Bitcoin (BTC), which surged on March 9, as the Dow futures rebounded sharply, and United States Treasury Secretary Janet Yellen’s statement on President Joe Biden’s executive order concerning digital assets, which was published a day earlier, by mistake, contained positive statements regarding the crypto industry.
Investors seem to have been steadily accumulating cryptocurrencies at lower levels over the last few days. The week ended March 6th, CoinShares data shows that the cumulative inflows to digital asset investment products of $127 million was the highest since December 12, 2021. Bitcoin products also saw an increase for the 7th consecutive week.
Everyday cryptocurrency market performance. Source: Coin360
Bloomberg Intelligence senior commodity strategist Mike McGlone was cautious. He warned that the current geopolitical environment and rising crude oil prices could cause a global recession. Bitcoin and Ether may face selling pressure in the beginning. McGlone warned that Ether could fall to $1,700 if U.S. equity markets plummet because it is closely linked to Nasdaq 100.
Can Bitcoin and other altcoins maintain higher levels? Let’s look at the charts for the top 10 cryptocurrencies to see if they can.
Strong buying may have resulted from the bulls’ failure to lower the price below $37,000, the immediate support of the bears. Bitcoin has shot past the moving averages as of March 9.
Daily chart of BTC/USDT Source: TradingView
The relative strength indicator (RSI), has jumped to the positive territory, indicating that momentum could be turning bullish. The BTC/USDT pair may rise to $45,000 if buyers can maintain the price above the moving Averages. This is the resistance line for the ascending channel. This zone is expected to be defended by the bears with great vigor.
The pair could stay within the channel for several more days if the price drops below the overhead zone. To gain control, the bears must pull the price below its support line.
The collapse below the symmetrical triangle was not an opportunity for the bears to profit. The bulls’ strong buying spree of $2,400 triggered a recovery. Ether (ETH), has re-entered this triangle. This suggests that the most recent collapse may have been a bear trap.
Daily chart of ETH/USDT Source: TradingView
Bulls want to push the price higher than the moving averages. The ETH/USDT price pair could rally to resistance at the triangle. This barrier could be cleared by bulls and signal a possible new uptrend. The pair could rally first to the psychological level of $4,000, then move quickly toward the pattern target at $43,311.
If the price falls below the resistance line or current level, this positive outlook will be invalidated. This could keep the pair within the triangle for several more days. To gain the upper hand, the bears will need to keep the pair below $2400
Binance Coin (BNB), has broken above the 50 day simple moving average (SMA), ($392) and bulls can sustain higher levels to reach the overhead resistance of $445.
Daily chart BNB/USDT TradingView
At $445, the bears will likely mount a strong defense. The BNB/USDT exchange rate could fall to the moving averages if the price drops below $445. The EMA ($387) is flat and the RSI at the midpoint indicates a balance in supply and demand.
If the bulls are unable to maintain the price above the 50 day SMA, bears will take advantage of their chances and pull the pair towards $350. It is possible that the price action will remain volatile within the range of $445 to $350.
The bulls are defending the 50-day SMA ($0.72) which indicates strong demand at lower levels. Buyers will now push Ripple (XRP), above the downtrend line.
Daily chart of XRP/USDT Source: TradingView
If they succeed, the buying might accelerate and the XRP/USDT currency pair could rally to the overhead zone at $0.85- $0.91. The bears may resist this zone, but the bulls can bulldoze their ways through and the pair could rally up to $1.
To turn the tables in their favor, the bears must pull back and keep the price below $0.68. The pair could drop to $0.62 at the intraday low on February 24,
Terra’s LUNA token bounced from the 20-day EMA ($77), on March 8. This indicates that sentiment is positive and traders continue to buy on dips.
Daily chart of LUNA/USDT Source: TradingView
Bulls have pushed the price past the overhead resistance of $94, and the LUNA/USDT pairing is now very close to $103. Although this level will likely act as resistance, it could be overcome by bulls and signal the beginning of an uptrend. The pair could rally to $125.
If the rally stops at $103, bears will try to bring the price down below $94. The bullish momentum may weaken if that happens. As long as the price remains above $94, the positive momentum may remain intact.
Solana (SOL), has retreated from the $81 critical support, which indicates strong demand at this level. The RSI has shown a positive divergence suggesting that selling pressure may be decreasing.
Daily chart of SOL/USDT Source: TradingView
Bulls will attempt to push the price higher than the downtrend line. They will be able to invalidate the descending triangle pattern if they succeed. This could lead to aggressive bulls short-covering, pushing the price towards the overhead resistance of $122. This could signal the beginning of an uptrend if bulls overcome this obstacle.
If the price falls below $81, this bullish assumption will be invalidated. This will complete the descending triangle pattern, opening the door for a drop to $66.
Cardano (ADA), bounced off $0.74 support, indicating bulls are buying dips. Bulls will attempt to push the price higher than the 20-day EMA ($0.90), and challenge the psychological level of $1.
Daily chart ADA/USDT Source: TradingView
If the price drops below $1, this will indicate that bears are continuing to sell at higher levels. The ADA/USDT pairing could then spend some time within the $0.74-$1 range.
The downtrend may resume if bears drop below $0.74. The price could drop to $0.68, the next support.
If bulls push the price higher than $1, it could signal a change in the short-term trend. The price could rise to $1.26, where bears might mount a strong resistance.
Related: Bitcoin Trader sets $44K BTC price target, as Bitcoin ignores executive order “nothingburger”.
Avalanche (AVAX), bounced off of the uptrend line. This indicates that bulls will continue to buy dips below this level. The buyers will now push the price towards the downtrend line in the descending channel.
Daily chart of AVAX/USDT Source: TradingView
Trend changes could be signaled by a break or close above the channel. The psychological level of $100 could be reached by the AVAX/USDT pairing.
This may prove difficult as the price has fallen from the downtrend line four times before. At this level, the bears will try to stop the upward movement. If the price falls below the downtrend line the bears will attempt to sink the pair. The pair could fall to $51 if they succeed.
Positive news is that the bulls held onto support at $16 on March 7. Polkadot will now try to break the 50-day SMA ($18), an important level to watch.
Daily chart of DOT/USDT Source: TradingView
The price will rise above the 50-day SMA if it continues to do so. This could indicate a change in the trend. The overhead resistance at $23 could be reached by the DOT/USDT currency pair. Breaking and closing above this level could signal a new uptrend. The first target is $30, and then $32.
Contrary to the assumption, a price decline from the 50-day SMA will indicate that bears aren’t willing to give up and are buying rallies. This will increase the likelihood of a break below $16.
Dogecoin (DOGE), which broke below $0.12 on March 7, was not taken advantage of by the bears. This means that bulls are aggressively defending the $0.12- $0.10 zone.
Daily chart of DOGE/USDT Source: TradingView
The bulls have lifted the price above $0.12, the break-even point. The bulls will try to push the DOGE/USDT price higher than the moving averages if the pair holds above $0.12. If they succeed, it could indicate that bears are losing their grip. The overhead resistance of $0.17 could be reached and the pair could rally.
Contrary to popular belief, a price drop from the moving averages will mean that bears are still selling rallies and have not given up. The sellers will attempt to lower the price below the support zone.
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I am a technology and gaming writer by profession. I love NFT’s and play to earn gaming such as Axie Infinity. I love writing about anything on the blockchain, especially gaming and entertainment. I often sing, write or draw to portray my feelings. When it comes to my free time or you can say ‘ME-TIME’, I love to play with my cat, sleep an extra hour, or play my favorite video games.