Bitcoin (BTC): The bullish breakout for Bitcoin appears to be losing steam as the price confronts resistance at $52,768. The Relative Strength Index (RSI) is in an overbought condition, suggesting a potential correction. Likely support levels in a downward move include the 78.6% and 61.8% Fibonacci levels at $49,786 and $47,445, respectively. A more significant correction could target the 50% Fibonacci level at $45,801. However, if bulls regain control, Bitcoin could surpass the resistance and establish a new range high.
Ethereum (ETH): Ethereum has outperformed Bitcoin but is also facing potential overbought conditions. The RSI indicates overbought status, and the Spent Output Profit Ratio (SOPR) is above 1, suggesting a possible correction. A move to the downside could see ETH lose support at $2,874 and potentially revisit the $2,800 level. Further bearish momentum might lead to a test of the midline of the channel and the horizontal line at $2,689. On the upside, a bullish resurgence could drive Ethereum towards the $3,000 psychological target.
Ripple (XRP): Despite market weakness, Ripple (XRP) remains bullish, buoyed by legal developments against the U.S. Securities and Exchange Commission (SEC). The RSI at 58 indicates room for potential upward movement. Positive momentum may lead to a break above the upper boundary of the descending parallel channel, targeting the $0.6000 psychological level. On the downside, a rejection could result in XRP testing support at $0.5368, followed by potential declines to the midline of the channel at $0.5145 or the support floor at $0.4734.
