Predictions for the top 3 cryptocurrencies: BTC, ETH, and XRP are preparing for a new bullish wave.

On Friday, the price of Bitcoin (BTC) recorded a trading level above 116,000 USD, with investors hoping to reach the 120,000 USD mark. Ethereum (ETH) and Ripple (XRP) continued the upward trend of BTC, maintaining strong above key support levels and preparing for a new rally in the coming days.

Bitcoin targets the level of 120,000 USD

On September 10, the price of Bitcoin broke above the 50-day exponential moving average (EMA) and in the following six days increased by 2.43%, closing above the important resistance level of 116,000 USD on Tuesday. Although BTC encountered a slight rejection on Wednesday, after testing, this coin found solid support around the 116,000 USD level and continued to increase slightly the next day. As of the time of writing on Friday, BTC is trading around the 116,500 USD mark.

If the upward momentum is maintained, Bitcoin has a strong possibility of heading towards the significant psychological level of 120,000 USD in the coming days.

BTC/USDT daily chart | Source: TradingViewThe current technical indicators also support this positive outlook. The Relative Strength Index (RSI) on the daily chart remains at 61, stable above the average line, reflecting strong bullish momentum. Meanwhile, the MACD indicator has shown a bullish crossover signal since September 6 and is still in effect, indicating that the upward trend may be sustainable in the near future.

On the contrary, if BTC corrects and closes below the support level of 116,000 USD, the decline may extend towards the 50-day EMA at 113,924 USD.

Ethereum is ready for a rally towards a record high of 4,956 USD

On September 12, Ethereum (ETH) broke out above the accumulation range, reaching 4,788 USD and recording an increase of 5.68%. However, this upward momentum did not last: in the following four days, ETH decreased by 4.53%, returning to test the upper boundary of the range at 4,488 USD on Tuesday. From this support level, ETH bounced back by 1.98% on Wednesday and fluctuated around the 4,500 USD mark the next day. As of Friday, the price of ETH remained stable around the 4,500 USD range.

If the support level of 4.488 USD continues to hold, Ethereum has the potential to continue its recovery, aiming for the record high of 4.956 USD.

ETH/USDT Daily Chart | Source: TradingViewTechnical indicators show caution: RSI on the daily timeframe remains at 57, stable above the moving average, reflecting slight upward momentum, while the MACD line and the signal line of the MACD indicator are converging, suggesting hesitation from traders.

On the contrary, if ETH closes below 4,488 USD, the price may extend the downward momentum towards the lower boundary at 4,232 USD, coinciding with the 50-day EMA, creating significant selling pressure.

XRP breaks out of the descending wedge pattern

On September 11, the price of XRP broke above the descending wedge pattern that had formed since mid-July, connecting several peaks and troughs with two trend lines. This breakout clearly favored the bulls, helping XRP increase by 2.5% in the following two days. However, afterwards the price corrected down by 3.4% on Monday, testing the breakout level around 2.99 USD before bouncing back up 3% in the next two days. As of Friday, XRP was fluctuating around the 3.06 USD mark.

If the upward trend continues, XRP could extend its rally towards the daily resistance level at 3.40 USD.

XRP/USDT Daily Chart | Source: TradingViewOn the daily chart, the RSI is at 55, surpassing the neutral threshold of 50, indicating a slight bullish momentum. Similarly, the MACD also reinforces the optimistic outlook for XRP's price increase, akin to the trend of Bitcoin.

Conversely, in the case of a correction, the price of XRP may retreat to the 50-day EMA around 2.95 USD, creating a balancing point for the next phase.

SN_Nour