Top 3 Price Predictions: Bitcoin, Ethereum, Ripple – Breakout or Fakeout? Momentum Indicators Show Weakness - Cryptured.com

Concerns about a possible bull trap are raised by Bitcoin’s (BTC) small decline on Monday after it broke over a significant barrier at $105,000 on Sunday.

A strong closure below Ethereum’s (ETH) and Ripple’s (XRP) critical support levels might lead to a more significant decline.

Additionally, the momentum indicators of these leading cryptocurrencies show signs of weakening as the overall cryptocurrency market moves into a consolidation and decline phase.

Bitcoin breakout or fakeout?

Sunday saw a 3.23% increase in the price of bitcoin, which broke above its main resistance mark at $105,000. However, it has not found support at this level as of Monday, and it is currently trading at about $104,624.

On the daily chart, there are indications of weakness in the momentum indicators. The Relative Strength Index (RSI), which shows diminishing bullish momentum, was rejected from its overbought levels of 70 on Sunday and is currently reading 65 and pointing lower.

In addition, Sunday’s bearish crossover of the Moving Average Convergence Divergence (MACD) provided sell indications and signaled the beginning of a downward trend.

The slide may be extended to retest the psychological support level at $100,000 if Bitcoin keeps declining.

But if Bitcoin bounces back and closes over $105,000, it might continue to rise toward the record high of $109,588 recorded on January 20.

Ethereum’s Battle with 200-Day EMA Could Shape Its Next Move

During Sunday’s retest, the price of Ethereum found support at $2,438 close to its 200-day Exponential Moving Average (EMA). However, it was trading just below this level on Monday at around $2,387 at the time of writing.

If ETH keeps correcting and closes below $2,438 every day, it may continue to fall and retest its next important support level at $2,000.

Following its rejection from its overbought conditions last week, the daily chart’s RSI shows fading positive momentum with a reading of 60 and heads downward. Additionally, on the daily chart, the MACD signal is switching to a bearish crossover.

Another sell signal would be confirmed if there was a crossover.

But if ETH recovers and the 200-day EMA at $2,438 holds as support, the increase can continue to retest its critical psychological threshold at $3,000.

XRP bulls show weakness in momentum

When the price of XRP retested its 50-day EMA at $2.28 on Sunday, it bounced back and rose 3.18% the next day. It was trading at around $2.36 on Monday after dropping, wiping away the most of its gains from the day before.

If XRP consistently breaks and closes below its 50-day EMA, the decline may continue below its next significant support level of $2.23.

The RSI is 52 on the daily chart, which shows that the positive momentum is decreasing as it gets closer to its neutral level of 50. If the RSI dropped below the neutral threshold of 50, there would be intense bearish momentum and a large drop in XRP prices.

The daily chart shows the MACD indicator transitioning to a bearish crossover as well. Another sell signal would be confirmed if there was a crossover.

However, if the 50-day EMA remains a support level, XRP may rise and retest its $2.72 resistance level.