As of March 26, the recovery in the cryptocurrency ecosystem, especially in Bitcoin (BTC), is noticeable. So will this rise continue or will prices go down again?
Cointelegraph analyst Rakesh Upadhyay shared technical analysis and price evaluation for Bitcoin, Ether (ETH) and Binance Coin (BNB), which are ranked in the top 3 in terms of market capitalization.
BTC/USD – Bitcoin teknik analiz
Bitcoin price is in a downward process since March 13th. On March 22, it fell below the 20-day exponential moving average (EMA) ($ 54,367). Then, falling down to the 50-day simple moving average (SMA) ($ 51,270), the price started to move up on March 26. This reveals that sales towards $ 50,000 decreased and a shortage of vendors was seen.
Daily chart of the BTC / USDT pair. Source: TradingView
Bulls increased purchases, bringing the price closer to the 20-EMA today. In order for the chart to change in the upward direction, the first to cross will be the downtrend line shown on the chart. If buyers can push the price above this resistance, the BTC / USD pair could retest its all-time high at $ 61,825.
A move above this level and a possible daily close will open the doors of the rally to $ 72,112 and then $ 74,512.
On the other hand, the bears have not stopped fighting. They will increase sales to prevent reaching the downtrend line. If the price breaks back from this resistance, the bears will once again try to push the pair below the 50-SMA. If they manage to do this, the pair could drop to $ 43,006.
ETH / USD – Ethereum price analysis
Ether (ETH) price lost momentum and headed down after hovering close to the 20-day exponential moving average (EMA) ($ 1,708) for several days. The currency, succumbing to selling pressure, fell below both moving averages (MA) on March 22. The bulls are currently trying to push the price above the moving averages.
Daily chart of the ETH / USDT pair. Source: TradingView
If buyers put enough pressure, the ETH / USD pair could again move towards its all-time high at $ 2,040. A break above this resistance followed by the next daily close will set a new target of $ 2,614.
On the contrary, if the price continues to stay below the moving averages, the sentiment will turn negative. It will be revealed that sales increase with every move towards the 20-EMA. In the negative picture, psychological support at $ 1,500 will gain critical importance. If this level is also lost, a drop to $ 1,289, which previously worked as support, is likely.
BNB / USD – Binance Coin technical analysis
Binance Coin (BNB) price is trading in a wide corridor between $ 189 and $ 309.5. The bulls are trying to push the price again above the 20-day exponential moving average (EMA) ($ 251.33). If the bullish income and the price can move above $ 280, the altcoin could move towards $ 309.5. Breaking this resistance will give the bulls an advantage.
Daily chart of the BNB / USDT pair. Source: TradingView
If the price returns at $ 280, it will turn out that traders are taking profits during the rallies. The bears will then try to exploit this weakness and try to pull the price to the 50-day simple moving average (SMA) ($ 216.88).
If this decline comes in, the BNB / USD pair could see a correction up to $ 189. A break under this support leaves room for a deeper correction. Currently, the 20-EMA looks horizontal and the 50-SMA looks up. The relative strength index (RSI) in the middle region indicates a balance between supply and demand. So a few days of consolidation is more likely.
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