Price forecast, Bitcoin, Ethereum, Ripple, BTC, ETH, and XRP may face volatility as markets watch

The top three cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), are trading cautiously at the time of writing on Friday, as traders prepare for potential volatility ahead of Federal Reserve (Fed) Chairman Jerome Powell's speech at the Jackson Hole symposium. BTC remains above its key support, ETH shows some signs of resistance, while XRP struggles near its 50-day exponential moving average. The next move in the cryptocurrency market may depend on Powell's guidance on the Fed's policy outlook.

Bitcoin consolidates above its key support at 111.980$

BTC's price has fallen more than 8% from its record of 124.747$ on August 14, closing below an upward trend line drawn by connecting multiple lows since early April this week, and retested its support level at 111.980$ on Thursday. At the time of writing on Friday, it stands around 113.432$.

If the support at 111.980$ holds and BTC recovers and closes above its 50-day EMA at 114.786$, it could extend the recovery towards its next daily resistance at 116.000$.

However, the Relative Strength Index (RSI) is at 43, below its neutral value of 50, suggesting bearish momentum. For the recovery rally to hold, the RSI must move above its neutral value.



Daily chart BTC/USDT

However, if BTC continues its correction and closes below the support of 111.980$, it could extend the decline towards its 100-day EMA at 110.605$.