Top 3 Price Prediction Bitcoin, Ethereum, Ripple: ETH/BTC on retreat, BTC recovery gains traction
|- Bitcoin gets ready to follow Gold to new highs.
- The crypto market becomes more sensitive to ma.cro news
- ETH/BTC reverses from a multi-month high amid technical correction.
Gold prices spiked above $2,000 amid growing concerns about the economic recovery. Geopolitical tensions and the prospect for further monetary and fiscal stimulus mitigate the financial consequences of COVID-19 drive investors to safe-haven assets. The precious metal has gained over 30% since the start of the year, while the US Dollar and U.S. real yields continued sliding down. Economists predict that gold’s rally will gain traction as the fundamental background won’t change any time soon.
“The stage has been set for gold to continue to climb higher. We see increased fiscal spending ahead, extremely accommodative monetary policy in place for years and challenging economic recovery,” Paul Wong, market strategist at Sprott Inc commented as cited by Bloomberg.
Such current crisis conditions are often regarded as positive for Bitcoin and other digital assets with the anti-inflationary features. Bitcoin proponents tout its limited supply and independence from the authorities. This theory is supported by the recent research by JPMorgan where the analysts found out that elder people prefer gold, while young investors buy Bitcoin as a protective asset.
Gold and Bitcoin ETFs have been experiencing strong inflows over the past five months, as both old and young see the case for an “alternative” currency, the strategists wrote.
ETH/BTC Daily Chart
ETH/BTC has topped at $0.03528 on Tuesday and retreated to $0.03448 by the time of writing. The cross has lost about 1% since the start of the day. The RSI on a daily chart reversed to the downside, signaling that the price is ready for a correction from overbought territory. 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 resumed the recovery and stopped within a whisker of $11,400. Once this local resistance is cleared, the upside will be extended towards $11,800 and $12,000 and the upper line of the daily Bollinger Band at $12,185. The coin has gained 1.5% both in the recent 24 hours and since the start of the day. The first digital asset has been range-bound with a bullish bias that stays intact as long a the price is above $11,000. Meanwhile, the RSI on a daily chart reversed to the upside and entered the overbought territory.
Above the current price, the first resistance level is at $11,400, then the second at $12,000 and the third one at $12,500.
Below the current price, the first support level is at $11,000, then the second at $10,800 and the third one at $10,500.
ETH/USD Daily Chart
ETH/USD slowed down the rally, and stayed mostly unchanged both on a day-to-day basis and since the beginning of Wednesday, though the coin is still in the green zone. The upside is effectively capped by $400, while the sell-of is limited by $360. According to a well-known trader Michaël van de Poppe, this area ,ay serve as a critical support zone. Once it is cleared, the downside momentum is likely to gain traction with the next focus $300.00.
Above the current price, the first resistance level is at $400, then the second at $450 and the third one at $500.
Below the current price, the first support level is at $360, then the second at $300 and the third one at $260.
XRP/USD Daily Chart
XRP/USD returned to the area above $0.3000 after a short-lived sell-off to $0.2900. At the time of writing, XRP/USD is changing hands at $0.3030.If the move above $0.3000 is sustained, the recovery may gain traction with the next focus on psychological $0.3100 and the upper line of the daily Bollinger Band at $0.3160. On the downside, the strong support comes at $0.2900, followed by $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 $0.3200 and the third one at $0.3300.
Below the current price, the first level of support is at $0.3000, then the second at $0.2940 and the third one at $0.2840.
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