Price Analysis Mar 30: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

BitMEX Enquiry recently pointed out that the correlation between the South&P 500 and Bitcoin (BTC) has reached a new loftier, eclipsing the previous high recorded in March 2022. This shows that with all the money being printed to support the economy, a tiny bit might be finding its manner into the crypto space, which is a huge positive.

Over the long-term, only a fraction of the full stimulus packages announced around the world are enough to boost the crypto market capitalization.

While many are bullish in the long-term, several investors want to catch the bottom. Earlier in the twelvemonth veteran trader Tone Vays forecast that Bitcoin could lesser out closer to $2,800, but now he believes that the lesser might take been formed around $three,700. Vays does not expect Bitcoin to dip below the recent lows.

Daily cryptocurrency marketplace operation. Source: Coin360

Equally traders, our focus is the price action. However, during these hard times, it is heartening to run into that various agencies and nations are taking the aid of blockchain technology to fight the coronavirus pandemic. Along with helping with the engineering part, we are very happy to note that the global crypto community has come together and is too doing its chip to help during this time of crisis.

The current crypto recovery is being led past Bitcoin as its authorization charge per unit closes in on 66%. This raises the question of whether cryptocurrencies sustain the electric current relief rally and start a sustained uptrend? Let'south analyze the charts.

BTC/USD

The failure of the bulls to propel Bitcoin (BTC) above the overhead resistance of $seven,000 attracted selling. That dragged the price below the firsthand back up of $6,435 but the bears could non intermission the next support of $5,660.47. This is a positive sign as it shows need at lower levels.

BTC USD daily nautical chart. Source: Tradingview

Currently, the bulls are again attempting to carry the cost to a higher place $vi,435 and the 20-day EMA at $6,520. If successful, a retest of $7,000 is possible. Above this level, a motility to the l-day SMA at $7,985 and to a higher place it to $ix,000 is likely.

Contrary to our supposition, if the BTC/USD pair turns downward from the twenty-day EMA and slides below the support at $5,660.47, a drop to the long-term support line at $five,000 is possible. For now, the traders can protect their long positions with stops at $five,600.

ETH/USD

Ether (ETH) continues to trade between the $117.090-$155.612 range. The xx-day EMA is sloping down and the RSI is in the negative zone, which suggests that the bears have the upper hand.

ETH USD daily nautical chart. Source: Tradingview

A break below the range can sink the ETH/USD pair to $100 and below information technology to $84.250. However, if the pair bounces off the support of the range, a few more days of consolidation is likely.

The pair will pick upward momentum on a suspension in a higher place $155.612. Above this level, a move to the 50-day SMA at $198 is possible. Therefore, we retain the buy recommendation given in an earlier analysis.

XRP/USD

The failure of the bulls to sustain XRP higher up $0.17468 attracted selling. The bears attempted to resume the downwardly motion on March 29 but the bulls provided back up close to $0.16 levels.

XRP USD daily chart. Source: Tradingview

If the bulls tin can propel the toll above $0.17468 once over again and sustain the level, the XRP/USD pair is likely to pick upwards momentum. The starting time target to watch on the upside is $0.22 and above information technology $0.25.

Opposite to our supposition, if the price turns downward from $0.17468 once once again, the bears will try to sink it to $0.1275. Hence, the end loss on the long positions can be retained at $0.143 for now. We shall propose trailing the stop to $0.16 after the pair rises above $0.nineteen.

BCH/USD

Bitcoin Cash (BCH) turned downwardly from the twenty-day EMA on March 27 but the buyers stepped in but higher up the immediate back up at $197.43. This is a positive sign as it shows need on dips.

BCH USD daily nautical chart. Source: Tradingview

The bulls will now try to drive the price above the xx-day EMA at $227 and the horizontal resistance at $247.95. If successful, the BCH/USD pair is probable to pick up momentum and rally to the 50-day SMA at $304 and above it to $350.

Hence, the traders can buy above $250 and keep a cease loss below $197. Our view will be invalidated if the pair plummets below $197.43. In such a case, a driblet to $166 is likely.

BSV/USD

Bitcoin SV (BSV) turned downwardly from the xx-day EMA on March 27. However, the bulls held the strong support at $146.96, which shows ownership on dips. The 20-twenty-four hour period EMA is flat and the RSI is but below the midpoint, which suggests a range germination for the side by side few days.

