Bitcoin bulls could be looking at $70,000 above the consolidation zone

• Bitcoin price is consolidating between key levels between $62,000 and $64,700, suggesting a phase of uncertainty among traders.
• Ethereum price breaks and closes above its resistance barrier, signaling a bullish move on the horizon.
• Ripple price is consolidating the key levels of $0.560 and $0.613, indicating a period of indecision among traders.

Bitcoin (BTC) and Ripple (XRP) are consolidating between their key levels, reflecting a period of indecision among traders. At the same time, Ethereum (ETH) is showing signs of a rally after successfully closing above its resistance barrier.

Bitcoin price is consolidating between $62,000 and $64,700

Bitcoin price has been consolidating between the key levels of $62,000 and $64,700 for over six days. As of Wednesday, it is trading at $64,360.

If Bitcoin price breaks this consolidation range around $64,700, it could first rise to retest the daily resistance level at $65,379. A successful daily close above this level could extend the 7% rally to retest the July 29 high of $70,079.

The Relative Strength Index (RSI) on the daily chart is trading above its neutral level of 50 and pointing upwards to 65. A move above 60 levels generally indicates that bullish momentum is gaining traction. However, traders should be cautious as it approaches the overbought level at 70.

BTC/USDT Daily Chart

However, if BTC breaks and closes below the consolidation area around $62,000, it could drop 7% to retest the September 17 low of $57,610.

Ethereum price is looking higher after breaking the resistance barrier

Ethereum price broke above the downtrend line (drawn by joining multiple July 22 highs) on September 19 and rallied 3.9% the next day to close above its daily resistance level of $2,461. It went on to rise 3.5% over the next four days, and as of Wednesday, is trading at around $2,643.

If the daily level around $2,461 holds as support, Ethereum could continue to rise 6.6% from its current trading level to retest the August 24 high of $2,820.

The RSI on the daily chart is declining near the 60 level, reflecting the decline in bullish momentum. For the rally to be sustained, the RSI must rise above 60, which generally indicates bulls are gaining traction.

ETH/USDT Daily Chart

On the other hand, if Ethereum closes below the daily support level of $2,461, it could fall further to retest the September 6 low of $2,152.

Ripple price is consolidating between two key levels

Ripple price traded above the uptrend line (drawn by connecting multiple July 5 lows) and consolidated between the key levels of $0.560 and $0.613 for more than 11 days. As of Wednesday, it is trading at around $0.592.

If Ripple breaks this consolidation range around $0.613, it could first rise to retest the daily resistance level at $0.626. A successful daily close above this level could extend the rally by 5% to retest the July 31 high of $0.658.

The RSI on the daily chart is trading above its neutral level of 50 and hovering around 57. For the rally to be sustained, the RSI needs to rise above 60, indicating bulls are getting strong for the upside.

XRP/USDT Daily Chart

However, if Ripple price were to break below the consolidation zone around $0.560 and close below the daily support level of $0.544, it would also break below the uptrend line, changing the market structure to bearish. In such a case, XRP would fall 7.5% to retest the September 6 low of $0.502.