Bitcoin (BTC) has been choppy in recent days, but it appears that long-term investors are using the current weakness to buy.
According to Whale Alert and CryptoQuant, approximately 30,000 BTC left Coinbase and was placed in an unknown wallet. This is meant to be a real purchase and not an inside deal.
And while long-term investors may be positive, the short-term picture remains in doubt. Stack Funds said in its latest weekly research report that it “expects sideways trading and potentially a downside” in the short term due to rising inflation and lack of clarity on the conflict in Ukraine.
Daily indicators in the cryptocurrency market. Source: Coin360
While bitcoin has been volatile, gold-backed cryptocurrencies proved their strength in 2022 as investors moved away from risky assets and looked for safe havens. This increased the market capitalization of the gold-backed crypto tokens to over $1 billion.
Can Bitcoin and Altcoins Recover Or Will Bears Rule? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Delivery every day
Subscription
Market Outlook
Email address
Subscription
By subscribing, you accept our
Terms of Service and Privacy Policy
Bitcoin / US Dollar
Bitcoin rose above its moving averages on March 9 but quickly bounced back on March 10. The bulls are once again trying to push the price back above the moving averages on March 11th. This indicates that the bulls are buying on the dips and selling the bears on the rallies. .
BTC/USDT daily chart. Source: Trading View
Both moving averages are flat and the Relative Strength Index (RSI) is just below the midpoint, indicating a balance between supply and demand.
This balance could tilt in favor of buyers if they push the price and hold above $42,594. Then the BTC/USDT pair may rise to the upper zone between $45,000 and the ascending channel resistance line.
Alternatively, if the price drops again from the moving averages, the bears will attempt to pull the pair below the nearest support at $37,000. If this level declines, the pair may challenge the channel guide. A breakout and a close below this level will increase the probability of resuming the downtrend.
Ether / US Dollar
The drop of Ethereum (ETH) encountered strong resistance at the 50-day SMA ($2,751) on March 9, indicating that the bears are not ready to give up their advantage. Price reversed down from the moving averages on March 10th, but it is less positive that the bulls try to defend the reference point of the symmetrical triangle.
ETH/USDT daily chart. Source: Trading View
If the price comes back from the guide line, the bulls will once again try to push the price while holding above the 50 day simple moving average. If they succeed, ETH/USDT could rise to the psychological $3000 level and then retest the triangle resistance line.
This is an important bear protection level because a breakout and a close above it indicates a possible trend reversal. This model is $4,311.
Contrary to this assumption, if the price continues to move lower and breaks below the guide line of the triangle, it may signal a resumption of the downtrend. After that, the pair could drop to $2,159.
BNB / US Dollar
BNB rose above the 50-day simple moving average ($389) on March 9, but the bulls were unable to sustain the higher levels. Bears took advantage of this situation and drove the price below the moving averages on March 10th.
BNB/USDT daily chart. Source: Trading View
If the price stays below the moving averages, the bears will attempt to pull the BNB/USDT pair towards the strong $350 support. This is an important level to watch because a break below it could pave the way for a fall. Up to $320.
Alternatively, if the price returns from the current level, the buyers will once again try to act and keep the pair above the moving averages. If they do, the couple can start their walk north for $445.
XRP / US Dollar
Ripple (XRP) broke out and closed above the downtrend line on March 9, but the bulls failed to build on this strength. Bears took price below the downtrend line on March 10th.
XRP/USDT daily chart. Source: Trading View
The bulls did not allow the price to break below the 50-day SMA ($0.72), which indicates strong demand at the lower levels. This closed trade is unlikely to last for long.
If the price breaks and stays above $0.78, XRP/USDT may gain momentum and rise against the upper resistance at $0.91. A break above this level may open the way for a rise to the psychological level of $1.
This positive opinion becomes invalid if the price drops below $0.69. This can divert the current in favor of the bears.
