BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB
US stock markets fell on March 15 after Saudi National Bank, Swiss bank Credit Suisse’s biggest investor, said it will not be able to provide more funding to Credit Suisse due to regulatory restrictions.
Investors are nervous because Credit Suisse, which has major US and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Shares in Credit Suisse fell to an all-time low of 15. March.
After the events of the past few days, the S&P 500 has given back all of its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large portion of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven.
Capriole CEO and founder Charles Edwards said Bitcoin has formed a “bump and run reversal pattern,” which has a target of $100,000 and above. However, Edwards cautioned traders that the pattern could fail and therefore should not be used to build a trading or investment plan.
Can Bitcoin and altcoins rise above their overhead resistance levels and start the next leg of the up move? Let’s study the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls drove Bitcoin above the $25,250 overhead resistance on March 14, but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
The 20-day exponential moving average ($23,012) has started to emerge and the relative strength index (RSI) is in the positive territory, indicating favor for buyers.
If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders (H&S) pattern. It will signal a potential trend change. The pair can then sprint towards $32,000.
If bears want to slow the bullish momentum, they need to quickly pull the price back below the moving averages.
Ether price analysis
Ether (ETH) rose above the $1,743 overhead resistance on March 14, but the bulls could not sustain the higher levels. This suggests that the bears are trying to protect the level.
If the price consolidates between $1,743 and the 20-day EMA ($1,588), it would indicate that sentiment has turned positive and traders are buying on dips. That will improve the prospects for a break and close above $1,743. The ETH/USDT pair is then well positioned for a strong rally towards the psychological level of $2000.
Contrary to this assumption, if the price goes down and breaks below the moving averages, it will indicate that the ETH/USDT pair may consolidate in a large area between $1,743 and $1,352 for some time.
BNB price analysis
BNB (BNB) reversed from the strong resistance near $318. This suggests that the bears are trying to defend the zone between $318 and $338.
A minor positive in favor of the buyers is that they have not allowed the price to break back below the 50-day simple moving average ($306). The shallow pullback shows that every minor dip is being bought.
The bulls will make another attempt to catapult the price above the overhead zone. If they do, the BNB/USDT pair could rise towards $400. Conversely, if the price breaks below the 50-day SMA, the pair may slide to the 20-day EMA ($296). A break below this level would signal favor to bears.
XRP Price Analysis
XRP (XRP) rejected the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision among the bulls and bears.
The uncertainty resolved to the downside on March 15 and the price has fallen to the strong support at $0.36. If this level is taken out, the XRP/USDT pair could fall to the support line of the channel near $0.32.
On the other hand, if the price holds above $0.36, the bulls will again try to overcome the obstacle at the 50-day SMA and $0.40. If they manage to do that, the pair could gain momentum and climb to $0.43.
Cardano Price Analysis
Cardano (ADA) accelerated on March 14, reaching the 50-day SMA ($0.36), but the long wick on today’s candlestick shows that the bears are selling aggressively on the rally.
The bears have pulled the price back below the 20-day EMA ($0.34) on March 15, clearing the way for a possible retest of $0.30. Buyers will likely protect this level with all their might because the next support is far lower at $0.27.
Alternatively, if the price pulls back from today’s level or $0.30, it would indicate that traders are buying on the dip. That could keep the ADA/USDT pair bounded between the 50-day SMA and $0.50 for a few days.
Dogecoin Price Analysis
Dogecoin’s (DOGE) recovery has reached the downtrend line where the bears are making a strong resistance.
The bearish 20-day EMA ($0.07) and RSI in the negative territory indicate that the bears are in control. Sellers are trying to push the price below the immediate support at $0.07. If this support collapses, the DOGE/USDT pair could drop to $0.06.
On the contrary, if the price pulls back from the current level, it would indicate that lower levels are attracting buyers. The downtrend line remains the key level on the upside because a break above it could start a relief rally to $0.10.
Polygon price analysis
Polygon’s (MATIC) relief rally faces stiff resistance at the 50-day SMA ($1.22). It has dragged the price below the 20-day EMA ($1.16) on March 15.
The MATIC/USDT pair could plunge to the strong support at $1.05. This is an important level to watch out for because if it breaks, the pair could retest the $0.94 support. A break below this level would open the gates for a potential drop to $0.69.
Another possibility is that the price retraces from the $1.05 support. If that happens, the bulls will again try to drive the price above the 50-day SMA. If they succeed, the likelihood of a break above $1.30 increases.
Related: 4 Signs Bitcoin Price Rally Could Top $26K For Now
Solana price analysis
The bears are trying to stop Solana’s (SOL) rally at the 50-day SMA ($22.40), but the bulls are trying to hold the price above the immediate support at $19.68.
This suggests that the bulls will again try to push the price to the downtrend line. This is an important resistance to keep an eye on because a break and close above it will signal a potential trend change. There is a minor resistance at $28, but it is likely to be crossed. The SOL/USDT pair could then rise towards $39.
Instead, if the price continues lower and falls below $19.68, it would indicate that the bears have not yet given up. The pair could then fall to the strong support at $15.28.
Polkadot price analysis
Buyers tried to drive Polkadot (DOT) above the 50-day SMA ($6.42) on March 14, but the bears did not relent. This suggests that higher levels attract sellers.
Both moving averages have flattened and the RSI is just below the midpoint, indicating a status of equilibrium between the bulls and bears. If the price breaks and stays below the 20-day EMA ($6.07), the DOT/USDT pair may fluctuate between the 50-day SMA and $5 for a few days.
If buyers kick the price above the 50-day SMA, the pair could gain momentum and soar towards the neck of the inverse H&S pattern. On the downside, the bears need to sink the pair below $5 to indicate a comeback.
Shiba Inu Price Analysis
Shiba Inu (SHIB) is trading within a descending channel pattern. The bulls tried to push the price above the channel, but the bears held their ground.
The bears will again try to pull the price below the psychological support of $0.000010. If they manage to do so, the SHIB/USDT pair could fall towards the support line of the channel. The bulls are likely to defend the $0.000008 to $0.000007 zone with all their might.
If the price pulls back from this level, it would suggest that the pair could consolidate within the large range between $0.000018 and $0.000007 for an extended period of time.
In the near term, a break above the 50-day SMA ($0.000012) will tip the advantage in favor of the bulls. The pair may then attempt a rally to $0.000014 and then to $0.000016.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
