5 analysts give successful crypto market predictions in March
These five analysts made accurate predictions for the crypto market in the month of March, specifically Bitcoin (BTC) price, Ethereum (ETH) price, and Ripple XRP price.
Predicting the movement of the cryptocurrency market is a difficult task due to its high volatility and sometimes uncorrelated movement with macroeconomic events. However, these five analysts managed to do it perfectly, posting accurate predictions on Twitter for Bitcoin, Ethereum and XRP.
Bitcoin (BTC) is leading the crypto market movement
Two technical analysts succeeded in predicting the Bitcoin price movement. @IncomeSharks bought March 10 low below $20,000 and is now in more than 30% profit. The reason for the purchase was CME gap. On the other side, @XForceGlobal used Elliott Wave Theory to predict BTC is falling perfectly.
In addition, on-chain analyst Will Clemente used open interest predicting that volatility would return just before the March 10 drop. However, he did not specify the direction of volatility.
The 13.-20. March Bitcoin price ended its most bullish week in more than three years in March, gaining 27%. This confirmed the breakout and retest from the long-term descending resistance line in place since the all-time high. In addition, it caused the weekly RSI to move above 50 decisively.
As a result, the trend remains bullish as long as Bitcoin does not reach a weekly close below $24,800, which could trigger a sharp drop towards $20,000.
As it stands, the most likely price forecast is a rise towards the next resistance at $32,000.
Ripple XRP price starts massive upward movement
Crypto trader @cvotrades used simple resistance lines in both the price action and RSI to perfectly predict The Ripple price breakout.
The XRP token price broke out of a long-term descending resistance line in the second week of March, while the weekly RSI moved above 50 (green icon). These are both considered signs of a bullish trend.
In the last 24 hours, the XRP price has reached the resistance area of $0.565. If it breaks out, the price could rise to $0.925. However, if the rally loses momentum, Ripple price may fall to the nearest support at $0.420.
Ethereum (ETH) falls after bearish divergence
Renowned cryptanalyst @Coldbloodshill was the one who predicted the Ethereum price movement. He used bearish divergences to predict Ethereum fall on March 8-10.
The decline was preceded by an almost month-long bearish divergence (green line) in the daily RSI.
Afterwards, when the indicator broke out above this trendline (white), it signaled that a new upward movement had begun, leading to a new yearly high of $1,859.
The ETH price is now trading above the $1700 area and validated it as support. This is another bullish sign, consistent with the breakout from the divergence trendline. As a result, a rally towards $2,000 is likely as long as the price does not close below this support.
However, if it closes below it, the digital asset could fall back to the $1,400 support level.
For BeInCrypto’s latest crypto market analysis, click here.
Disclaimer
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