BitcoinBTCSince March 11, the price has been largely above $80,000, indicating that bulls have not waited for a more significant correction before buying. The fact that it has not been able to rise above $86,000 indicates the bears are still holding on and will continue to try to push the price higher.
CoinShares’ weekly report shows that cryptocurrency exchange-traded products (ETPs) witnessed $1.7 billion in outflows last week. The total withdrawals for the last five weeks now amount to $6.4 Billion. The outflows have now lasted 17 days. This is the longest streak of negative returns since CoinShares began recording data in 2015.
The daily performance of the cryptocurrency markets. Source: Coin360
It’s not all gloom and doom for the long-term investors. ShayanBTC is a contributor to CryptoQuant. He said investors who bought Bitcoin three to six months ago will be rewarded. showing an accumulation pattern. Historically, similar behavior has “played a crucial role in forming market bottoms and igniting new uptrends.”
How will buyers be able to catapult Bitcoin beyond the ceiling resistance? What is the placement of altcoins? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) is in a strong corrective phase. In March, the S&P Index fell to 5,504 and the relative Strength Index (RSI) entered oversold territory. This could signal a rally for relief in the short term.
SPX chart for the day. Source: Cointelegraph/TradingView
They will attempt to stop the rally in the resistance area of 5,670-5,773. If the bears succeed in stopping the recovery, then it signals that sentiment has remained negative. Traders are now selling rallies. This increases the likelihood of a drop to 5,400. Bulls will defend 5,400 with their lives because any drop below that level could bring the index down to 5,100.
A break above and a close over the exponential moving average of 20 days (5,780), will indicate strength. It may climb up to the simple 50-day moving average of 5,938.
US Dollar Index Price Analysis
It is clear that bears are still in control of the US Dollar Index.
DXY chart daily Source: Cointelegraph/TradingView
They are attempting to bring the index down below 103.37. They could push the index down to 102, and then to 101 if they succeed.
In the opposite, if price breaks through 104 and turns upwards, then it signals that buyers want to come back. It is possible that the index will rise up to the EMA (20-day) (105), which would attract more sellers. The chances of a breakout above the 20 day EMA are higher if buyers don’t cede too much to the bears. Index could rally up to 50-day SMA (107)
Bitcoin analysis
Bitcoin is trying to make a new low near-term, gaining strength in order to surpass the SMA 200 days ($84,112).
BTC/USDT chart. Source: Cointelegraph/TradingView
Positive divergence in the RSI indicates that bearish momentum has weakened. BTC/USDT may reach the SMA of the pair at 92,621 if the BTC/USDT price rises above the 20 day EMA.
If the price drops sharply below the 200-day SMA it indicates that the bears want to turn the level resistance. It is possible that the pair will drop to $80,000, and then to $76,606.
Price analysis of ether
EtherETH() is trading in the range of $1,963 to $1,821, indicating a lack aggressive purchasing at present levels.
Chart of ETH/USDT for the day. Source: Cointelegraph/TradingView
The price dropping below $1,821-$1,754 will signal the return of the downward trend. The ETH/USDT could then plunge towards the next important support of $1,550.
In the short term, this negative outlook will be nullified if price breaks up above the 20 day EMA (2107). It is possible that the pair will rise up to the SMA 50 days ($2,514). The bears may then sell in a big way. The pair could rally up to $2 857 if bulls break the 50 day SMA resistance.
Price analysis of XRP
The XRP currency (XRPThe bears have been active in higher levels.
Chart of XRP/USDT for the day. Source: Cointelegraph/TradingView
The 20 day EMA ($2.34) is flattening out and the RSI has reached the midpoint. This indicates a balance in supply and demand. The USDT/XRP pair may remain between the 50 day SMA and 2 for a while.
It will open the way for an eventual rally of $3. If the price rises and breaks over the 50-day SMA it could be the beginning of a possible uptrend. A break and close under $2 would complete the head-and shoulders pattern. This pair could then drop to $1.28.
BNB Price Analysis
BNBBNB) turned up from the 20-day EMA ($598) and rose above the 50-day SMA ($620), indicating that the correction may be ending.
BNB/USDT chart for the day. Source: Cointelegraph/TradingView
The 20-day EMA is starting to rise, while the RSI is in positive territory. This indicates a small advantage for the bulls. The BNB/USDT could reach $745 if the pair maintains a price above the 50 day SMA.
On the downside, the 20-day EMA represents a critical support. The bears will take control if the 20 day EMA is broken and closed below. It is possible that the pair will then drop to $500, a strong level of support.
Solana price analysis
Solana (SOL) turned down from the 20-day EMA ($139) on March 16, signaling that bears are aggressively defending the level.
SOL/USDT chart for the day. Source: Cointelegraph/TradingView
SOL/USDT could fall to $120, and then $110 where it is expected that buyers will step in. Bulls may try again to push the SOL/USDT above the 20 day EMA if the pair rebounds from the support zone. The pair may reach $180.
In the short term, this view could be invalidated if price falls further and the zone of stability is breached. The price may then begin a decline to $100.
Related: Ethereum onchain data suggests $2K ETH price is out of reach for now
Dogecoin prices analysis
DogecoinDOGE) has been gradually rising toward the 20-day EMA ($0.19), which is an important near-term resistance to watch out for.
Chart for DOGE/USDT. Source: Cointelegraph/TradingView
The price turning down quickly from the 20 day EMA suggests the bears selling at every small rally. It increases the chance of a breakdown below the $0.14 resistance. In that case, DOGE/USDT may fall as low at $0.10.
In contrast, a break-through and a closing above the 20 day EMA indicate that selling pressure has decreased. It is possible that the pair will rise up to the SMA 50 days ($0.23), and then to $0.29. A break and close above $0.29 suggests that buyers are back in the driver’s seat.
Cardano price analysis
Cardano (ADASince March 8,, has fallen below the 20-day EMA (0.76) but the bears were unable to push the pair back to its uptrend line. It is possible that the selling will stop at lower prices.
Chart for ADA/USDT on a daily basis. Source: Cointelegraph/TradingView
The price will have to rise above moving averages for a recovery to be sustained. The ADA/USDT couple could reach $1.02 before the bears mount a powerful defense.
In contrast to this, if price moves down and away from moving averages it would suggest the bears are still in charge. It increases the chances of the pair dropping below the trendline. The pair could fall to as low as $0.50 if that occurs.
Pi-price analysis
The Pi (PI), which has been steadily declining, is now likely to be a target for bulls.
Chart of PI/USDT for the day. Source: Cointelegraph/TradingView
The PI/USDT could try to move towards $1.80 if the price bounces off of $1.23 in a strong way. At $1.80 the sellers will be a formidable challenge, but the bulls could push the price to $2.35 or even $2.35 if they prevail.
A range will be formed if, on the other hand, price starts to fall from $1.80. It is possible that the pair will fluctuate between $1.23 and $1.8 for some time. A break below $1.23 will cause sellers to strengthen their position. This pair could then crash to the 78.6% level at $0.72.
The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.
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Source: cointelegraph.com
