Geopolitical tensions between Russia and Ukraine have prompted investors to seek safe assets. Contrary to the expectations of cryptocurrency investors, Bitcoin (BTC) has not been able to rise along with gold and is still closely correlated with the US stock markets.
Lloyd Blankfein, the former CEO of Goldman Sachs, said that the measures taken by governments to freeze accounts, freeze payments and raise the US dollar should be positive for the cryptocurrency, but the price action indicates that there are no significant inflows.
Daily indicators in the cryptocurrency market. Source: Coin360
The data on the chain indicates that investors can accumulate bitcoins in the long term. Santiment data shows that 21 of the past 26 weeks have seen Bitcoin exit exchanges.
Can Bitcoin Rally above $40K and Take Crypto Higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin / US Dollar
Bitcoin has been trying to build a base in recent weeks. Price is stuck in an ascending channel as the bulls are buying on the slope towards the support line and the bears selling on the rise towards the resistance line.
BTC/USDT daily chart. Source: Trading View
Across the moving averages and the Relative Strength Index (RSI) near 45 points a slight advantage to the sellers. If the immediate support at $37,000 does not hold, BTC/USDT may reject the channel support line.
A strong bounce from this level will indicate that the bulls are accumulating at lower levels. The bulls will then try to push the price above the moving averages. If this happens, the pair may rise to the channel resistance line.
Traders should focus on a break above or below the channel as it can start a strong directional movement.
Ether / US Dollar
Ether (ETH) broke out and closed below the control line of the symmetrical triangle on March 6, indicating that the continuation pattern has resolved in favor of the bears.
ETH/USDT daily chart. Source: Trading View
The bulls bought the price on the dip and are trying to bring the price back to the triangle. If they could do that, it meant that the current avalanche might have been a bear trap. A breakout and a close above the moving averages could push the ETH/USDT pair towards the $3,000 psychological level and further towards the symmetrical triangle resistance line.
Conversely, if the price drops below $2,491, the probability of a dip into the support area increases from $2,300 to $2,159. This is an important area that the bulls need to protect because if it is broken, selling could increase and the downtrend could resume. The pair could then move down to the next strong support level at $1,700.
BNB / US Dollar
BNB broke below the 20-day exponential moving average (EMA) of $387 on March 4. The bulls tried to bring the price back above the level of the 5th and 6th of March, but to no avail.
BNB/USDT daily chart. Source: Trading View
If the price stays below the 20-day moving average, BNB/USDT may drop to the strong $350 support. This is an important level to look for because if this level breaks, the decline could extend into a strong support area. $330 to $320.
Conversely, if the price rises and breaks the moving averages, the bulls will try to push the pair to $425 and then to $445. This level could attract strong selling, but if the bulls break through this resistance, the upside could reach $425. 500.
XRP / US Dollar
Ripple (XRP) has again jumped above the 50-day simple moving average (SMA) ($0.72), indicating that the bulls are continuing to defend the level as best they can. Buyers will now try to push the price while holding above the downtrend line.
XRP/USDT daily chart. Source: Trading View
If they succeed, the momentum could pick up and XRP/USDT could rise to $0.85 and then $0.91. The bears are likely to offer strong resistance in the $0.91-$1 region. A breakout and a close above $1 could lead to a large range between $1.41 and $0.50.
This positive short-term outlook will be nullified if the price breaks below the downtrend line and drops below $0.62. This may open the door to a possible drop towards the strong support level at $0.50.
Moon / US dollar
Terra LUNA token dropped from the upper resistance level to $94 and may now fall to the 20-day moving average ($74). During the performance, bulls buy on dips in the 20-day moving average; Hence, it becomes an important level to pay attention to.