Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH/BTC in a free fall, BTC stays under $11,000
|- Safe-haven rally ground to a halt ahead of the FED's meeting.
- The crypto market enters a sideways/downward cycle after a sharp increase
- ETH/BTC could continue falling as Bitcoin is gaining ground.
The cryptocurrency market has been on retreat after a strong rally on the weekend and on Monday. Bitcoin and all major altcoins started the technical correction from the overbought levels; however, the bulls stand ready to regain the control and drive the market to new highs.
While a massive rally was caused by a rush to safety, the retreat also correlates with the sentiments on the global markets. Gold dropped from the all-time high of $1,981 to trade at $1,927 by press time. The US Dollar stabilized after a sharp sell-off amid rising concerns about the state of the US economy and inflationary fears caused by the expectations of the dovish FED's comments.
Some experts are doubtful that FED's move to extend the liquidity supply and hold rates low will create a new rally on risk assets.
“What we’re going to need next for another leg up is a better macroeconomic outlook, because the next leg up will come from a rotation into cyclicals. Right now you can see some improvement in North Asia. But still not in the U.S,” Fabiana Fedeli, global head of fundamental equities at Robeco Group said in the interview with Bloomberg.
In this case, Gold and Bitcoin may get additional support and proceed to new highs.
ETH/BTC Daily Chart
ETH/BTC dropped like a stone on Monday. The cross tested 0.0325 and hit 0.02860 as BTC recovery has been gaining traction, while altcoins's bullish momentum started fading away. At the time of writing, ETH/BTC is changing hands at 0.02900 moving within a short-term bearish trend. The price slipped below upper line of the daily Bollinger Band at 0.03100 and $0.0300 reinforced by the upper line of the weekly Bollinger Band. This move cancelled the bullish scenario for the time being and brought the middle line of the daily Bollinger Band on approach to $0.0270 into focus. This support is followed by 100-week Simple Moving Average at $0.02642.
Above the current price, the first resistance level is at 0.03000, then the second at 0.03100 and the third one at 0.0320.
Below the current price, the first support level is at 0.02700, then the second at 0.0264 and the third one at 0.02500.
BTC/USD Daily Chart
BTC/USD is currently trading at $10,898. The first digital coin retreated from the recent high of $11,414 but managed to stay above the upper line of the daily Bollinger Band $10,580. This barrier provides a backstop in case of the downside correction. The short-term trend is bullish as long as the price stays above $10,000; however, the downward-looking RSI on a daily chart implies that the correction is not over. BTC/USD has lost 1% since the beginning of the day and gained over 4% in the recent 24 hours. The next local resistance comes at $11,000. Once it is out of the way, the upside is likely to gain traction with the next focus on the highest level of 2020 at $11,414.
Above the current price, the first resistance level is at $11,000, then the second at $11,400 and the third one at $12,000.
Below the current price, the first support level is at $10,500, then the second at $10,000 and the third one at $9,350.
ETH/USD Daily Chart
ETH/USD is currently trading at $315.90. The second-largest digital asset hit the recent recovery high at $334 and has been losing ground ever since. The coin touched the intraday low of $306.40 as the price retraced from the overbought levels. ETH/USD got back intside the daily Bollinger Band and now the upper line of this rising channel serves as a local resistance for the coin that separates the price from a deeper recovery to $330.00. On the downside, the next support is created by psychological $300.00
Above the current price, the first resistance level is at $320, then the second at $330 and the third one at $350.
Below the current price, the first support level is at $300, then the second at $260 and the third one at $242.
XRP/USD Daily Chart
XRP/USD is currently trading at $0.2212. The coin retreated from the Monday's high of $0.2294. The coin faced a stiff resistance on approach to $0.2300 and dropped to the upper line of the weekly Bollinger Band. On the downside, if $0.2100 gives way, the short-term bullish scenario will be invalidated and $0.2000 will come back into view. On the upside, the critical resistance is created by a combination of 50-week SMA and the upper line of the weekly Bollinger Band at $0.2260. Once it is out of the way, the upside is likely to gain traction with the next focus on the recent high on approach to 0.2300.
Above the current price, the first resistance level is at $0.2260, then the second at $0.2300 and the third one at $0.2400.
Below the current price, the first level of support is at $0.2200, then the second at $0.2100 and the third one at $0.2000.
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