BSV USD daily chart. Source: Tradingview

We now anticipate the bulls to deport the BSV/USD pair to the overhead resistance at $185.87. If the toll turns downwardly from this level, the pair will extend its stay within the range for a few more days.

A break above $185.87 will indicate force. Above this level, a move to the 50-day SMA at $223 and in a higher place it to $260 is possible.

On the other paw, if the bears sink the price below $146.96, a drop to $120 is likely. Therefore, the terminate loss on the long positions tin can exist kept at $146.

LTC/USD

Litecoin (LTC) turned down from the xx-mean solar day EMA at $42.14 on March 27. The 20-day EMA is sloping downward and the RSI is in the negative zone, which suggests that the advantage is with the bears. A drop below $35.8582 can drag the price to $30.

LTC USD daily nautical chart. Source: Tradingview

Currently, the LTC/USD pair is attempting to rebound off the support at $35.8582. If the bulls tin behave the cost above the xx-day EMA at $41.12 and the horizontal resistance of $43.67, the pair is likely to selection upward momentum.

The get-go target to watch on the upside is the 50-mean solar day SMA at $55.63. If this level is crossed, the upwardly motility can reach $63.8769. The traders can initiate long positions as suggested past us in an earlier analysis.

EOS/USD

EOS has been trading inside a tight range of $ii.0632-$ii.4001 since March 21. This shows that both the bulls and the bears are playing information technology prophylactic and are non taking whatever large bets. The 20-day EMA continues to gradient down and the RSI is in the negative zone, which suggests that bears have the upper hand.

EOS USD daily chart. Source: Tradingview

However, the bears accept not been able to sink the EOS/USD pair below $2.0632, which shows a lack of sellers at lower levels.

If the bulls tin can propel the pair to a higher place the overhead resistance at $2.4001, a rally to the fifty-day SMA at $3.32 and above it to $3.86 is possible. As the run a risk to advantage ratio is attractive, nosotros have retained the purchase suggested in our before analysis.

BNB/USD

Binance Coin (BNB) turned downward from the 20-day EMA at $xiii.27 on March 27. Though the bears were able to sink the toll beneath the immediate support at $12.1111, they could not pause below the side by side support at $10.8428.

BNB USD daily nautical chart. Source: Tradingview

This shows that the buyers are keen to enter at lower levels. Currently, the bulls are again attempting to push the BNB/USD pair to a higher place $12.1111. If successful, the bulls will make i more than attempt to climb above the twenty-day EMA at $12.91. If successful, a movement to the downtrend line at $15 is possible.

On the other hand, if the pair reverses direction from the xx-solar day EMA once once more, the possibility of a break below $ten.8428 increases. Below this level, a drop to $8.4422 is likely. Currently, nosotros do non find any reliable buy setups, hence, we remain neutral on the pair.

XTZ/USD

Tezos (XTZ) broke below the trendline of the ascending triangle, which invalidates the design. A breakdown of a bullish blueprint is a surly sign. Currently, the altcoin is attempting a bounce off the immediate back up at $1.4453.

XTZ USD daily chart. Source: Tradingview

If the XTZ/USD pair tin can re-enter the triangle, it volition be a bullish sign as information technology will point buying at lower levels. The pair is likely to choice up momentum on a intermission in a higher place the twenty-day EMA at $1.77 and the overhead resistance at $i.955.

Therefore, we retain the buy recommendation given in an earlier analysis. The pair will turn negative if the price turns down from the trendline and plummets below $i.4453.

LEO/USD

Subsequently consolidating between the $ane-$one.04 range for the past few days, UNUS SED LEO (LEO) has broken out of $1.04. This is a positive sign. With both moving averages sloping upwardly and the RSI in positive territory, the advantage is with the bulls.

LEO USD daily chart. Source: Tradingview

If the LEO/USD pair closes (UTC fourth dimension) above $1.04, information technology will complete a bullish inverted head and shoulders design. This setup has a target objective of $1.27488 and above information technology $1.36. Therefore, the traders tin can buy as recommended by u.s.a. in an earlier analysis.

Our bullish view volition be invalidated if the cost fails to sustain higher up $ane.04 and turns down sharply. If the support at $ane breaks, the adjacent level to watch out for is $0.95.

The views and opinions expressed hither are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading motion involves adventure. You should conduct your own research when making a conclusion.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-mar-30-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-leo

Posted by: calderonades1986.blogspot.com

Share this post