- Bitcoin price breaks the consolidation zone between $57,000 and $62,000 and a rally is imminent.
- Ethereum price is approaching the $2,900 resistance level; a break above it will signal a future upside move.
- A breakout of the Ripple price above the $0.626 resistance level could indicate a positive trend.
Bitcoin (BTC) price has broken out of the consolidation zone between $57,000 and $62,000, indicating that a rally is imminent. Ethereum (ETH) is approaching the $2,900 resistance level, which if crossed will indicate a bullish move. Ripple (XRP) break above the $0.626 barrier could herald an uptrend.
Bitcoin price shows potential for a rally as it breaks key resistance
Bitcoin price broke its resistance, the 200-day exponential moving average (EMA) at $62,280 and its 61.8% Fibonacci retracement level (from the July 29 high to August 5 low) at $62,042 on Friday. At the time of writing on Monday, it was slightly down, 0.2%, at $64,144.
If the 200-day EMA at $62,280 holds as support and BTC closes above the $65,596 level, it could gain 7% and retest its July 29 high of $70,079.
This upswing is supported by indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) on the daily chart, which are comfortably above their respective mean values of 50 and zero. These momentum indicators strongly suggest bullish dominance.
BTC/USDT daily chart
However, if Bitcoin price closes below the August 21 low of $58,783, a 5% decline towards the daily support at $56,022 would be expected as it would mark a lower high on the daily chart, invalidating the bullish thesis.
Ethereum price is poised for a rally after breaking the $2,900 resistance level
Ethereum price is facing resistance around the 50% price retracement level at $2,843, which roughly coincides with the daily resistance level at $2,927 and the 50-day EMA at $2,905. It is trading slightly lower since Monday, down 0.2% at $2,737.
If ETH breaks the $2,843 level and closes above the daily resistance at $2,927, it could gain 11% and retest its weekly resistance at $3,236.
The daily chart’s RSI and AO are trading just below their neutral levels of 50 and zero, respectively. Both indicators need to trade above their neutral levels for the bullish momentum to continue.
ETH/USDT daily chart
On the other hand, if ETH falls below the ascending trend line, the bullish thesis would be invalidated. This event would result in a 4.6% decline in Ethereum price, bringing it back to its August 12 low of $2,510.
Ripple price is poised to rally after breaking its daily resistance at $0.626
Ripple price retested its daily resistance level at $0.626 on Saturday and failed to break its daily resistance level. On Sunday, it dropped by 2%. On Monday, it continued to fall by 0.5% to $0.596.
If the Ripple price continues to decline, it could find support at its daily support at $0.544. This support zone roughly coincides with the 200-day EMA at $0.551, making it a key support zone.
If the $0.544 level holds as support, the price could rise to $0.626 before testing its July 31 high of $0.658 with a 5% recovery.
The RSI and AO indicators on the daily chart are trading above their neutral levels of 50 and zero, respectively. These momentum indicators strongly suggest bullish dominance.
XRP/USDT daily chart
However, if Ripple price closes below the daily support level of $0.544, it would shift the market structure by creating a lower low on the daily chart. This could result in a 9.5% decline, revisiting the August 7 low of $0.492.
