Bitcoin (BTC) bullish growth in 2017 was led by retailers, long-term cryptocurrencies and bitcoin whales. However, the situation changed in 2020 when institutional investors became the catalyst for the emergence of the latest cryptocurrency.
However, data compiled by JPMorgan Chase shows that retailers are making a strong comeback in the first quarter of this year. Analysts at JPMorgan used data from Square and Paypal to determine that retail investors bought 187,426 BTC in the first quarter of 2021, more than an institutional purchase of 172,684 BTC during the same period.
While this data may not be bulletproof, it does provide a good indication of the underlying feelings on both sides.
Recent data from CoinMarketCap showed that the total volume of cryptocurrencies of South Korea’s major cryptocurrencies in the 24-hour period on Sunday reached $ 14.6 billion, surpassing the $ 14.5 billion that South Korea’s stock index composite handled on March 12th.
While the growth in the number of participants is a positive sign, the strong beef market is also luring weaker hands, squandering their positions in all the news and minor events. In the short term, this may lead to increased volatility.
Let’s examine the charts of the top 10 cryptocurrencies to identify critical support and resistance levels that could attract traders.
Bitcoin / USD
Bitcoin hit a new all-time high of $ 61,825.84 on March 13th, but this rally did not attract more buying from traders. On the other hand, traders took profits after the rally, and the price fell below the breach level of $ 58,341.03 today.
The less positive thing, however, is that the bulls are still trying to defend the 20-day exponential moving average ($ 53,231). If the price returns from the 20 day moving average, the bulls will try to push the price back above $ 61,825.84. If they succeed, the next leg of the $ 72,112 trend could start.
While the bullish moving averages favor the bulls, the negative RSI divergence indicates weak upward momentum. The bears will find an opportunity if the BTC / USD pair falls and settles below the 20 day moving average.
Next support behind is the 50-day simple moving average ($ 46,504) then the critical low reversal to $ 43.006.77.
ETH / USD
The sharp rally in ETH on March 13th failed to maintain momentum and all the time try to reach $ 2040.77 again. This could have attracted profit from impulsive traders, dropping to the 20-day moving average ($ 1,729).
If the bears seize this opportunity and push the price below the moving average, sales may increase. This could drop down to $ 1,455 and then critical support at $ 1,289.
The 20 day moving average is stabilizing and the RSI indicator has dipped below 53, indicating an equilibrium between supply and demand.
These neutral or negative sentiments will be canceled if the ETH / USD pair bounces off the moving average and rises above its all-time high. This could start the next stage of the uptrend, which could be as high as $ 2,614.
BNB / US Dollar
On March 11th, Binance Coin (BNB) failed to maintain its overbought resistance of $ 309.50. This could have attracted profits from traders, leading to the move to the 20-day moving average ($ 245) today.
The bulls are currently trying to defend the 20 day EMA. Strong bounce in this support will indicate strong buying to the downside. The bulls will then try to push the price over $ 309.50 again.
If they succeed, they can try again at a record high. Breaking this resistance may trigger the next stage of the uptrend, which could be as high as $ 410.
Alternatively, if the BNB / USD pair breaks below the 20-day moving average, then short-term traders can make a profit and this could send the price down to $ 189.
ADA / US Dollar
Cardano (ADA) has traded in a range of $ 1.03 to $ 1.23 in recent days. On March 13th, the alt currency fell below this area, but returned sharply the same day. Today the price has fallen again below the chain’s support.
While the bulls have defended support for $ 1.03 over the past three days, the bears have prevented the price from moving above the 20 day moving average ($ 1.08). This indicates that the bears are trying to return.
If the ADA / USD closes below the range, it will increase the likelihood of a deeper correction towards the 50-day moving average ($ 0.87).