HomeCoinsBitcoin Cash (BCH)Price analysis 3/8: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LINK, LTC,...

Price analysis 3/8: BTC, ETH, BNB, ADA, DOT, XRP, UNI, LINK, LTC, BCH

- Advertisement -


Bitcoin and altcoins are picking up momentum as bulls attempt to secure a daily close above the $52,000 level.

Data from Glassnode shows that Bitcoin (BTC) held on centralized exchanges has dropped by about 20% in the past 12 months. This suggests that investors are withdrawing their Bitcoin to the cold storage with a view of possibly holding them for the long term. This has reduced the available supply while the demand has continued to increase. 

The arrival of exchange-traded funds could increase the supply crunch further. After the success of the TSX Purpose Bitcoin exchange-traded fund, Canada could launch the second Bitcoin ETF by Galaxy Digital Capital Management, a subsidiary of Galaxy Digital. The approval of Bitcoin ETFs in Canada could place further pressure on U.S. regulators to be more accommodative in their approach of evaluating BTC ETF proposals.

eb63716c 368a 4a85 81d8 867a08dfc313
Daily cryptocurrency market performance. Source: Coin360

Meanwhile, companies across the globe have continued to open their coffers to buy Bitcoin. The latest listed company that plans to buy Bitcoin is the Norwegian investment firm Aker ASA, which intends to do it through a subsidiary company called Seetee AS. This shows that the trend has only started and several companies worldwide could allocate a portion of their reserves to be held in Bitcoin.

Goldman Sachs has confirmed the launch of its crypto desk that will support CME Bitcoin futures and non-deliverable forward (NDFs) which are cash-settled. Interestingly, an internal survey by the banking giant shows that 40% of its clients already have a crypto position. The respondents of the survey expect Bitcoin to end 2021 between $40,000 and $100,000.

Let’s study the charts of the top-10 cryptocurrencies to spot the critical support and resistance levels.

BTC/USD

Bitcoin is currently trading between the 20-day exponential moving average ($48,701) and the overhead resistance at $52,040. This tight range trading is unlikely to continue for long.

c1f33a75 3358 4365 9e46 f3a8cb87be22
BTC/USDT daily chart. Source: TradingView

Although the 20-day EMA is flat, the relative strength index (RSI) has been gradually rising, indicating that the bulls are attempting to take control.

If bulls can push and close the price above $52,040, the BTC/USD pair will complete an ascending triangle pattern. This could result in a retest of the all-time high at $58,341 and then to $61,075, which is the pattern target of the breakout from the triangle.

On the contrary, if the price turns down from the current level and breaks below the trendline, it may attract profit-booking from short-term momentum traders. The pair could then drop to $46,313 and if this support also cracks, the decline may extend to $41,959.

ETH/USD

Ether (ETH) broke above the $1,670 overhead resistance on March 7, which suggests strength. The 20-day EMA ($1,624) has started to turn up and the RSI has risen above 57, indicating a minor advantage to the bulls.

2d98cc72 d956 46da afbb 33e97a7d5ead
ETH/USDT daily chart. Source: TradingView

If the bulls can sustain the price above the moving averages, the ETH/USD pair could retest the all-time high at $2,040. A breakout of this resistance could start the next leg of the uptrend.

Contrary to this assumption, if the price turns down and breaks below the 50-day simple moving average at $1,572 the pair may retest the critical support at $1,289.

BNB/USD

Binance Coin (BNB) rebounded off the 20-day EMA ($217) on March 5, but the bulls have not been able to push the price to the $265 overhead resistance. This suggests that demand dries up at higher levels.

efc335e0 4229 4c2f 8721 87d5af5db552
BNB/USDT daily chart. Source: TradingView

If the bears sink the price below the 20-day EMA support, the BNB/USD pair could drop to $189. A breakdown and close below this support may open the doors for a decline to the 50-day SMA at $137.

On the contrary, if the price rebounds off the 20-day EMA, the bulls will try to propel the pair above $265. If they succeed, a rally to $309.49 is possible. The gradually rising 20-day EMA and the RSI above 57 suggest a minor advantage to the bulls.

ADA/USD

Cardano (ADA) has been holding above the 20-day EMA ($1.08) for the past four days, but the failure of the bulls to start a strong rebound suggests a lack of aggressive buying at the current levels.

fcaf590d 0f7d 456e aa2e c88fb2d670b0
ADA/USDT daily chart. Source: TradingView

The bears may now try to break the 20-day EMA support and deepen the correction to $0.9817712 and then to the 50-day SMA at$ 0.769.

However, the flattening 20-day EMA and the RSI above 58 indicates that the bulls are at a minor advantage.

If the price can rebound off the current levels and rise above $1.20, the ADA/USD pair could rally to $1.35 and then to $1.48.

DOT/USD

Polkadot (DOT) is currently trading inside a symmetrical triangle, which generally acts as a continuation pattern. But in some cases, the symmetrical triangle plays the role of a reversal pattern, signaling a trend change.

d6b4537a 2a10 44f1 9136 8d5bd7521f6e
DOT/USDT daily chart. Source: TradingView

If the bears sink the price below the support line of the triangle, the DOT/USD pair could witness selling from the short-term bulls. The pair could then drop to $26.50 and the pattern target is at $17.

