Bitcoin price stabilizes near $103,300 after a slight weekly gain. Ethereum holds support at its 200-day EMA, while Ripple experiences a slight decline despite a recent rally. Technical indicators suggest potential corrections for Bitcoin and Ripple.
Bitcoin price hovers around the $103,300 level on Friday after rising almost 2% this week. Ethereum price finds support around its 200-day EMA at $3,133; a firm close below would lead to a correction. Ripple price edges slightly down on Friday after rallying 4% this week. Bitcoin (BTC) price is primed for a correction if it closes below $100K support. Bitcoin reached a new all-time high (ATH) of $109,588 at the start of this week but quickly slipped 6.68% and closed at $102,260.
However, the next day, it found support around its key $100,000 level and rose 3.8%. On Wednesday, it could not sustain its rise and fell 2.3%, closing below $104,000. At the time of writing on Friday, it continues to edge down around $103,255. If BTC continues to edge down and closes below $100,000, it could extend the decline to retest its next support level at $90,000. The Relative Strength Index (RSI) indicator on the daily chart reads 57, above its neutral level of 50; however, it points downwards, indicating a slowdown in bullish momentum. The Moving Average Convergence Divergence (MACD) indicator is also converging. If the MACD flips to a bearish crossover on a daily basis, it would give sell signals and suggest a downtrend. Meanwhile, Ethereum price is positioned for a pullback if it closes below 200-day EMA. Ethereum bulls were retested, and support was found around its 200-day Exponential Moving Average (EMA) at $3,133 on Sunday, and it recovered 3.83% in the next four days. At the time of writing on Friday, it hovers around $3,310. If ETH closes below the 200-day EMA at $3,133, it could extend the decline to test its psychological importance level of $3,000. The RSI indicator on the daily chart reads 47, below its neutral level of 50, pointing downwards, indicating weakness in bullish momentum. The MACD indicator also converged, indicating indecisiveness among the traders. On the other hand, if the $3,130 EMA level is maintained, ETH could extend the recovery to test its daily resistance level at $3,730. Finally, Ripple bulls show signs of exhaustion. Ripple price retested its upper symmetrical triangle boundary at the start of the previous week and rallied 30.48% until Friday. However, it faced rejection around the $3.30 level on Saturday and declined 10.14% until Sunday. XRP recovered by 7.49% until the next three days. At the time of writing on Friday, it hovers around $3.12. If XRP continues its upward momentum, it could extend the rally to test its technical target obtained by this pattern, which would be $3.63. The RSI indicator reads 63, above its neutral value of 50 and points downwards after rejection from its overbought level of 70 on Saturday, indicating weakness in bullish momentum. Additionally, the MACD is about to flip a bearish crossover. If the MACD flips to a bearish crossover on a daily basis, it would give sell signals and suggest a downtrend. Conversely, if XRP closes below the $1.96 daily support level, it would extend the decline to retest its next support level at $1.40
Bitcoin Ethereum Ripple Cryptocurrency Price Analysis Technical Indicators Bullish Momentum Bearish Crossover
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