Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin eyes for $60,000
|- Bitcoin price retests and bounces off from the daily support level of $56,000, eyeing a rally ahead.
- Ethereum price approaches the $2,400 resistance level; a close above signals a bullish move.
- Ripple breaks above the key resistance level around $0.544, impending rally is on the horizon.
Bitcoin (BTC) and Ripple (XRP) broke above their key resistance levels, hinting at a rally ahead. While Ethereum’s (ETH) price is nearing its key resistance level, a breakout could suggest a bullish move ahead.
Bitcoin price shows potential for upleg after finding support around $56,000
Bitcoin price retested the daily support level around $56,000 on Wednesday and bounced 3.7%. At the time of writing on Friday, it trades at around $58,000.
If the $56,000 daily support continues to hold, BTC could rise to $59,529, its 50% price retracement level (drawn from a high in late July to a low in early August).
The Moving Average Convergence Divergence (MACD) indicator further supports Bitcoin’s rise, which signals a bullish crossover on the daily chart. The MACD line (12-day Exponential Moving Average, blue line) moved above the signal line (26-day Exponential Moving Average, yellow line), giving a buy signal. It shows green histogram bars above the neutral line zero, also suggesting that Bitcoin’s price could experience upward momentum.
BTC/USDT daily chart
However, the bullish thesis would be invalidated if Bitcoin’s daily candlestick closes below $56,000. This scenario would lead to a decline of 3.5% to retest its psychologically important level at $54,000.
Ethereum price is poised for an upward moment if it closes above $2,400
Ethereum price recovered and is approaching its daily resistance level at $2,421. It trades at around $2,357 on Friday. If ETH breaks and closes above the $2,421 level, it could rally 6% to retest its 61.8% Fibonacci retracement level at $2,564 (drawn from a high in late August to a low in early September).
Additionally, the MACD indicator supports Ethereum’s price rise, signaling a bullish crossover. The MACD line (12-day EMA) rose above the signal line (26-day EMA), giving a buy signal. It also shows green histogram bars above the neutral line zero, suggesting upward momentum.
ETH/USDT daily chart
However, the bullish thesis would be invalidated if Ethereum fails to break above $2,421. This scenario would lead to an 8% decline to retest the September 7 low of $2,225.
Ripple is set for a rise as it breaks above its resistance barrier
Ripple price broke above daily support at $0.544 and the 200-day EMA at $0.548 on Thursday, rising 5%. As of Friday, it trades around the $0.558 level.
If the $0.544 level holds as support, XRP could rally 11.5% from its current trading level to retest its daily resistance level at $0.626.
This bullish outlook is further supported by the MACD indicator, which signals a bullish crossover. The MACD line is above the signal line, giving a buy signal. It also shows green histogram bars above the neutral line zero, suggesting upward momentum.
XRP/USDT daily chart
On the other hand, if Ripple’s price closes below the $0.544 level, the bullish thesis would be invalidated. In this case, it could decline 7.6% to retest its September 6 low of $0.520.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.