlook is positive, BTC could extend an additional 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 rebounded 6.7% from the 61.8% Fibonacci retracement level and is trading around $3,501, up approximately 2% on Monday.
If this $3,288 support holds, ETH price could rise 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 a further 7% rally 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. Such a move would invalidate the bullish thesis mentioned above, potentially triggering an extra 13% drop to the previous support level of $2,862.
Ripple 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 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 Ripple price candle closes below $0.450, marking the June 7 low, it would invalidate the upward movement. 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.