Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Bitcoin's bullish trend picks up steam

• Cryptocurrency market is moving in sync with equities.
• Bitcoin has settled above the upper line of the recent range.
• Ripple is still locked in a tight range despite the recovery.

The global stock markets have been recovering in Asian as the U.S. President Donald Trump soothed the nerves of the market by saying that U.S.-China trade pact was “fully intact”.

China trade deal is fully intact. Hopefully they will continue to live up to the terms of the agreement, he wrote on Twitter after confusing statements from White House trade adviser Peter Navarro over the fate of the deal.

Those comments triggered a text-book market reactions as equities staged a strong rally, while safe-haven assets like gold and US Dollar were sold-off. Bitcoin and other major assets moved in sync with the stock markets, gaining ground after a long period of sidelined trading. 

Bitcoin seems to be moving in sync with risky assets but its safe-haven status remains intact. Bitcoin holders regard the coin as a hedge against inflation, which is inevitable in the environment of massive central bank stimulus around the globe. While the stock markets may be detached from the reality and disoriented by hefty liquidity injections, Bitcoin stands ready to resume growth once the inflation rears its head.  

According to the recent Chainalysis report, over 60% of all Bitcoins in circulation are held by long-term investors, who believe that Bitcoin is digital gold. They never sold more that 25% of purchased coins. 

ETH/BTC Daily Chart

The ETH/BTC pair is currently trading at the price level of 0.0251. The price spiked to $0.0256 on Monday amid strong ETH recovery across the board. The local resistance is created by $0.0255 (May 30 high) and $0.0256 (Monday's high). It is followed by a stronger barrier at $0.0260. Meanwhile, the local support is created by $0.0250. The second barrier comes at 0.0235 (daily SMA50), and the third one is at 0.0220 (daily SMA200). The RSI on a daily chart has reversed to the downside, which implies that the price may retreat lower within the bearish correction.

BTC/USD Daily Chart

The BTC/USD is currently trading at the price level of $9630 while moving within a short-term bullish trend amid shrinking volatility. Above the current price, the first resistance level comes at $9,700. This barrier is created by the intraday high. The second resistance is psychological $10,000 followed by the recent recovery high of $10,412 and the highest level of the year $10,511. Below the current price, the first support is created by $9550. This barrier has been limiting the recovery for the most part of the previous week. Then comes psychological $9,000 and $8,750 (weekly SMA50). The RSI has starter reversing to the downside, which is a negative signal for the short-term bulls.

ETH/USD Daily Chart

The ETH/USD pair is currently trading at the price level of $241.3 and stays above the pivotal $240.00 that suggests that an extended recovery may be just around the corner. Above the current price, the first resistance level is at $250. It is followed by the recent recovery high of $253.67 and $265. Once it is out of the way, the upside momentum may start gaining round and bring $300.00 back into focus. Below the current price, if $240.00 is broken, the sell-off may be extended towards the first support of $220 and to the psychological $200.

XRP/USD Daily Chart

The XRP/USD pair is currently trading at $0.1888. It is locked in a tight range under the psychological $0.1900. Critical support is created by $0.1800, if it gives way the sell-off may gather pace and take the price to $0.1730 (Pivot Point 1-week Support2). Above the current price, the first resistance level is at $0.1900, then comes $0.1955 (the middle line of the daily Bollinger Band) and the third one is registered at $0.2000. This psychological barrier is reinforced by daily SMA50. 

 

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