Bitcoin price is consolidating between $57,000 and $62,000

• Bitcoin price is consolidating between $57,000 and $62,000, with momentum indicators suggesting an imminent bear trend.
• Ethereum price is at downside risk if it approaches the resistance barrier around $2,843.
• Ripple price finds stability around daily support level of $0.544 with potential recovery on cards.

Bitcoin (BTC) and Ethereum (ETH) prices are likely to decline after failing to break their respective key resistance levels, while Ripple (XRP) is showing stability around the daily support level of $0.544, indicating the potential for recovery.

Bitcoin price stalls, trading between $57,000 and $62,000

Bitcoin price is consolidating between $57,115 and $62,066 with Fibonacci retracement levels of 38.2% and 61.8% respectively (drawn from swing high of $70,079 on July 29 to low of $49,101 on August 5 ). Since Monday, it is trading slightly higher by 0.1% at $58,499.

Let’s assume that BTC rises back to the 61.8% Fibonacci retracement at $62,066. In this case, it may find some resistance at this level as it aligns with the previously breached trendline and 100-day EMA of around $62,226, forming a key resistance area.

Failure to break above $62,066 could lead to a drop to $57,115 before falling 19% to review the daily support level of $49,917.

On the daily chart, the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are trading below their neutral levels of 50 and zero, respectively, suggesting an imminent bearish trend.

BTC/USDT Daily Chart

On the other hand, if Bitcoin price can close above $62,066, a rally towards the August 2 high of $65,596 would be on the cards as it would set a higher high on the daily chart, possibly leading to further upside of the price by 6% and on testing. weekly resistance at $69,648.

Ethereum price risks falling after facing a key resistance barrier

Ethereum is nearing its 50% retracement level of $2,843, based on the July 22 swing high of $3,562 and the August 5 swing low of $2,124. It is trading slightly higher at $2,637 on Monday, having recovered from an August 12 low of $2,510. Thursday.

If the $2,843 level holds as resistance, it may drop 12% to test the psychological support at $2,500.

On the daily chart, the RSI and AO are trading below their neutral levels of 50 and zero, respectively, suggesting an imminent bearish trend.

ETH/USDT Daily Chart

However, if Ethereum price closes above $2,843, it could rise to the July 29 high of $3,396, setting a higher high on the daily chart, which may lead to a 5% rally to revisit the high as of July 22 of $3,562.

Ripple price shows potential for a rally after finding support around the daily level

Ripple price is finding support around its daily support level of $0.544, which coincides with the 100-day EMA at $0.542 on Friday. On Monday, it is trading slightly higher by 0.5% at $0.566.

If the daily support at $0.544 holds, XRP could rise 10% to challenge the next resistance level at $0.643.

The daily chart’s RSI and AO briefly dipped below their neutral levels of 50 and zero, respectively. If the bulls do come back, then both momentum indicators need to hold their positions above their respective average levels. Such a development would add a tailwind to the recovery rally.

XRP/USDT Daily Chart

Conversely, if Ripple price closes below the daily support level of $0.544, it would change the structure of the market by creating a lower low on the daily chart, which may lead to a 9.5% decline to revisit the 7-day low August of $0.492.