Bitcoin price could fall as it approaches the $62,000 resistance level

• Bitcoin price is not rising and remains in its broad consolidation zone between $57,000 and $62,000.
• Ethereum price is at downside risk as it nears the key resistance level around $2,800.
• Ripple price finds stability around daily support level of $0.544 with potential recovery on cards.

Bitcoin (BTC) and Ethereum (ETH) prices could decline following their inability to break through key resistance levels as momentum indicators point to a bearish trend. Ripple (XRP) price is showing stability near its daily support level of $0.544, suggesting a possible rebound.

Bitcoin price is poised to drop as it nears the $62,000 level

Bitcoin price has remained between $57,115 and $62,066 (the 38.2% and 61.8% Fibonacci retracement levels drawn from the July 29 high to the August 5 low) over the past 15 days. Since Friday, it is trading slightly higher by 0.7% at $60,772 and nearing the key resistance level at $62,066.

If BTC fails to close above the $62,066 level, it could 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) is trading around its neutral level of 50 and the Awesome Oscillator (AO) is still trading below its neutral level of zero, suggesting weak momentum and an impending bearish trend.

BTC/USDT Daily Chart

However, if Bitcoin price closes 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. This could see the price rise further by 6% to test the weekly resistance at $69,648.

The price of Ethereum could fall as it approaches the key resistance level

Ethereum price has consolidated over the past 11 days between 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) and the August 12 low of $2,510 . As of Friday, it is trading slightly higher by 0.7% at $2,641.

If the $2,843 level holds as resistance, it may decline to $2,510 before dropping 4.5% to test the psychological support at $2,400.

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

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

Ripple price is set for a rally after finding support around the daily level

Ripple price found support around the daily support level of $0.544, which coincides with the 100-day EMA at $0.547 on August 16. It rose 6.5% over the next three days. Since Friday, it is trading slightly higher by 0.5% at $0.600.

If the daily support at $0.544 holds, XRP could continue to rise 7% from the current trading level of $0.600 to challenge the next resistance level at $0.643.

The daily chart’s RSI and AO have crossed their neutral levels of 50 and zero, respectively. These momentum indicators indicate bullish dominance.

XRP/USDT Daily Chart

However, if Ripple price were to close 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 low as of August 7 of $0.492.