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Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC/USD breaks below $9,500; altcoins bleeding

The global markets is a mixed picture on Wednesday as investors and traders are assessing the economic risks from the second wave of coronavirus pandemic in the US, Europe and China. The Asian stock markets are tilted to the downside; however the news that the North Korean leader Kim Jong Un suspended military actions against South Korea somewhat soothed the anxiety.

The US stock indices retreated into the end of the day on Tuesday, but still closed in a green zone thanks to the positive momentum in tech sector where investors bet on massive governmental support and liquidity injections. Also, the recent PMI confirmed the economic recovery and helped to improve the sentiments.

Today IMF will publish an updated growth forecasts for 2020. If the data is revised to the downside, we may see a sell-off among risk assets; however the downside momentum will be short-lived as long as the authorities around the globe promise endless support.

Nela Richardson, an investment strategist at Edward Jones, commented:

“Bad news isn’t so bad if we think that that means more stimulus. The markets are responding also to the quick action, quickest in any recession going back to the Great Depression, of the Federal government and monetary authorities, not just in the United States, but around the world.”

The cryptocurrency market also cannot decide where to go next. Bitcoin managed to recover above $9,600, but the upside momentum stalled as traders are wary of high uncertainty and too many unknown variables. BTC correlation with risk assets is one of them. It seems that the first digital asset tends to go down in sync with the stock indices when the markets are gripped with fear; and recover together with gold, when the anti-inflation agenda comes to the forefront.

BTC/USD 1-hour Chart


The XRP/USD pair is currently trading at $0.1868. The coin attempted to move above $0.1900, but failed to hold the ground. As a result, it is still locked in a tight range under the psychological $0.1900. The local support is created by the intraday low of $0.1857. It is followed by psychological $0.1800, if it gives way the sell-off may be extended towards $0.1730 (Pivot Point 1-week Support2). Above the current price, the first resistance level is still at $0.1900,which is reinforced by the upper line of the 1-hour Bollinger Band. Once it is out of the, then comes $0.1955 (the middle line of the daily Bollinger Band) and the third one is registered at $0.2000.

The ETH/USD pair is currently trading at the price level of $243.3. The coin hit the intraday high above $249.00, but reversed to the downside ahead of the European opening. Above the current price, the first resistance level is at $249.26, which is the highest level of the day. It is followed by $250.00 and the recent recovery high of $253.67. Once it is out of the way, the upside momentum will start gaining ground 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 1-hour Chart

The XRP/USD pair is currently trading at $0.1868. The coin attempted to move above $0.1900, but failed to hold the ground. As a result, it is still locked in a tight range under the psychological $0.1900. The local support is created by the intraday low of $0.1857. It is followed by psychological $0.1800, if it gives way the sell-off may be extended towards $0.1730 (Pivot Point 1-week Support2). Above the current price, the first resistance level is still at $0.1900,which is reinforced by the upper line of the 1-hour Bollinger Band. Once it is out of the, then comes $0.1955 (the middle line of the daily Bollinger Band) and the third one is registered at $0.2000.

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