- Bitcoin price could fall soon, with the $24,995 multi-month support level barely holding.
- Ethereum price tests the $1,621 support level with a 5% drop down in sight unless this bullish divergence pans out.
- Ripple price must hold above $0.4800 or risk a retest of the May lows at $0.4191.
Bitcoin (BTC) price, just like Ethereum (ETH) and Ripple (XRP) continues to move horizontally along crucial support levels. This is risky especially as momentum continues to fad and prices may start falling soon.
Bitcoin price readies for a fall
Bitcoin (BTC) price is treading on dangerous grounds, exhausting the $24,995 support level after a longstanding consolidation. Unless the king of crypto finds its footing, it could soon lose the aforementioned support, and descend to the psychological $24,000 level. In the dire case, expect an extended hobble to the demand zone at $21,915, where some buying activity could finally present. This assumption comes as demand zones are often populated by buyers.
Notably, the Relative Strength Index (RSI) is inclined south and could soon cross below the signal line (yellow band). Such a move is often interpreted as a sell signal. Also notable, the histogram bars of the Awesome Oscillator are negative, suggesting bears have the upper hand.
BTC/USDT 1-day chart
On the flipside, with the $24,995 support level acting as a buyer congestion zone, bullish momentum above this level could send Bitcoin price north, potentially confronting the 200-, 50-, and 100-day Exponential Moving Averages (EMA) at $27,085, $27,830, and $27,522 levels respectively, before the $29,692 resistance is activated.
While overcoming this barricade would be ideal, Bitcoin price would remain in the woods until after a decisive daily candlestick close above the $31,518 level.
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