Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin may extend the recovery once Gold resumes the rally
|- Gold retreated from the recent highs, but the sentiments are still bullish.
- Cryptocurrencies resumed the upside, some altcoins are demonstrating strong gains.
- ETH/BTC stopped the downside correction and settled at $0.03300.
Bitcoin has been creeping higher towards $12,000, ETH struggles at $400, while some altcoins rush forward to new highs. Thus, Bitcoin Cash and Monero gained 10% in the recent 24 hours, while EOS increased by 6%. The total capitalization of all digital assets in circulation is registered at $359 billion, while an average daily trading volume is set at $91 billion.
Meanwhile, gold retreated from the recent high and broke the longest bullish streak since 2006 despite the further escalation of US-China spat about Chinese-owned TikTok and WeChat apps. The U.S. residents will be prohibited by having business with these companies in 45 days from now as President Donald Trump signed executive orders to that effect.
The precious metal gained over 35% since the start of the year, which is the biggest annual growth in more that forty years. Moreover, Bank of America analysts expect further gains after a short-lived correction. They believe that the price may hit $3,000 an ounce in 18 months.
Once gold resumes the upside momentum, Bitcoin may follow the lead.
ETH/BTC Daily Chart
ETH/BTC settled at $0.0335 after a bearish correction from a recent high reached at at $0.03528. At the time of writing, the cross is changing hands at $0.0339, unchanged both on a day-to-day basis and since the beginning of Friday. The RSI on a daily chart stays flat on a border of overbought territory, which means that the cross may stay sidelined during the nearest sessions. The local support created by the previous recovery high of $0.03260 and the upper line of the weekly Bollinger Band at $0.03250. If it is cleared, the sell-off may be extended towards a psychological $0.0300. On the upside, once the recent high is cleared, $0.04000 will come into view.
Above the current price, the first resistance level is at 0.03500, then the second at 0.04000 and the third one at 0.0450.
Below the current price, the first support level is at 0.0325, then the second at 0.03100 and the third one at 0.0300.
BTC/USD Daily Chart
Bitcoin extended the recovery jumped above $11,900 during early Asian hours. Once this local resistance is cleared, the upside will be extended towards psychological $12,000. A sustainable move above this area is needed for the upside to gain traction. The next resistance is created by the upper line of the daily Bollinger Band at $12,500. The coin has gained 1% in the recent 24 hours and stayed unchanged since the start of the day. A sustainable move above $12,000 will bring more bulls to the market and increase the chances that $13,000 is reached in the nearest future. Meanwhile, the RSI on a daily chart stays flat on the border of the overbought territory. It means that the price may spend some time in a range before the recovery is resumed.
Above the current price, the first resistance level is at $12,000, then the second at $12,500 and the third one at $13,000.
Below the current price, the first support level is at $11,350, then the second at $11,000 and the third one at $10,500.
ETH/USD Daily Chart
ETH/USD stays in a tight range after several unsuccessful attempts to settle above $400.00. Once it is cleared, the recovery may be extended towards $415.00, which is the highest level of the recent bullish wave. Once this happens, the next resistance of $430 will come into focus. this barrier is reinforced by the upper line of the daily Bollinger Band. On the downside, the first support comes at $360. It is followed by the middle line of the daily Bollinger Band at $320.00 followed by $300.00.
Above the current price, the first resistance level is at $400, then the second at $430 and the third one at $500.
Below the current price, the first support level is at $360, then the second at $320 and the third one at $300.
XRP/USD Daily Chart
XRP/USD extended the recovery and hit the intraday high of $0.3071. The next strong resistance comes at the psychological $0.3100. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high of $0.3250, followed by the upper line of the daily Bollinger Band at $0.3320. On the downside, $0.3000 is the key support for the con in the short run. It is likely to slo down the sell-off; however, once is is broken, the downside momentum may be extended to $0.2900 and $0.2840, which is the lowest level of the week.
Above the current price, the first resistance level is at $0.3100, then the second at $0.3250 and the third one at $0.3320.
Below the current price, the first level of support is at $0.3000, then the second at $0.2900 and the third one at $0.2840.
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