Bitcoin Price Surpasses $116,000 Resistance
Bitcoin (BTC) has closed above the key resistance level of $116,000. It struggled near this level since last Friday but broke through on Tuesday. As of Wednesday, BTC trades around $116,700.
If $116,000 holds as support, Bitcoin could rise toward the $120,000 mark. The daily Relative Strength Index (RSI) is at 60, showing growing bullish momentum. The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover on September 6, signaling a possible upward trend.
However, if Bitcoin falls below $116,000, it might drop to the 50-day Exponential Moving Average (EMA) near $113,674.
Ethereum Holds Support Near $4,488
Ethereum (ETH) broke above $4,488 last Friday and gained 5.68%. It then lost some ground, falling 3.82% over four days and retesting the $4,488 support on Tuesday. On Wednesday, ETH trades slightly above this level at $4,538.
If the $4,488 support holds, Ethereum could continue its recovery toward its all-time high of $4,956. The daily RSI stands at 55, indicating mild bullish momentum. However, the MACD lines are converging, showing some uncertainty among traders.
If ETH closes below $4,488, it may decline further toward $4,232.
Ripple Shows Signs of Bullish Momentum
Ripple (XRP) broke out of a descending wedge pattern on September 11. This breakout favors buyers. XRP rose 2.5% in the two days after but then dropped 3.4% until Monday, retesting the breakout level near $2.99. It rebounded slightly and trades around $3.04 on Wednesday.
If XRP keeps rising, it could reach the daily resistance at $3.40. The RSI is at 54, showing mild bullish momentum. The MACD also supports a positive outlook.
If XRP corrects, it could fall toward its 50-day EMA near $2.94.
