Top 3 Price Prediction: Ethereum, Ripple, and Bitcoin: Bitcoin encounters resistance at approximately $65,000.

 

19/7/2024,

• The price of Bitcoin encounters resistance at roughly $65,000, and this leads to price rejection.

• The 61.8% Fibonacci retracement, or $3,530, represents resistance for the price of ether.

The price of ripple can halt at the $0.480 61.8% Fibonacci retracement before maintaining its upward trajectory.

The prices of Ethereum (ETH) and Bitcoin (BTC) were rejected as they approached resistance levels around $3,530 and $65,000, respectively. In the meantime, the price of Ripple (XRP) may retreat below $0.480, the 61.8% Fibonacci retracement level, before perhaps picking up speed again.

 

The price of bitcoin is about to decline after retesting the daily resistance at $65,000.

On Tuesday, the price of bitcoin encountered resistance close to the daily mark of $64,913, which resulted in a 2% drop over the following two days. It is currently trading at $63,819, slightly down by 0.25% as of Friday.

 

 

This level forms a crucial resistance zone to be closely watched, as it is in close alignment with the 61.8% Fibonacci retracement level at $64,921, which is calculated from the swing high of $71,997 on June 7 to the swing low of $53,475 on July 5.

Positions between the $59,200 and $57,800 marks, where the previously broken trendline resistance now acts as support, are worth considering for sideline buyers looking for opportunities.

 

Bitcoin may increase by 9% to retest its daily resistance at $64,913 if it breaks above the $59,200 mark.

 

The observed comeback is supported on the daily chart by the Awesome Oscillator (AO) and the Relative Strength Index (RSI), both of which are above their neutral thresholds of zero and fifty, respectively. This tremendous momentum indicates that the market is quite bullish.

Moreover, a break above $64,913 would provide a further 3.5% increase to retest its subsequent weekly barrier at $67,209.

On the other hand, a closure for Bitcoin below $56,405 and the creation of a lower low on a daily timescale might suggest persistent pessimistic sentiment.

 

A scenario like this might cause Bitcoin's price to drop by 7.5% and possibly retest its daily support level at $52,266.

 

 

Ethereum price hits a ceiling at $3,530.

The price of ether is expected to be rejected around $3,530, which is the 61.8% Fibonacci retracement level from the swing low of $2,808 on July 5 to the swing high of $3,977 on May 27. This level forms a crucial zone of resistance that needs to be constantly watched, as it corresponds closely with the daily high of $3,524 from July 1. It is trading at $3,415 as of Friday, slightly lower by 0.39%.

The trendline resistance that was previously shattered is now acting as a supportive barrier around $3,240. If this level holds, ETH could increase 8.6% to its previous daily high of $3,524, which was set on July 1.

 

On the daily chart, both the Awesome Oscillator (AO) and the Relative Strength Index (RSI) are trading above the neutral level of 50. Both momentum indicators need to hold their positions above their respective mean levels if bulls are really making a comeback. A development of this kind would give the recovery rally more momentum.

 

If the bulls are active and the prognosis for the cryptocurrency market is favourable overall, ETH may close above $3,524 and continue its 5.3% advance to revisit its daily high of $3,721, which it achieved on June 9.

However, it may indicate a persistently pessimistic feeling if Ethereum's daily candlestick finishes below $2,808, creating a lower bottom in the daily timeframe.

 

Ethereum's price might drop by 7% as a result of this scenario, with a target price of $2,621, which is the daily support level.

 

 

If the crucial support level at $0.480 is successfully retested, the price of ripple may continue to rise.

On July 13, ripple price surged 20% over the following four days, breaking above the daily resistance level at $0.499 in the process. Strong rising momentum frequently signals a correction, offering sidelined investors a possible opportunity to enter the market. It is trading 3% lower at $0.548 as of Friday.

Positions near $0.480, the 61.8% Fibonacci retracement level from the swing low of $0.382 on July 5 to the swing high of $0.638 on July 17, may be of interest to sideline buyers looking for opportunities.

 

XRP could rise 33% to retest its daily high on April 9 at $0.643 if it breaks above the $0.480 mark.

 

The decline above thesis is supported by the fact that the Relative Strength Index (RSI) is currently above the overbought level at 70 on the daily chart. The mean level of zero is not reached by the Awesome Oscillator (AO). These momentum indicators clearly show supremacy in the bull market.

On the other hand, a lower bottom in the daily timeframe forms if Ripple's daily candlestick finishes below $0.413, indicating persistent bearish sentiment. A situation like this might cause Ripple's price to drop by 16% and revisit its March 12 low of $0.347.