Bitcoin (BTC) price is moving in a parallel rising channel and has jumped from the midpoint of this channel. Ethereum and XRP are trying to find support. Separate views stand out in other altcoins considered in this analysis.
Bitcoin (BTC) managed to get a reaction at the midpoint of the parallel rising channel it is following.
Ethereum (ETH) fib. rejected from the correction zone. He’s currently trying to find support and is setting a new high bottom.
Curve Dao Token (CRV) is a key fib. made a jump from the support level. A new five-wave bullish impulse may have begun for CRV.
Aragon (ANT) managed to hold onto a key support level at $ 4.90. As a possible target, the $ 10.80 level created by the August 2020 peaks stands out.
Near Protocol (NEAR) has exited from the February high and is showing a gradual rise towards the $ 10 level.
Zcash (ZEC) was rejected from the resistance zone at $ 158. But it tries to endorse the $ 135 zone as support.
BTC has been moving in an ascending parallel channel since Feb. 28. On March 12, it was rejected from the resistance line of the channel and went down. But it still hovers above the midpoint of the channel and appears to have made a jump.
On the other hand, parallel channels are generally known as corrective movements. Therefore, a break from the midpoint of the channel can be considered as an important sign of weakness.
A break through the channel may cause the RSI to pass below the 50 line. Although there were small deviations on March 6-7, it is known that the RSI did not fall below the 50 line after the movement in the channel formation started.
Still, the long-term analysis points to an uptrend, and as long as there is no break from the channel, this bullish expectation will remain valid.
Ethereum Also Seeks Support Like Bitcoin
ETH has been on the rise since Feb. 28. ETH, which peaked at $ 1,879 on March 10, then lost some value. It was seen that the decline took place slowly.
Rejection, 0.786 fib. occurred at the correction level (white). Despite the rejection, the price action that led to the peak formation is still pointing upward. This price action is marked in green in the chart below.
Therefore, in the most likely scenario, ETH is expected to find support and create a new high bottom. 0.382-0.5 fib. For ETH, which may find support at correction levels (black), these levels coincide with the range of $ 1,586-1,655. The MACD, which recorded a decline, also supports the possibility of regressing to these levels.
The XPR began to drop sharply on February 22, with a rapid decline of 44%. The price, which formed a bottom at the level of $ 0.365 on February 23, jumped from this level. Thus, a long wick hanging down was formed.
On the other hand, the leap of XRP remained weak, unlike the leap introduced by Ethereum. XRP on the rise is 0.382-0.5 fib. It was rejected from the correction level and fell again.
The MACD and RSI are pointing bearish and the RSI seems to cross below the 50 line.
Therefore, according to the most probable scenario, XRP can be expected to decline to the support level at $ 0.36.
Curve Dao Token (CRV)
The CRV was in decline after hitting the $ 3.66 peak on Feb. 6. The depreciation is at 0.618 fib from the previous bullish move at $ 1.63. continued until the correction level. The CRV, which jumped from this region on February 28, started to gain value again.
Although the RSI remains below the 50 line, the MACD and Stochastic Oscillator are bullish. It appears that the Stochastic Oscillator is forming a golden intersection.
The price action looks like a five-wave bullish pattern. It can be said that CRV moves within the fifth and last wave.
A possible target for price action lies in the range of $ 4.92- $ 4.99. This target is the outer correction levels and fib. reflection levels were calculated and found.
Aragon also Falls with Bitcoin Correction
ANT dropped significantly from February 14 to February 28. However, it then rebounded rapidly and managed to hold in the $ 4.90 zone, making a significant upside development.
As in the CRV chart, in the ANT chart, the technical indicators on the daily chart scale are pointing upward. In addition, the fact that the RSI is above the 50 line provides a more positive picture for ANT than CRV.
A new bullish impulse may be beginning for ANT. If this scenario is valid, the closest resistance zone stands out at $ 10.80 created by the August 2020 peaks. The next resistance zone can show itself at $ 14.31.
Near Protocol (NEAR)
Although NEAR has suffered a significant depreciation since mid-February, it rose from the highest level it reached in 2021. It is currently priced at around $ 7.
Technical indicators on the daily chart scale are pointing upwards. The Stochastic Oscillator formed a gold intersection and negative mismatches in the RSI and the MACD became invalid.
NEAR reached the first possible turnaround zone at $ 7.30. This zone is the outer fib, calculated from the second lower wave (orange). stands out because of the level of correction.
The next target zone that can act as a resistance is at $ 10.30. This region is again the 4.61 outer fib of the second subwave. make up the level of correction. In addition, the second wave 2.61 outer fib. it makes up the correction level (white).
ZEC made a significant jump after bottoming at $ 103 on February 23. The leap bounce continued until March 11, with a rejection from the resistance zone at $ 158.
The $ 158 zone is 0.618 fib of the entire bearish move. stands out as the level of correction. It does not seem possible to talk about an uptrend until this region is successfully left behind.
On the other hand, the MACD and RSI are bullish, and ZEC appears to be moving significantly above $ 135, which previously served as resistance.
If the $ 158 zone is confirmed as support, the upward movement can be expected to continue.
Click to read the Bitcoin analysis dated March 12, 2021 published on BeInCrypto.
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