Bitcoin Consolidates as Ethereum and Ripple Gear Up for Major Breakout
Cryptocurrency Market Update: bitcoin, ethereum, and XRP Show Mixed Signals
bitcoin‘s Sideways Movement After Historic High
bitcoin has recently stabilized in a narrow range between $116,000 and $120,000, following its remarkable peak of $123,218 achieved last week. As of Monday, bitcoin is trading slightly above this range at approximately $117,800.
Should bitcoin dip below the lower boundary of this consolidation at $116,000 on a daily basis, it may trigger a further decline, potentially revisiting its 50-day Exponential Moving Average (EMA) at around $110,297.
The Relative Strength Index (RSI) currently stands at 64, having retreated from the overbought threshold of 70, suggesting a decrease in bullish momentum. Additionally, the Moving Average Convergence Divergence (MACD) is on the verge of signaling a bearish crossover, which could indicate a shift towards negative momentum if confirmed.
Conversely, if bitcoin manages to close above the upper boundary at $120,000, it could pave the way for a recovery towards its recent all-time high of $123,218 and possibly beyond.
ethereum‘s Bullish Momentum Aiming for $4,000
ethereum has experienced a significant surge of 26.40% over the past week, successfully closing above the critical resistance level of $3,730 on Sunday. As of Monday, it is trading around $3,739.
If ethereum maintains its upward trajectory and the $3,730 level holds as support, it could continue its ascent towards the psychologically important $4,000 mark.
The RSI for ethereum is currently at 86, indicating a strong bullish trend, well above the overbought level of 70. The MACD has shown a bullish crossover since early July, reinforcing the notion that bullish momentum is gaining strength.
However, should ethereum experience a pullback, it may find support around the significant level of $3,000.
XRP’s Support Level at $3.40
XRP has seen a notable increase of over 20% last week, reaching a new peak of $3.66 on Friday. At the moment, it is trading slightly higher at $3.47, having found support around the $3.40 level during the weekend.
If XRP continues its upward movement, it could aim for the previous high of $3.66. A successful close above this level could lead to a rally towards the 141.40% Fibonacci extension target of $4.13, calculated from the January high of $3.40 to the April low of $1.61.
Nevertheless, the RSI for XRP is currently at 84, indicating an extreme overbought condition, which warrants caution among traders. Similar to ethereum, the MACD suggests that further gains could be on the horizon for XRP.
In the event of a correction, XRP may find support around the daily level of $3.40.
This update provides a comprehensive overview of the current state of bitcoin, ethereum, and XRP, highlighting their recent price movements and potential future trends.
