Top 3 Price Prediction Bitcoin, Ethereum, Ripple: XRP unstoppable, BTC hesitant at $11,000
|- Cryptocurrency industry gets ready for the next altseason.
- Bitcoin has been range-bound at the pivotal line of $11,000.
- XRP/USD may be poised to further recovery if it stays above $0.2300.
The cryptocurrency market has resumed the recovery after a short period of consolidation. Bitcoin and major altcoins are in a green zone again, though the first digital asset seems to lag behind some altcoins like XRP, BCH, and EOS that demonstrate stronger growth momentum.
Cryptocurrency traders draw parallels with the previous massive growth of smaller coins and expect a new altseason. A crypto and options trader known as Kaleo, posted a chart that reflects how similar the altcoin market looks to March 2017. He also believes that we are on the verge of a new altseason.
Meanwhile, gold moved close to psychological $2,000 per ounce; the European stocks and the U.S. index futures edged higher as the market looked past disappointing earning reports. However, investors will continue analyzing earnings looking for clues on how the resurgence of Covid-19 will influence recovery in the global economy.
ETH/BTC Daily Chart
ETH/BTC stopped the sell-off at $0.02910. The cross set the recovery high at 0.0325 and hit 0.02860 on Tuesday amid BTC recovery. The price stays well below the psychological $0.0300 that now serves as the first important resistance level. If it is cleared, the upside momentum may gain traction with the next focus on the upper line of the daily Bollinger Band at 0.03100. The move above those barriers will cancel the bearish scenario and increase the upside momentum. The local support is created by the middle line of the daily Bollinger Band on approach to $0.02730. It is followed by the 100-week Simple Moving Average at $0.02600.
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 0.02730, then the second at 0.0260 and the third one at 0.02500.
BTC/USD Daily Chart
BTC/USD is currently hovering at $11,000. Once the move above this psychological barrier is confirmed, the price may extend the upside move towards the recent high of $11,414. This barrier may serve as a strong resistance, however, once it is out of the way, $12,000 will come into focus. In this case the upside momentum will start snowballing and the market may become really violent. Meanwhile, the RSI on a daily chart stays flat, which implies that the range-bound trading is not over. BTC/USD has stayed mostly unchaged since the beginning of the day and since this time on Tuesday. The next local support comes at $10,800. Once it is out of the way, the sell-off is likely to gain traction with the next focus $10,500.
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 $10,800, then the second at $10,500 and the third one at $10,000.
ETH/USD Daily Chart
ETH/USD is currently trading at $321.50. The second-largest digital asset hit the recent recovery high at $334 and settled in a tight range. The coin touched the intraday low of $312.90 as the price retraced from the overbought levels. ETH/USD is inside the daily Bollinger Band and now the upper line of this channel serves as a local resistance. On the downside, the next support is created by psychological $300.00
Above the current price, the first resistance level is at $330, then the second at $350 and the third one at $400.
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 hit the intraday high at $0.2442 and retreated to $0.2390 by press time. The coin is the biggest winner of the day out of top-5 with over 8% of growth in the recent 24 hours. The upside momentum gained traction after the price broke above 50-week SMA at $0.2260 and moved past the upper line of the weekly Bollinger Band on approach to $0.2300. Now this technical levels serve as strong supports.
Above the current price, the first resistance level is at $0.2440, then the second at $0.2500 and the third one at $0.2600.
Below the current price, the first level of support is at $0.2300, then the second at $0.2260 and the third one at $0.2200.
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