High three Worth Predictions Bitcoin, Ethereum, Ripple: Inventory Market Volatility May Catalyze the Crypto Bull Cycle
- The stock market is bleeding while government bonds are a restricted area for most investors.
- Investors are likely to get creative with their portfolios and add cryptocurrency instead of government bonds.
- Bitcoin is looking for support, preferably above $ 54,000, to drive the rebound to new all-time highs.
- Ethereum and Ripple are facing increasing overhead pressure after failing to hold key support zones.
Bitcoin approached its all-time high just above $ 58,000 but corrected before taking any substantial action towards a new record high. Despite the upward trend from March 1st, many experts and analysts have called for a correction. However, the consistency seems to move the target well above $ 60,000, maybe $ 66,000.
Meanwhile, Ethereum appears to have consolidated below $ 1,800 after failing to regain lost ground towards $ 1,900. Likewise, Ripple’s consolidation continues towards the end of week three.
The stock market is extremely volatile towards the end of the trading week. S & P Futures exchanged 18.5% fewer hands on that day. Dow Futures wasn’t too affected, losing 4%. However, one of the biggest losers is the Nasdaq Futures with a daily loss of 207%.
The sliding stock market means that investors will be looking for some cushion. Government bonds have long been preferred as a low-risk investment. However, given the world involved in the pandemic, these bonds offer little appeal to investors.
Accordingly, investors need to get creative with their portfolios, and cryptocurrencies seem to be on the list, especially given monthly gains from late 2020 onwards. A new influx of funds into the market could set the pace for another bull run.
Bitcoin could ignore the bearish calls
Bitcoin trades slightly above $ 56,000. This follows a rejection from areas around $ 58,000. The Bellwether cryptocurrency is looking forward to higher support, which will enable cops to launch the next attack mission.
The short term technical analysis shows the losses could be less than $ 56,000. However, the support at $ 54,000 remains robust. At this level, buyers are likely to step in, add weight to the tailwind, and propel BTC towards all-time. Note that a break of over $ 60,000 can open the door to $ 66,000 in profit.
BTC / USD 4-hour chart
Ethereum holds important short-term support
The pioneer smart contract token is on a downward trend after hitting a barrier of just under $ 1,900. The $ 1,800 support did little to stop the correction. However, the 61.8% Fibonacci retracement level has remained steadfast to ensure that further losses are kept in check.
A hold above the 61.8% Fibo level would be a bullish signal. Buyers will focus on higher levels rising to $ 2,000 while stability will prevail in the market. A possibly arriving golden cross will confirm the optimistic outlook. The 50 Simple Moving Average (SMA) on the 4-hour chart is likely to exceed the 200 SMA.
ETH / USD 4-hour chart
Ripple’s technical flip bearish
The cross-border token is preparing for a downturn when the bears get stronger. The SuperTrend indicator confirmed the bearish momentum on Thursday. This indicator shows traders when to sell an asset in the short or long term. When the line turns red and is above the price, traders are usually on the alert to sell.
Hence, losses are expected to move below $ 0.44 and likely test the support again at $ 0.4. The Moving Average Convergence Divergence (MACD) appears to have reinforced the bearish tale. If the MACD cross stays below the signal line, investors can expect further drops.
XRP / USD 4 hour chart
On the upside, a rebound above $ 0.45 will draw attention to $ 0.5. Additionally, cops need to focus on actions beyond $ 0.5 to get XRP out of the woods. Traders can also watch for the MACD line (blue) rebound above the signal line to add more credibility to the trend reversal.