- Bitcoin price closes above the daily resistance level of $64,900, signaling a bullish move.
- Ethereum price bulls take $3,240 threshold, indicating a transition to an upward bias.
- Ripple price breaches the daily resistance level of $0.574, signaling a potential bullish trend on the horizon.
Bitcoin (BTC) closes above the daily resistance level of $64,900, with Ethereum (ETH) and Ripple (XRP) subsequently breaking through their resistance levels, indicating an emerging bullish trend.
Bitcoin price action signals bullish trends ahead
Bitcoin price surged above a descending trendline last Sunday, marking a 7% rally over the following two days and achieving a close above the daily resistance level of $64,913 by Tuesday. As of today, BTC is trading slightly up by 1.1% at $65,622 on Wednesday. Such a strong upward momentum often precedes a retracement, presenting a potential buying opportunity for investors on the sidelines.
Sideline buyers seeking opportunities can consider positions between the $59,200 and $57,800 levels, where the previously broken trendline resistance now serves as support. However, should BTC sustain its bullish momentum, it may advance by 2.5% from its current trading price of $65,622 to test the weekly resistance of around $67,209.
On the daily chart, the Relative Strength Index (RSI) is currently above the neutral level of 50, and the Awesome Oscillator (AO) has also flipped above its neutral level of zero. These momentum indicators strongly indicate bullish dominance.
Furthermore, surpassing the $67,209 level could allow an additional 7% rise to retest its daily high of $71,997 from June 7.
BTC/USDT daily chart
Conversely, if BTC closes below $56,405 and forms a lower low in the daily timeframe, it may signal persistent bearish sentiment. This scenario could trigger a 7.5% decline in Bitcoin's price, targeting a revisit of its daily support at $52,266.
Ethereum price shows potential for a rally
Ethereum price broke above the $3,240 level on Sunday and rallied 7.36% in the next two days. It is 1% up at $3,486 on Wednesday at the time of writing.
If the $3,240 level holds as support and ETH closes above the $3,524 level, it could increase 6%, targeting a retest of its daily high from June 9 at $3,721.
The Relative Strength Index (RSI) on the daily chart is trading above the neutral level of 50, and the Awesome Oscillator (AO) is on its way to doing the same. If bulls are indeed making a comeback, then both momentum indicators must maintain their positions above their respective mean levels. Such a development would add a tailwind to the recovery rally.
ETH/USDT daily chart
On the other hand, if Ethereum's daily candlestick closes below $2,817, forming a lower low in the daily timeframe, it may signal persistent bearish sentiment. This scenario could trigger a 7% decline in Ethereum's price, targeting a revisit of its daily support at $2,621.
Ripple price eyes a bullish move
Ripple price broke above the daily resistance level of $0.574 on Tuesday and is currently 1% up at $0.585 on Wednesday.
If XRP holds above the $0.574 level, it could rally 12% to retest its daily high from April 9 at $0.643.
On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are currently positioned above their critical thresholds of 50 and zero, respectively. These momentum indicators strongly indicate bullish dominance.
XRP/USDT daily chart
However, if Ripple's daily candlestick closes below $0.413, it indicates sustained bearish sentiment, forming a lower low in the daily timeframe. Such a scenario could lead to a 16% decline in Ripple's price, targeting a revisit of its low from March 12 at $0.347.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin's recent lag provides opportunity for investors to ride potential 40% rally
Dogecoin (DOGE) is up 1% on Tuesday, as a recent analysis shows that its price is following similar patterns to top cryptocurrencies like Bitcoin, Ethereum, and Solana.
Ethereum set for new all-time high: Peter Brandt, Bitwise
Ethereum is up nearly 2% on Tuesday following predictions from Bitwise chief investment officer Matt Hougan that ETH ETFs could help push ETH to a new all-time high above $5,000. Other predictions also align with Hougan's position.
Worldcoin rallies over 36% after announcing token unlock extension
Worldcoin announced the extension of WLD token unlocks for team members and investors from three to five years. Investors raised concerns about the rising supply of WLD, speculating a possible price manipulation. WLD is up more than 36% following the announcement.
Meme coins rally amidst Ethereum ETF approval hype, PEPE extends gains by 10%
PEPE, a meme coin built on Ethereum, and based on a popular frog-themed meme has rallied in double digits on Tuesday. As crypto market participants await the SEC’s approval of a Spot Ethereum ETF, meme coins have started recovering from their decline.
Bitcoin: Investors wonder if BTC troubles are behind
Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows.