Bitcoin (BTC) is in a swing battle around $ 40,000 with both bulls and bears trying to gain the upper hand. Volatility may remain high as markets await the US Federal Reserve’s monetary policy decision scheduled for March 16.

Analyst Willie Wu suggests that Bitcoin may experience a capitulation event based on value, a calculation that indicates the transfer of Bitcoin from inexperienced to experienced traders. Such sharp declines usually indicate the formation of a market bottom.

Daily indicators for the cryptocurrency market. Source: Coin360
Glassnode believes, however, that capitulation was avoided when sales were swallowed up by a relatively strong market. While 82% of short-term coin holders are in the red, Glassnode believes that this is late-stage bear market behavior as investors keep their coins until they become profitable.

Can a policy decision by the Federal Reserve start a trend movement in Bitcoin and altcoins? Let’s analyze the charts of the 10 best cryptocurrencies to find out.

Bitcoin / US dollars
Bitcoin deviated from the moving averages on March 15, but the long tail on the light indicates strong demand at lower levels. The bulls continued to buy and pushed the price above the 50-day simple moving average ($ 40,151).

BTC / USDT daily chart. Source: Trading View
If the bulls hold the price above the 50-day SMA, the BTC / USDT pair may rise to the upper region between $ 45,400 and the upside resistance line. Bjørner is expected to build a strong defense in this area.

If the price falls from the upper zone, the couple can extend their stay in the canal for a few more days. The flat moving averages and the relative strength index (RSI) near the midpoint also indicate that a range-limited movement is likely to be in the short term.

Contrary to this assumption, if the price reverses and falls below the moving averages, this means that the bears continue to sell at higher levels. Then the bears will try to push the price below the channel support line and resume the downward trend.

ETH / USDT
Ether (ETH) has jumped off the symmetrical triangle support line and buyers are trying to push the price above the 50-day simple moving average ($ 2,763).

ETH / USDT daily chart. Source: Trading View
If they succeed, the price can move up to the psychological $ 3000 level and then to the triangle resistance line. Bulls must push the price and hold over the triangle to signal a possible trend change.

The RSI has also formed a symmetrical triangle and an eruption may indicate that buyers are taking control.

This bullish view will become invalid if the price reverses from the current level and breaks the triangle’s guideline. This could open up a potential drop to $ 2,159.

BNB / USDT
Buyers are trying to push Binance Coin (BNB) above the moving averages, but the Bears may have other plans. They will try to slow down recovery near the moving averages, as they did in the previous three cases.

BNB / USDT daily chart. Source: Trading View
Both moving averages are stabilizing, and the RSI has risen above 48, indicating that the bulls are trying to return. If buyers keep the price above the 50-day simple moving average of $ 388, the BNB / USDT price could rise to $ 425 and then $ 445.

Contrary to this assumption, if the price falls below the moving averages, it means that sentiment is still negative and traders are selling close to resistance levels. The Bears will then try to push the price below the strong support level of $ 350.

XRP / USDT
XRP turned from the downtrend line on March 12 and fell to the moving average. Although the bulls defended the moving averages, they failed to get a strong bounce from them.

XRP / USDT daily chart. Source: Trading View
Both moving averages stabilized and the RSI was close to the midpoint, indicating a balance between supply and demand. Buyers need to push the price and stay above the downward trend line to gain the upper hand. The XRP / USDT pair can then rise to $ 0.91 and then to the psychological $ 1 level.

Conversely, if the price reverses and falls below $ 0.69, the benefit will shift in favor of the bears. After that, the pair may fall to the strong support level of $ 0.62.

Moon / USDT
On March 14, the Terra LUNA symbol broke the upper resistance at $ 94, but the bulls failed to hold on to the higher levels. On March 15, Bears pushed the price below $ 94.

LUNA / USDT daily chart. Source: Trading View
The Bears will now try to keep the price below the 20-day exponential moving average ($ 84). If successful, LUNA / USDT could drop to $ 70. This move may mean that the bullish momentum has slowed.

Source: CoinTelegraph

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