Bitcoin, Ethereum, Ripple Rebound Signals…Breakthrough of Key Resistance Divides Bull Market

Bitcoin, Ethereum, XRP Rebound Signals…Breakthrough of Key Resistance Divides Bull Market

▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT generated image ©

Bitcoin, Ethereum, and XRP (Ripple) successfully rebounded strongly last week, raising expectations for further gains this week. However, an analysis suggests that all three assets are trading below their major moving averages, and a breakthrough of key resistance lines is necessary for a full transition to an uptrend.

According to investment specialized media FXStreet on July 6 (local time), Bitcoin continued its stable trend near $63,500 after rising over 6% last week. Ethereum led the market sentiment recovery by climbing over 13% last week, and XRP rose over 10%. In particular, XRP broke above the upper boundary of its descending channel, strengthening its bullish outlook.

While Bitcoin continues its short-term upward momentum, it is still trading below the 50-day, 100-day, and 200-day Exponential Moving Averages (EMA). The closest resistance is $64,004, and a breakthrough of this level could lead to testing the 50-day EMA at $65,763, followed by the 100-day EMA at $69,469, and the 200-day EMA at $75,427. The Relative Strength Index (RSI) is slightly above the neutral line at 51, and the Moving Average Convergence Divergence (MACD) is also showing bullish signs, indicating improving upward momentum, but the media noted that overhead selling pressure still remains.

Ethereum is trading at $1,784 and attempting to break above its 50-day EMA of $1,806. However, the 100-day EMA at $1,972, the psychological resistance of $2,000, and the 200-day EMA at $2,242 are consecutively located, requiring these resistances to be overcome for further gains. The RSI maintains an uptrend at 57, and the MACD also continues to show bullish signals, suggesting that upward attempts may persist. Conversely, in case of a decline, $1,385 is presented as a major support level.

XRP showed a technically positive signal last week by breaking above the upper boundary of its descending channel. The current price is $1.148, approaching the 50-day EMA of $1.183, with the 100-day EMA of $1.286 and the $1.300 resistance line presented as the next targets. In the mid-to-long term, the 200-day EMA at $1.495 and the vicinity of $1.900 were identified as strong resistance zones. The RSI is above the 50-line, and the MACD remains in bullish territory, supporting the short-term recovery, but it is still considered a rebound within a medium-term downtrend. Conversely, the media predicted that selling pressure could intensify again if the price falls below $1.110.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*