Conversely, if the price rebounds off the current level and rises above the triangle, the pair may retest the all-time high at $42.28. If this level is crossed, the price may extend the rally to the pattern target at $52.50.

XRP/USD

XRP has formed an ascending triangle pattern in the short term, which will complete on a breakout and close above $0.50. This bullish setup has a target objective at $0.635.

925dd7ee c1a2 4413 a605 8f3bc63fe0dc
XRP/USDT daily chart. Source: TradingView

On the other hand, if the price turns down from the current level and breaks below the trendline of the ascending triangle, the XRP/USD pair could drop to $0.359. A breakdown and close below $0.359 will complete a bearish head and shoulders pattern that may pull the price down to $0.173.

The flat 20-day EMA ($0.46) and the RSI just above 52 do not foretell a clear advantage either to the bulls or the bears. Therefore, it is best to wait for a decisive breakout to happen before taking a positional call.

UNI/USD

Uniswap (UNI) soared to a new all-time high on March 7, but the bulls have not been able to build up on this strength. The bears are currently attempting to sink the price back below the previous resistance turned support at $33.

0a36e38e c2cf 4740 ac3e 9303d9ff3013
UNI/USDT daily chart. Source: TradingView

If they succeed, the UNI/USD pair could correct to $30 and then to the 20-day EMA ($26.23). A strong rebound off either support will suggest that traders continue to buy the dips. The bulls will then again try to resume the uptrend.

A breakout and close above $35 could start the journey to $46. The upsloping moving averages and the RSI in the overbought zone suggest the path of least resistance is to the upside.

This positive view will invalidate if the price turns down and breaks below the 20-day EMA support. This could pull the price down to the 50-day SMA at $20.31.

LINK/USD

Chainlink (LINK) is currently range-bound between $24 and $32. The bulls pushed the price above the 20-day EMA at $28.46 on March 7 and that cleared the path for a possible rally to the $32 overhead resistance.

c5f8ed97 0dcd 4dfc a77d c13eb6b6e478
LINK/USDT daily chart. Source: TradingView

If the LINK/USD pair breaks and closes above $32, it will complete an ascending triangle pattern. This bullish setup has a target objective at $43.191. While the 20-day EMA is flat, the RSI in the positive zone indicates a minor advantage to the bulls.

However, if the price turns down sharply from $32 and breaks below the trendline of the triangle, it could extend the stay inside the range. The trend may favor the bears if the price turns down and breaks below the $24 support. Such a move could pull the price down to $20.111.

LTC/USD

Litecoin (LTC) is facing stiff resistance in the $185.58 to $196.30 zone. The altcoin has turned down from the overhead resistance today and dipped back below $185.58, which suggests profit-booking at higher levels.

702c8f15 e2c4 441f 8b03 226f6b3d2b1a
LTC/USDT daily chart. Source: TradingView

The bears will now try to sink the price to the 50-day SMA at $171.94 and then to the uptrend line. A break below this support could start a deeper correction to $152 and then to $120.

However, the 20-day EMA ($185) has flattened out and the RSI is near the midpoint, suggesting a range-bound action for a few days.

The trend may favor the bulls if the price turns up from the current levels and rises above $196.30. In this case, the LTC/USD pair may rally to $246.96. A breakout of this resistance could signal the resumption of the uptrend.

BCH/USD

Bitcoin Cash (BCH) is currently sandwiched between the uptrend line and the overhead resistance at $539. The altcoin has formed a Doji candlestick pattern today, indicating indecision among the bulls and the bears.

55de2b3b 9823 4231 a0c8 ba114ca81a5d
BCH/USD daily chart. Source: TradingView

However, the gradually downsloping 20-day EMA at $531 and the RSI below 48 suggest a minor advantage to the bears. If the sellers can sink the price below the uptrend line, the BCH/USD pair could drop to $440 and then to $370.

On the other hand, if the bulls can propel and sustain the price above $539, the pair could start its journey toward $631.71.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

20201016023142aff i?offer id=10&file id=543&aff id=26183

Read the original article here

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,351FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 57,140.00
ethereum
Ethereum (ETH) $ 1,795.53
tether
Tether (USDT) $ 0.998574
bitcoin-cash
Bitcoin Cash (BCH) $ 512.64
litecoin
Litecoin (LTC) $ 190.55
eos
EOS (EOS) $ 4.23
okb
OKB (OKB) $ 15.57
tezos
Tezos (XTZ) $ 4.65
leo-token
LEO Token (LEO) $ 2.11
cardano
Cardano (ADA) $ 1.19
monero
Monero (XMR) $ 234.85
stellar
Stellar (XLM) $ 0.401099
chainlink
Chainlink (LINK) $ 27.84
huobi-token
Huobi Token (HT) $ 15.40
tron
TRON (TRX) $ 0.064367
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 212.00
neo
NEO (NEO) $ 45.05
iota
IOTA (MIOTA) $ 1.48
nem
NEM (XEM) $ 0.399734
zcash
Zcash (ZEC) $ 148.27
maker
Maker (MKR) $ 2,105.59
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 12.47
vechain
VeChain (VET) $ 0.090377
true-usd
TrueUSD (TUSD) $ 0.999286
ftx-token
FTX Token (FTT) $ 38.28
kucoin-shares
KuCoin Token (KCS) $ 5.11
waves
Waves (WAVES) $ 12.26