Bitcoin (BTC) didn’t reach a new high ever on March 11 with just one step away as Oracle Corporation denied rumors that it had bought around 72,000 Bitcoins. This indicates that traders may be looking for broader institutional certification marks to further strengthen the bitcoin price.

A major factor that may have hindered many institutional investors is the lack of regulatory clarity, but this may be about to change.

In a recent interview with the Thinking Crypto podcast, Hester Pearce, the commissioner of the US Securities and Exchange Commission, said the appointment of Gary Gensler as chair of the SEC could lead to greater clarity of regulation in the crypto sector.

If this happens, institutional investors can step in and buy bitcoin. Another tool that can attract both institutions and individual investors is the Bitcoin ETF. Just this week, New York-based asset manager WisdomTree joined the list of applicants seeking SEC approval to launch the Bitcoin ETF.

Cryptocurrency traders are likely to be watching this development as they may be optimistic about Bitcoin. Up to the next trigger, will bitcoin and altcoins be in the range or are they right to reduce support levels? Let’s examine the charts of 10 cryptocurrencies to find out.

Bitcoin / USD
Bitcoin turned below its all-time high today, as the bears tried to push the price down. However, the long tail of the daily candlestick shows strong bullish buying. The high of the 20-day exponential moving average ($ 51,414) and the Relative Strength Index (RSI) above 68 indicate that the path of least resistance is the highest.

If the bulls can run and keep the price above $ 58,341.03, the trend can resume. Next up target is $ 72,112.

Contrary to this assumption, if the BTC / USD pair falls from $ 58,341.03 again, it means that the bears are aggressively defending higher levels.

If the bears are able to push the price below the 20 day moving average, then short-term traders can claim profits and this could bring the price down to the 50-day simple moving average ($ 44,934).

A break of this support could lead to a drop of the important support to $ 41,959.63. This is an important level to pay attention to, because if it cracks, the benefit will shift in favor of the bear.

ETH / USD
The ‘bears’ are trying to stop growth at the 78.6% Fibonacci retracement level, to the level of $ 1,879,915. The long tail of the March 11th candlestick indicates that the bulls bought traps around the 20-day moving average ($ 1,692), but were unable to use the recovery ether (ETH), which is down today.

If the price falls below the moving average, this will indicate that traders are continuing to buy in the fall. The bulls will then try to push the price above $ 1,879.91 again and test them at $ 2,040.77 all the time. A breakout and approaching that level could pave the way for the $ 2,614 meeting.

Slightly bullish moving averages and the RSI just above the midpoint point to a slight edge for buyers. However, if the bears push the price below the moving average, this may attract traders in the short term. That can drop to $ 1,455 then $ 1,289.

BNB / US Dollar
Binance coin (BNB) rose above the overbought resistance of $ 309.49 on March 11th, but the bulls failed to maintain the higher levels seen in the long week candlestick today. Today, the bears attempted to push the price below the 20-day moving average ($ 239), but the long tail of the candle indicates strong buying at lows.

Traders buy traps and sell demonstrations. This could hold the BNB / USD pair between $ 265 and $ 309.49 for several days. Both moving averages are sloping higher, and the RSI is in positive territory, indicating that the bulls are in the lead.

If the buyers manage to push the price and hold above $ 309.49, the pair might rise to an all-time high of $ 348.69. Above this level, the pair could extend the rise to 410 dollars and then to 500 dollars.

On the contrary, if the bears drop and keep the price below the 20 day EMA, then the pair may drop to $ 215 and then to $ 189.

ADA / US Dollar
Cardano (ADA) to support the series decreased from $ 1,0683 to $ 1,2303. This is an important level to watch out for, so the bulls are likely to defend strongly.

Source: CoinTelegraph

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