BitcoinBTC() dropped 4.29% in the last week. However, the bulls began a recovery on the 31st of March by pushing it back over $83,500. The traders will remain anxious up until April 2 when the US’s new trade tariffs come into effect. It could cause a knee-jerk response on both sides of the market.
The near-term outlook is cautious, although lower prices are drawing buyers. The number of cryptocurrency exchange-traded product (ETPs), or digital assets, has increased. modest inflows of $226 million last weekCoinShares filed a report on the 31st of March.
The daily performance of the cryptocurrency markets. Source: Coin360
Bitcoin pullback: A strategy to take advantage. adding 22,048 Bitcoin for $1.92 billion The average purchase price was $86,969. After this latest purchase, 528,185 Bitcoin are still held by the company, which was purchased for approximately $35,63 billion.
Can Bitcoin overcome the strong overhead resistance and push select altcoins up? Let’s analyze the charts to find out.
S&P 500 Index price analysis
The S&P 500 Index (SPX) broke above the 20-day exponential moving average (5,706) on March 24, but that proved to be a bull trap.
SPX daily chart Source: Cointelegraph/TradingView
On March 26, the price dropped sharply and fell below support level 5,600. In addition, both moving averages have sloping downward slopes, while the relative strength indicator (RSI), which measures the market’s overall strength, is now in negative territory. Sellers therefore are at an advantage. The index is well supported at 5,500. However, if this level falls, it could fall to 5,400, and then to 5,100.
If the price rises from its current level, and breaks through 5,800, this negative outlook will become invalid. A move like this could indicate that the index is nearing its bottom.
US Dollar Index Price Analysis
The US Dollar Index DXY is trading below its 20-day EMA (104.46), indicating a continued negative mood.
DXY Daily Chart Source: Cointelegraph/TradingView
The bears’ goal is to bring the index below 103.37. It’s a crucial level. The buyers are going to try to hold the 103.37 mark because, if not successful, it could fall to 101.
A break above and a close over the 20-day EMA, on the other hand, suggests the bulls may be trying to stage a recovery. It is possible that the index will rise up to 105.42 before reaching its 50-day simple average (106.09).
Bitcoin analysis
Bitcoin continues to be under pressure from bears who are trying to lower the price below the crucial support level of $80,000. The bulls have a small positive, as they’re trying to stop their decline below $81,100.
BTC/USDT chart. Source: Cointelegraph/TradingView
Bears may sell heavily if the bulls push the price towards the resistance line. It is more likely that a price break under $80,000 will occur if it turns downwards. BTC/USDT could fall to $76,606 or even to $73,777.
A break above and a close over the resistance line, on the other hand, suggests the bears have lost their hold. Above $89,000, the pair may gain momentum and move towards $95,000.
Analysis of the price of Ether
EtherETHThe bulls have been trying to launch a rally from $1,754.
Daily chart of the ETH/USDT pair. Source: Cointelegraph/TradingView
Bears try to stop the recovery at the EMA (20-day) ($1,980). The price could break through $1,754 if it drops sharply below the 20-day EMA. This could bring the pair ETH/USDT down to $1,550.
A break-through and closing above the $2,111 breakdown level will signal strength. After completing a double bottom pattern with a $2,468 target, the pair will complete a bullish triple-bottom pattern.
Price analysis of XRP
It is a cryptocurrency that allows you to buy and sell XRP.XRPThe price of ) dropped below the $2 critical support level. This is expected to lead to a strong buying trend by bulls.
Chart of XRP/USDT for the day. Source: Cointelegraph/TradingView
It is likely that any bounce will be met with selling near the moving averages. A price turn down is a sign that the pair may break through $2. In that case, the pair XRP/USDT would complete a downward-pointing head-and shoulder pattern. The pair is currently at $1.77 but could fall to $1.27 if this level is broken.
The bulls are running out of time. To prevent the decline, the bulls will have to drive the price quickly above the moving-averages. After that, the pair could travel up to the resistance level.
BNB Price Analysis
BNB’s (BNB( a narrow range that was in the ascending trend resolved downwards with a closing below the averages and reversal on 29 March.
BNB/USDT chart for the day. Source: Cointelegraph/TradingView
BNB/USDT is supported at the Fibonacci level of 591 (38.2%) and the level of 50% of retracement (575). The bulls may try to push the pair up above the moving-averages and $644 resistance if it bounces back off of the $591 support. The pair may rally up to $686.
In contrast, a breakdown and close beneath $575 would send the pair to 61.8% of the previous move level at $559. It is possible that a deeper pullback will delay the next upward leg.
Solana price analysis
Solana (SOLThe level is strongly supported by buyers near the $120 mark, which indicates that they are determined to defend it.
SOL/USDT chart for the day. Source: Cointelegraph/TradingView
First, a breakout and close above 20-day EMA will indicate strength. This opens up the possibility of a move towards the 50-day SMA (148), which could again be a strong resistance. If buyers manage to break through the resistance level, then the SOL/USDT could rise as high as $180.
To strengthen their position as sellers, they must lower the price of the pair below the zone support between $120 and $110. The pair may then begin the next downtrend towards $80 if they are able to pull the price below the $120-$110 support zone.
Related: XRP bulls in ‘denial’ as price trend mirrors previous 75-90% crashes
Dogecoin Price Analysis
DogecoinDOGEThe bulls are not showing much demand for the.
Chart for DOGE/USDT. Source: Cointelegraph/TradingView
If the pair DOGE/USDT drops below $0.14, buyers will likely step up. The moving averages will likely sell any bounce off of $0.14. The price turning down increases the chance of breaking below $0.14. This could cause the pair to fall as low at $0.10.
The price will need to be maintained above $0.20 for the buyers to believe that a bottom has been formed at $0.14. It is possible that the pair will then rise to $0.24.
Cardano price analysis
Cardano (ADAWatch out for the new uptrending line.
Chart of the ADA/USDT for today. Source: Cointelegraph/TradingView
Bears have a small advantage due to the 20-day EMA that is downsloping ($0.71), and the RSI which has entered the negative zone. If the price closes below this uptrend line, a decline towards $0.50 could begin.
A bounce of the trendline could also push the ADA/USDT to the moving mean. After the buyers have maintained the price at or above the 50 day SMA ($0.75), they will be in full control.
Analysis of the price of Toncoin
ToncoinTON) is getting squeezed between the 20-day EMA ($3.63) and the overhead resistance at $4.14.
Daily chart of TON/USDT. Source: Cointelegraph/TradingView
The positive RSI and upsloping 20 day EMA indicate that there is little resistance to an upward move. If the price of the pair TON/USDT rises above $4.14 then it is possible that the momentum will pick up and the pair could climb as high as $5.65.
The positive sentiment will soon be invalidated if, in the short-term, the price drops from its resistance level and breaches the 50 day SMA (3.46). The pair could fall to $3.30 or even lower to $2.81 if the price breaks below the 50-day SMA ($3.46).
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
