Bitcoin (BTC) rose on March 9 when Dow Jones futures rose sharply and Finance Minister Janet Yellen’s announcement of President Joe Biden’s Digital Asset Executive Order, which was incorrectly issued the day before, provided positive data for the crypto industry.
In recent days, it appears that investors have accumulated cryptocurrencies at lower levels. CoinShares data for the week ending March 6 show that the cumulative inflow of $ 127 million in digital asset investment products was the highest since December 12, 2021, with the number of Bitcoin products increasing for the seventh week in a row.
Daily indicators for the cryptocurrency market. Source: Coin360
However, Mike McGlone, chief commodity strategist at Bloomberg Intelligence, sounded cautious when he warned that the current geopolitical situation and rising crude oil prices have caused a global recession and Bitcoin and Ethereum may face selling pressure in the beginning. McGlone warned that if US stock markets fall, Ether could fall to $ 1,700 since it is closely linked to the Nasdaq 100 index.
Can bitcoins and altcoins support higher levels? Let’s analyze the charts of the 10 best cryptocurrencies to find out.
Bitcoin / US dollar
The fact that the bears did not push the price below the immediate support of $ 37,000 may have attracted the bulls to active purchase. Bitcoin rose above its moving average on March 9.
BTC / USDT daily chart. Source: Trading View
Relative Strength Index (RSI) jumped into positive territory, indicating that momentum may turn higher. If buyers keep the price above the moving averages, the BTC / USDT pair may rise to the upper range between $ 45,000 and the rising channel resistance line. The bears are expected to aggressively defend the area.
If the price breaks out of the upper zone, the couple can extend their stay in the canal for a few more days. The bears must pull the price and keep it below the channel guide line to take control.
Ether / US dollars
The bears were unable to exploit the collapse below the symmetrical triangle. Strong bulls that buy around $ 2400 have started to recover and Ethereum (ETH) is back in the triangle again. This suggests that the recent crash may have been a bear trap.
Daily ETH / USDT chart. Source: Trading View
The bulls try to push the price and keep it above the moving averages. If this happens, the ETH / USDT may rise to the resistance line in the triangle. If the bulls break this barrier, it will signal the possibility of a new bullish trend. The pair can first rise to the psychological $ 4000 level and then move closer to the $ 4311 pattern target.
This positive forecast will be canceled if the price falls below the current level or resistance line. This couple can stay inside the triangle for a few more days. The Bears have to push the pair below $ 2400 to get the upper hand.
BNB / US Dollar
Binance Coin (BNB) has broken through the 50-day Simple Moving Average (SMA) at $ 392, and if the bulls maintain higher levels, the upside movement can reach total resistance at $ 445.
BNB / USDT daily chart. Source: Trading View
The Bears are likely to form a strong defense at $ 445. If the price falls from this level, the BNB / USDT pair may fall to the moving average. The 20-day fixed exponential moving average (EMA) ($ 387) and the RSI near the midpoint point to a balance between supply and demand.
If the bulls fail to keep the price above the 50-day SMA, the Bears will present their odds and try to pull the pair against the $ 350 support. Price trades in the $ 445- $ 350 range are likely to remain choppy.
XRP / USD
Bulls continue to defend 50-day SMA ($ 0.72), indicating strong demand at lower levels. Buyers will now try to push XRP and keep it above the downtrend line.
Daily XRP / USDT chart. Source: Trading View
If successful, the purchase can accelerate and the XRP / USDT pair may rise to the upper range between $ 0.85 and $ 0.91. This area can offer strong resistance from the bears, but if the bulls find their way, the pair can rise to the psychological $ 1 level.
On the other hand, the bears have to pull the price and keep it below $ 0.68 to turn the tide in their favor. The pair may then fall to a low during the day of February 24 of 0.62 dollars.