BTC on the Edge 💎 – Can Bitcoin Smash Through $120K?
Bitcoin hit an intraday high of $119,700 on Thursday but dropped down, confirming short-term support around $118,000. RSI broke above a falling trendline (dotted) and is now at 63 on the daily chart, supporting the optimistic view. A continually increasing RSI suggests positive momentum, which might push BTC beyond $120,000 on Thursday.
Investors should be wary since early profit-taking might wipe out gains and send prices down below the 50-day Exponential Moving Average (EMA) at $113,766 and the 100-day EMA at $112,110.
Ethereum, XRP remain positive
Ethereum remained above the 50-day EMA, a crucial support level at $4,222, boosting risk appetite. Bullishness would be confirmed by a sustained break over $4,400–$4,500 resistance.
ETH may hit its August 24 record high of $4,956 on the next leg up. Bullish momentum is supported by an uptrending RSI at 54 and a daily MACD buy signal. The blue line may stay above the red signal line, thus traders may increase risk. Breaking the daily chart's declining trendline since late August would be another major milestone for Ethereum.
Bulls dominate XRP, backed by significant moving averages. Support is available from the 50-day EMA at $2.92, the 100-day at $2.84, and the 200-day at $2.62.
A break above the falling trendline might herald a bullish shift and a move toward the record high of $3.66. If investors take gains early, $3.18 medium-term barrier might slow the rally.
