[Market Trend] Bitcoin Under Pressure, Ethereum Consolidating, Ripple Approaching $1

▲ Bitcoin (BTC), Ethereum (ETH), XRP / ChatGPT generated image ©

While Bitcoin (BTC) and Ethereum (ETH) are capped by key moving averages, XRP (Ripple) is facing an increased risk of falling to the $1 support level. For all three assets, the Moving Average Convergence Divergence (MACD) remains below the signal line, indicating no clear signs of a rebound yet.

According to investment specialized media FXStreet on August 7 (local time), Bitcoin continued its short-term bearish trend, trading at $64,318, below its 50-day Exponential Moving Average (EMA) of $64,637. The Relative Strength Index (RSI) recorded a neutral level of 51, and the MACD showed a slight negative value just below the 0 line, indicating limited upward momentum.

Bitcoin's first resistance level is $64,637. If it breaks through this, the 100-day EMA at $67,021, the 200-day line at $73,149, and then the horizontal resistance level at $84,410 await in sequence. Conversely, if daily trading closes below the immediate support level of $64,004, there is a possibility of a deeper correction. As long as this price is maintained, a sideways trend is expected to continue below the moving average resistance.

Ethereum is at $1,901, and for the past 22 days, it has continued directionless trading between its 50-day EMA of $1,857 and its 100-day line of $1,925. The RSI indicated moderate upward momentum at 55, but the MACD remained below the 0 line. A break above $1,925 could test the psychological resistance level of $2,000 and the 200-day line of $2,132. On the other hand, if $1,857 breaks down, selling pressure could expand, opening up the risk of a decline to the horizontal support level of $1,385.

XRP has fallen more than 5% this week to $1.03, trading below its 50-day, 100-day, and 200-day EMAs of $1.11, $1.19, and $1.38, respectively. The RSI is at 36, close to the oversold region, but the MACD also remains bearish below the 0 line, so no clear reversal signal has been confirmed. The media analyzed that if a rebound occurs, $1.11, $1.19, and $1.30 will act as resistance levels, and if the $1 support level is definitively broken, further declines are likely to follow.

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