Bitcoin, Ethereum, Ripple Price Forecast: Bitcoin Hits $65,000 Milestone
July 17, 2024
Bitcoin, Ethereum, and Ripple have shown notable price movements recently, indicating potential bullish trends in the cryptocurrency market.
Bitcoin (BTC) closed above the daily resistance level of $64,900, with Ethereum (ETH) and Ripple (XRP) also breaking through their respective resistance levels, hinting at an emerging bullish sentiment.
BTC experienced a surge above a descending trendline last Sunday, leading to a 7% rally over the next two days and a close above the daily resistance level of $64,913 by Tuesday. Currently trading slightly higher at $65,622 on Wednesday, this upward momentum often precedes a retracement, offering a potential buying opportunity for investors.
For sideline buyers, positions between the $59,200 and $57,800 levels, where the previously breached trendline resistance acts as support, could be considered. Should BTC maintain its bullish trajectory, a potential 2.5% increase to test the weekly resistance around $67,209 might be on the horizon.
Technical indicators on the daily chart, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) above their neutral levels, strongly suggest a bullish dominance. Surpassing the $67,209 level could lead to a further 7% rise, aiming to retest the daily high of $71,997 from June 7.
Conversely, a close below $56,405 and the formation of a lower low in the daily timeframe could signal sustained bearish sentiment, potentially triggering a 7.5% decline towards the daily support at $52,266.
Ethereum’s price broke above the $3,240 level last Sunday, rallying by 7.36% over the following two days. Currently trading 1% higher at $3,486 on Wednesday, if ETH maintains support above $3,240 and closes above $3,524, a potential 6% increase targeting a retest of the daily high from June 9 at $3,721 is plausible.
With the RSI on the daily chart above the neutral level of 50 and the AO trending similarly, a sustained bullish momentum would provide further support for the recovery rally.
Should Ethereum’s daily candlestick close below $2,817, forming a lower low, it may indicate persistent bearish sentiment, potentially leading to a 7% decline towards the daily support at $2,621.
Ripple’s price broke above the daily resistance level of $0.574 on Tuesday and is currently 1% higher at $0.585 on Wednesday. Holding above the $0.574 level could lead to a 12% rally, targeting a retest of the daily high from April 9 at $0.643.
On the daily chart, both the RSI and AO are positioned above their critical thresholds, indicating a bullish dominance. However, a close below $0.413 in Ripple’s daily candlestick could signal sustained bearish sentiment, potentially resulting in a 16% decline towards the daily support at $0.347.
The cryptocurrency market’s recent price movements highlight the potential for bullish trends in Bitcoin, Ethereum, and Ripple, with technical indicators pointing towards positive momentum in the market.
