The resilience of Bitcoin (BTC) in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, CEO of New York-based asset management firm Third Point, said it was “getting deeper into cryptocurrencies.” Third Point hired a former cryptocurrency analyst at Goldman Sachs to support the venture capital team, according to Reuters.
Loeb’s move to crypto appears to have prompted Shark Tank star Kevin O’Leary to devote part of his portfolio to Bitcoin. In addition, O’Leary noted that every operator he has invested in is considering investing in bitcoin.
Billionaire Tim Draper predicts that Netflix will be the next Fortune 100 company to add Bitcoin to its balance sheet. Draper expressed his opinion on his Unstoppable podcast. He also predicted that Amazon would soon start “accepting bitcoins.”
This development shows that the institutional adoption of Bitcoin is still in its infancy and is likely to grow in the future.
It’s great to see former bitcoin skeptics now express their positive views on digital assets. Billionaire Mark Cuban recently tweeted Peter Schiff’s gold bug, stating that gold will soon lose its place as a store of value. The Cuban also highlighted the advantages of bitcoin over gold.
With all these positives, it should come as no surprise that Bitcoin’s price action has resumed its bullish momentum. Let’s analyze the top 10 cryptocurrency charts to find out their strengths and weaknesses.
Bitcoin / US dollar
Bitcoin rallied and closed above the 20-day exponential moving average ($ 48,123) on March 1. The bears tried to push the price through the 20-day moving average on March 2, but failed, indicating that traders were buying on downturns.
Buyers have pushed the price above the $ 52,040.95 resistance today, but the bears are not ready to give up yet. The long wick in the candlestick today indicates that bears are selling at conventions.
If the price falls below today’s level and falls below the 20-day moving average, the bitcoin / dollar pair could fall to $ 41,959.63. Then the price can remain in the range between these two levels for several days.
This neutral point of view will be invalidated if the bulls can push the price and hold it above $ 52,040.95. If this happens, the pair could test all the time at the level of $ 58,341.03.
On the other hand, a break below the 50-day SMA ($ 41,921) would be the first sign of a possible change in direction.
ETH / USD
Ether (ETH) has broken above both moving averages today and the bulls are currently trying to resume the trend. However, it is unlikely that the bears will give up easily, as they may try to stop the movement at the current level.
If the price falls from the 20-day moving average, it would indicate that the trader’s sentiment is shifting from buying on downturns to selling on an upward trend.
The bears could gain the upper hand if they manage to push the price below the $ 1,289,098 support level. If that happens, the ETH / USD pair could return to the 61.8% Fibonacci retracement level at $ 1,026,776.
This negative view would be overturned if the bulls were able to push the price and hold it above the 20-day moving average. If the bulls manage to push the price above $ 1,708,391, the pair could rise to $ 2,000.
ADA / US dollar
Cardano (ADA) is currently showing a slight upward correction. Altcoin formed an intraday candlestick pattern, indicating hesitation between bulls and bears for the next move.
If the uncertainty dies down and the bears fall below $ 1.55, a fall to the 20-day moving average ($ 1.05) is possible. A rebound from this support would indicate that sentiment remains bullish as traders continue to buy prior to the dip.
If the ADA / USD pair breaks below the 20-day moving average, it will indicate that traders are making a profit. This could push the price down to $ 0.9817712, and if that support is also broken, the fall could extend to $ 0.80.
Contrary to this assumption, if the price breaks out of the current level and the bulls push the pair above $ 1.30, you can try again at $ 1.4852896. Overcoming this resistance could resume training with the next target at $ 1.83.