Bitcoin finds support around $60,000

• Bitcoin price finds support near 200-day EMA around $60,000; a firm close below would suggest a decline ahead.
• Ethereum price closes below critical support at $2,461, following a decline.
• Ripple price is closing below key support levels, suggesting a continuation of the downtrend.

Bitcoin (BTC) is hovering around its key support level; a sustained close below this threshold could signal further declines. On the other hand, Ethereum (ETH) and Ripple (XRP) closed below their critical support levels, indicating further downside.

Bitcoin is set to resume a downtrend if it breaks below the key support level

Bitcoin price retested and found support around the 200-day exponential moving average (EMA) at $59,904 on Wednesday, after being rejected from its psychological level of $66,000 on Sunday. As of Friday, it has been trading slightly above this level at around $61,000.

Momentum indicators such as the Moving Average Convergence Divergence (MACD) are signaling weakness for Bitcoin, showing a bearish crossover on Tuesday. The MACD line (blue line) has crossed below the signal line (yellow line), giving a sell signal. Moreover, it also shows rising red histogram bars below the neutral zero line, suggesting that Bitcoin price may experience a downward momentum.

Additionally, the Relative Strength Index (RSI) is trading at 47, below its neutral level of 50, indicating bearish momentum. Bitcoin price could fall further if the RSI continues to stay below 50 and lower.

If BTC closes below the 200-day EMA at $59,904, it could drop nearly 5.7% from its current trading level to retest the September 18 low of $57,493.

BTC/USDT Daily Chart

However, if BTC rises, closing above the $62,125 level, it could resume the rally to retest the next resistance at $66,000.

Ethereum is showing signs of weakness as it closes below the $2,400 support level

Ethereum price dipped below the 50-day EMA at $2,569, closed Tuesday below the daily support level of $2,461, and is down more than 9% through Thursday. As of Friday, it is trading slightly above around $2,300.

The weakness of the MACD signal of the momentum indicator, like Bitcoin, showed a bearish crossover on Wednesday. The MACD line has crossed below the signal line, giving a sell signal. Moreover, it also shows rising red histogram bars below the neutral zero line, suggesting that Ethereum price may experience a downward momentum. Additionally, the RSI is trading at 40, below its neutral level of 50, indicating strong bearish momentum.

If the $2,461 level acts as resistance, ETH could continue its decline to retest the September 6 low of $2,155.

ETH/USDT Daily Chart

Conversely, if ETH’s daily candlestick breaks above the $2,461 level and closes above the 50-day EMA at $2,569, the rally could continue to retest its August 24 high of $2,820.

Ripple is set for a decline as it closes below key support levels

Ripple’s price bounced back from its July 31 high of $0.657 and fell more than 18% over the next four days. During this decline, XRP closed below the 200-day EMA at $0.555 and the daily support level at $0.545, closing below the uptrend line. It is trading slightly above around $0.532 on Friday.

If these levels (200-day EMA at $0.555, daily level of $0.544 and previous broken uptrend line) hold as resistance, it could extend the decline further and retest the August 5 low of $0.431.

Like Bitcoin and Ethereum, the MACD and RSI momentum indicators signal bearish biases and suggest further downward moves.

XRP/USDT Daily Chart

However, if Ripple rises and closes above the 200-day EMA at $0.555, it could extend the rally to retest the July 31 high of $0.657.