- Technical analyst Manish Chhetri signals an upcoming bullish trend for Bitcoin, identifying a bullish divergence on a momentum indicator.
- Chhetri also highlights potential breakthroughs for Ethereum and Ripple, suggesting they are set to follow Bitcoin’s trajectory.
- As momentum builds, significant price targets and resistance levels across top cryptocurrencies are coming into focus.
Discover potential bullish movements in Bitcoin, Ethereum, and Ripple as key resistance levels and momentum indicators point towards upcoming rallies.
Momentum Indicators Signal Bitcoin’s Bullish Potential
Bitcoin experienced a rejection at its weekly resistance level of $67,147 on Monday, resulting in a 2.2% price drop. Currently, BTC is supported by the 50% retracement level at $64,274, calculated from the May 1 low of $56,523 to the May 21 high of $71,995. Should Bitcoin rebound from $64,274, it could see a 4% increase to retest the previous resistance level of $67,147.
Momentum indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO) support this potential rebound. The divergence observed on the four-hour chart, where the price set a lower low on June 18 while the RSI did not follow suit, is a bullish divergence. This typically signals a potential trend reversal or a short-term rally. If bullish sentiment prevails and the broader crypto market outlook remains positive, BTC could stage an additional 6% rally to reach the former resistance level of $71,280.
Ethereum Prepares for a Potential Rally
Ethereum is currently finding support around the recent low of $3,360, which aligns closely with the 61.8% Fibonacci retracement level of $3,279. If this support holds, ETH could see a 3% rise from its current trading price of $3,533 to reach the previous high of $3,717 recorded on June 9.
The RSI for Ethereum on the four-hour chart has moved above its average level of 50. Additionally, the AO is poised to mirror this movement. For a confirmed bullish reversal, both momentum indicators need to sustain positions above their respective average levels. Such momentum would provide tailwinds for a recovery rally. Should ETH close above $3,717, it could embark on a further 6% rally to reach the next resistance level at $3,977.
Ripple Poised for Breakout
Ripple encountered resistance at its 50-day Exponential Moving Average (EMA) of $0.515 on Monday, causing a 3% decline. Currently trading at $0.495, XRP could gain significant upward momentum if it surpasses the 50-day EMA at $0.515. Such a breakout could propel XRP to a 7% increase, targeting the prior high of $0.532 achieved on June 5.
On the daily chart, the RSI is positioned below its average level of 50, and the AO is under the zero line. For a bullish turnaround, both indicators need to rise above their respective averages. This alignment could accelerate a recovery rally. If bullish conditions hold and the overall market sentiment supports, XRP could potentially see a 9% gain towards $0.581, marking the 50% retracement level between the price range of $0.419 and $0.744 recorded from March 11 to April 13.
Conclusion
In summary, the key cryptocurrencies Bitcoin, Ethereum, and Ripple are all exhibiting signs of potential bullish movements. Technical indicators and resistance levels suggest upcoming rallies if current supports hold and momentum builds. Investors should closely watch these developments to capitalize on potential price increases, keeping in mind the inherent volatility of the crypto market.
