• The price of Bitcoin is expected to be rejected at the $67,147 weekly barrier level.
• The price of Ethereum is stabilizing close to the June 14 support level of $3,362.
• At $0.515, the price of ripple is hitting a resistance level that corresponds to its 50-day Exponential Moving Average (EMA).

The price of Bitcoin (BTC) runs into resistance at weekly highs and then pulls back to look for support at a critical level. In the meantime, Ethereum (ETH) and Ripple (XRP) carefully follow the movements of Bitcoin, positioning themselves to break through resistance and make upward moves.

The price of Bitcoin faces significant opposition

The weekly resistance level of $67,147 rejected the price of Bitcoin on Monday, and it is presently trading inside a declining channel. As seen in the one-day chart below, a descending channel is constructed that connects several swing high point and swing low point levels between early and mid-June.

The 61.8% Fibonacci retracement level, which was drawn from a swing low of $56,523 on May 1 to a swing high of $71,994 on May 21, could provide support for Bitcoin if it keeps falling.

If the $62,451 support level is maintained and Bitcoin breaks above the declining channel, it may rise 7.5% to $67,147, the previous resistance level.

On the daily chart, the Awesome Oscillator (AO) and the Relative Strength Index (RSI) are both below their respective mean values of zero and fifty. Both momentum indicators need to hold their positions above their respective mean levels if bulls are making a comeback.

This development would give the current rebound surge more impetus.

If the cryptocurrency market as a whole is upbeat, BTC might continue to rise 6% from $67,147 to $71,280, its last barrier level.

The bullish argument, however, might be refuted if the price of Bitcoin breaks and closes below its daily support level of $60,800, which would cause a 4% decline to its weekly support level of $58,375.

The price of Ethereum is expected to rise

The low point of $3,360 on June 14 is where the price of ether finds support. On Wednesday, the US Securities and Exchange Commission (SEC) granted it a free pass, currently trading at $3,523—the $3,360 low roughly hovers around the 61.8% Fibonacci retracement level at $3,279.

The price of ETH might rise 5% from its current trading price of $3,523 to reach its previous high of $3,717 on June 9 if this support holds.

On the daily chart, the Awesome Oscillator (AO) trades below its mean zero, while the Relative Strength Index (RSI) struggles to close above its mean level of 50. Both momentum indicators need to hold their positions above their respective mean levels if bulls are making a comeback.

ETH may continue its 7% rise to hit $3,977, its last resistance level, if it closes over $3,717.

However, a lower bottom and a disruption in the market structure would be indicated if the price of Ethereum’s daily candlestick falls below $3,292. This action would refute the previously stated bullish thesis and perhaps lead to an additional 13% decline below the prior support level of $2,864.

Price ripples indicate promise

The 50-day Exponential Moving Average (EMA) of the ripple price, which is presently trading at $0.490, provided resistance on Monday.

The price of ripple might increase by 7% from $0.499 to $0.532, its previous high from June 5, if it breaks over the 50-day EMA at $0.512.

On the daily chart, the Awesome Oscillator (AO) is below its zero line and the Relative Strength Index (RSI) is below the 50 mean level. Both momentum indicators need to stay above their corresponding levels of 50 and zero for positive momentum to continue. This would give the recovery rally even more momentum.

The price of XRP might rise by a further 9% to $0.581, which is a 50% price retracement level of $0.419 and $0.744 from March 11 to April 13. This could happen if the daily candlestick finishes above $0.532.

On the other hand, the positive prognosis would be invalidated if Ripple’s daily candlestick falls below $0.450, which would correspond to the bottom of June 7. This scenario might cause the price of XRP to drop by 7% and approach the $0.419 low from April 13.