Bitcoin (BTC) price is struggling to exceed $ 60,000. This strong resistance indicates that market participants are cautious at current levels, and additional support is needed to raise the price and continue the uptrend.
Bitcoin seems to be in the process of consolidation before starting the next trend move. On the other hand, 4 altcoins stand out with their accelerated movements. Cointelegraph analyst Rakesh Upadhyay made a price assessment for 4 altcoins and Bitcoin that could rise in the short term.
BTC/USD – Bitcoin teknik analiz
Bitcoin is on the uptrend and the bulls continue to buy from the 20-day exponential moving average (EMA) ($ 55,455) zone during the dips. The long tail on yesterday’s candlestick shows that the bulls are using these bottoms to accumulate.
Daily chart of the BTC / USDT pair. Source: TradingView
The bulls will now try to increase the price from $ 60,000 to $ 61,825. If they are successful, an uptrend could begin that could push the BTC / USD pair up to 72.112.
Another possibility is that the price returns from resistance again and the pair remains in a narrow range. In such a case, the next breakout will most likely trigger a strong trend move no matter which direction.
The only bearish bias seen on the chart is the negative divergence in the relative strength index (RSI). The decline in this indicator can come into play if the price stays below the 20-EMA.
If such a price decline occurs, the pair could drop to the 50-day simple moving average (SMA) ($ 49,977), where it would be a critical support. As a break below this level could lead to a pullback to the $ 43,006 support.
UNI / USD – Uniswap price rating
The Uniswap (UNI) price is currently in the consolidation process between $ 27.97 and $ 35.2. The bulls tried to maintain the uptrend on March 20, but the long wick on the candlestick chart and the close in red indicate profit purchases around $ 35.2.
Daily chart of the UNI / USDT pair. Source: TradingView
However, there has not been any sales pressure for the last two days. Both moving averages (MA) are in the upward direction and the relative strength index (RSI) is in the positive zone. So the possibility of an upward movement is higher.
If the bulls can push the price above $ 35.2, the UNI / USD pair could advance to $ 42.43 and then $ 46.
Contrary to this assumption, if the price drops and falls below the 20-day exponential moving average (EMA) ($ 30.43), the pair could drop to $ 27.97. This level will become an important support to watch out for, as if it breaks, selling pressure begins. Subsequently, the 50-day simple moving average (SMA) ($ 25.72) followed by a deep correction to $ 22.
LUNA/USD – Terra technical analysis
LUNA continues to rise to record highs on a daily basis and is in a strong uptrend. The bears tried to stop the uptrend on March 17, but couldn’t keep the price down for more than a day. This shows that a strong purchase is encountered with every drop.
Daily chart of the LUNA / USDT pair. Source: TradingView
The long wick on the March 19 candlestick indicates high profit buying, but as of yesterday, the price climbed to an all-time high as the bulls bought in dips. This indicates that the trend may remain intact.
Both moving averages (MA) are rising, and the relative strength index (RSI) has crossed the 84 level. The market seems to be under the control of the bulls. The next target on the upside will be $ 27.46.
On the other hand, sharp increases do not continue for long. Therefore, traders can expect a correction or consolidation in order to open a new position rather than raise the price higher. A break below $ 18.51 could result in a decline to the 20-day exponential moving average (EMA) ($ 15.43).
If the recovery comes from this support, it will be revealed that traders continue to buy at the bottom and continue to believe in the uptrend. However, a break below the 20-EMA could signal the beginning of a deeper correction.
THETA / USD – Theta price analysis
THETA has been in a strong uptrend for the past few days. It rose to an all-time high of $ 10.68 as of March 22, but there are chances of higher profits to come.
Daily chart of THETA / USDT pair. Source: TradingView
The shallow correction on March 20 showed that traders were buying at the bottom and not giving up the currency. As is known, during strong uptrends, retractions are usually short-term.
The bulls are raising the price to an all-time high for two days, indicating that the uptrend has started again. The current target of THETA / USD pair seems to be $ 12.35. The upward moving averages (MA) and the relative strength index (RSI) in the overbought zone reveal that the bulls are at the wheel.
For this bullish outlook to become invalid, the bears must increase sales and push the price below $ 7.99. If this happens, it will be understood that the current uptrend is a bull trap.
FIL / USD – Filecoin teknik analyzes
The Filecoin network’s native token, FIL, is also in a strong uptrend. After the sharp rise on March 16 and 17, traders, who made short-term transactions, increased their profit purchases as of March 18, and a correction period began. However, since these retreats remain shallow, they can be considered as a positive sign for the coming days.
Daily chart of the FIL / USDT pair. Source: TradingView
The bulls are trying to keep the FIL / USD pair above $ 73.79. This support is just below the $ 75.74 line where the 38.2% Fibonacci retracement level is calculated. If the bulls succeed, the pair could rise to $ 96.66 again.
A break above this resistance and a daily close could start the next leg of the uptrend. Thus, the price can reach $ 128.55.
On the other hand, if the bears pull the price below $ 73.79, the pair could drop to the 20-day exponential moving average (EMA) ($ 59.95). An upward recovery from this support will indicate that the trend remains positive. If there is a downward movement, it can change the direction of the trend.
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