Bitcoin is showing signs of weakness

• Bitcoin hovers around the $62,000 support level; a firm close below would suggest a decline ahead.
• Ethereum is facing rejection from its daily resistance level of $2,461, indicating bearish momentum.
• Ripple price approaches crucial resistance barrier at $0.554; rejection from this level suggests a decline ahead.

Bitcoin (BTC) is at a critical support level, and a break below it could signal a bearish move, while Ethereum (ETH) and Ripple (XRP) are nearing important resistance levels, where a rejection could indicate a shift to bearish momentum.

Bitcoin price is set for a downtrend if it falls below $62,000

Bitcoin price found support at the 200-day exponential moving average (EMA) around $60,000 on October 2. It rose 3.5% over the next four days and broke through the $62,125 resistance level. As of Wednesday, BTC is trading just over $62,000.

If BTC breaks and closes below the $62,125 level, it could extend the decline to retest its 200-day exponential moving average at $60,030.

The Relative Strength Index (RSI) is hovering around its neutral level of 50, indicating a lack of momentum and indecision among traders. If the RSI breaks below the neutral level, it will suggest weak momentum, leading to a decline in Bitcoin price.

BTC/USDT Daily Chart

However, if $62,125 holds, BTC could rise to retest its psychological $66,000 level.

Ethereum is showing signs of weakness

Ethereum price was rejected by the daily resistance level at $2,461 on Monday. The daily level roughly coincides with the 50% retracement level at $2,487 and the 50-day EMA around $2,546, making it a key resistance area. It is trading just above $2,400 as of Wednesday, approaching daily resistance.

If the daily resistance level of $2,461 continues to hold as resistance, ETH could drop 12% from its current trading level to retest the September 6 low of $2,155.

The RSI on the daily chart is trading at 46 below its neutral level, indicating weakness and continuing a downtrend.

ETH/USDT Daily Chart

However, if ETH breaks above the $2,461 resistance level and closes above the 50-day EMA at $2,546, it could extend the rally to retest the August 25 high of $2,820.

Ripple price set for a downtrend

Ripple price is approaching the previously broken uptrend line (drawn by connecting several early July lows) on Wednesday. This trendline roughly coincides with the two crucial resistance levels: the 200-day EMA at $0.554 and the daily level at $0.544. It is currently trading below it at around $0.532.

If the 200-day EMA at $0.554 acts as resistance, XRP could drop 19% from current trading levels to retest the August 5 low of $0.431.

The RSI indicator on the daily chart is also trading below its neutral level of 50, indicating bearish momentum and a continuation of the downtrend.

XRP/USDT Daily Chart

However, if XRP breaks and closes above the 200-day EMA at $0.554, it could extend the rally by 13% to retest the next daily resistance at $0.626.