- The bitcoin price trades in Red on Wednesday after facing rejection at $ 116,000 from its resistance level.
- The Ethereum value expands its fall after failing to break the daily resistance at $ 3,730.
- Ripple’s XRP falls below $ 3, signaling weakness and the possible continuity of its ongoing downtrend.
Bitcoin (BTC) trades in red color below $ 114,000 at the time of writing on Wednesday after rejection from its major resistance level. Ethereum (Eth) and Ripple (XRP) followed the BTC footsteps and faced rejection from their significant resistance areas, leading to increased risk of further decline in short -term.
Bitcoin faces rejection from its $ 116,000 resistance
The bitcoin value on Sunday received its 50-day exponential moving average (EMA) at $ 113,058 and recovered slightly by the next day, with its low consolidation at $ 116,000. However, on Tuesday, it faced mild improvement around $ 116,000 resistance. At the time of writing on Wednesday, it continues trade below $ 114,000.
If the 50-day EMA fails to hold as a support on $ 113,058, BTC closes below the last all-time high of $ 111,980 on a daily basis. Then, it can expand the fall to resume its major psychological support at $ 110,000.
Relative Shakti Index (RSI) reads 44 on the daily chart, after facing rejection from its neutral level of 50, shows that the speed of the recession is receiving traction. The moving average convergence deviation (MACD) showed a recession crossover on July 23 that still holds, which indicates the speed of recession.
BTC/USDT Daily Chart
However, if BTC gets support at $ 113,058 around its 50-day EMA, it can expand its major resistance to $ 116,000.
Ethereum continues to improve as it reinforces its daily resistance at $ 3,730
The Ethereum Price on Sunday found support around its 78.6% Fibonacci Retress Level at $ 3,392 and recovered up to 10.25% until the next day. However, on Tuesday, it faced rejection at $ 3,730 from its daily resistance level and fell by about 3%. At the time of writing on Wednesday, it continues to trade in red for about $ 3,588.
If Eth continues its improvement, it can expand the fall towards the 78.6% fibonacci retracement level at $ 3,392.
The RSI on the daily chart reads 56 on Saturday after bouncing a neutral level of 50, indicating rapid speed. However, MACD continues to hold a slowdown crossover and supports the improvement thesis.
Eth/USDT Daily Chart
On the other hand, if Eth is above daily resistance at $ 3,730 on a daily basis, it can expand its next major resistance to $ 4,000.
XRP shows weakness in speed indicators
The XRP on Sunday received support at $ 2.80 around the 50-day EMA and recovered about 11% by Monday. This 50-day EMA matches $ 2.72 with approximately daily levels and $ 2.78 with 50% fibonacci level, making it an important support area. However, on Tuesday, the XRP recorded a decline of 3.56% and at the time of writing on Wednesday, it continues trade below $ 2.92.
If the XRP continues a pullback, it can expand its major support at $ 2.80.
The RSI on the daily chart is slipping below its neutral level of 50, indicating the fading speed speed. Like the Ethereum, the MACD indicator of the XRP also supports the recession thesis.
XRP/USDT Daily Chart
Conversely, if the XRP is cured, it can expand the recovery towards its next daily resistance at $ 3.40.
