Bitcoin (BTC) and some altcoins have broken their immediate resistance levels, but are struggling to stay higher, indicating that the bears are not ready to give in.

The sudden rise in bitcoin prices on March 22 is expected to be triggered by reports that Terra sent $ 125 million to Binance on March 21.

This could be the start of an estimated $ 3 billion in bitcoin that the company plans to acquire. On March 23, Terra made another similar trade that could increase sentiment in the near future.

Daily indicators for the cryptocurrency market. Source: Coin360
While this news may provide a short-term rally, it is unlikely to change the underlying trend. Bitcoin is still closely correlated with the S&P 500 index, which rose sharply between 15 and 22 March. Cryptocurrency traders are likely to look forward to the S&P 500 in the next few days.

Can the bulls hit the overhead and start climbing bitcoin and picking altcoins? Let’s analyze the charts of the 10 best cryptocurrencies to find out.

Bitcoin / US dollars
Bitcoin broke resistance in the short term at $ 42,594 on March 22, but the bulls failed to hold on to the higher levels. This indicates that the bears continue to defend this level aggressively.

BTC / USDT daily chart. Source: Trading View
On the slightly positive side, the bulls did not lose much ground due to the upside resistance on 23 March. This indicates that traders do not close their positions close to resistance as they expect the trend to continue.

If buyers push the price above $ 42,594 and continue to do so, the BTC / USDT pair could gain momentum and climb to $ 45,400 where the Bears can take the defense again.

These positive outlook will be void if the price falls and falls below the moving averages. If that happens, the couple could extend their stay between $ 37,000 and $ 42,594 for a few more days.

ETH / USDT
Ether (ETH) broke the psychological $ 3000 level and reached the symmetrical triangle resistance line on March 22. The long wick on the candle indicates that the bears are protecting the resistance line.

ETH / USDT daily chart. Source: Trading View
Now the bears will try to bring the price down to the moving averages. If the price bounces off this support, it will increase the possibility of an outbreak over the triangle. If this happens, the ETH / USDT pair may start a new growth. The pair may first rise to $ 3,500 and then move toward the $ 3,907 target.

This short-term trend will be reversed if the price falls below the moving averages. This movement will indicate that the couple can spend some time inside the triangle.

BNB / USDT
BNB recovered from the 20-day exponential moving average (EMA) of $ 389 on March 21, indicating a buy-in decline. The bulls pushed the price above the upper resistance level of $ 407 on March 22, but they failed to hold on to the higher levels.

BNB / USDT daily chart. Source: Trading View
The 20-day moving average is rising gradually, while the RSI is in positive territory, indicating the benefit to buyers. The bulls will try to push the price and stay above the $ 407-410 resistance range. If they succeed, the BNB / USDT pair could try to go up to $ 445.

Conversely, if the price falls below the current level, the pair may fall to the moving average. This is an important support to look for because if the bears pull the price below the moving averages, the pair could fall to $ 350.

On the other hand, if the price jumps by the moving averages, this means that the bulls are accumulating at lower levels. Buyers will once again try to push the pair towards $ 445.

XRP / USDT
Ripple (XRP) broke out and closed above the downtrend line on March 21, but the bulls find it difficult to continue to rise. This indicates that demand is drying up at higher levels.

XRP / USDT daily chart. Source: Trading View
The price is down and the bears are trying to pull the XRP / USDT pair below the downtrend line. If they succeed, the pair can return to the moving averages.

The sharp decline from the moving averages may mean that traders continue to buy at lower levels. The bulls will once again try to push the price towards $ 0.91.

Conversely, if the price breaks below the 50-day Simple Moving Average (SMA) of $ 0.76, this means that a break above the downtrend line could be a revolution trap. The pair may then fall to $ 0.68.

Source: CoinTelegraph

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