The Turkish lira lost 15% of its value and approached its historic low after Turkish President Erdogan fired central bank governor Nach Agbal. This led to a huge increase in searches for bitcoin (BTC) in Turkey, as investors sought to protect their assets from devaluation. This is just one more example of how investors can view bitcoin as a potential replacement for fiat currencies.
In other news, Federal Reserve Chairman Jerome Powell has a different take. At a Bank for International Settlements event, Powell said bitcoin is more of a speculative asset and can serve as a replacement for gold, but that its volatility and decentralization make it difficult to use as a currency.
Daily indicators for the crypto-currency market. Source : coin360
However, the data from the channel show a different picture. Glassnode’s data shows that only about 36% of bitcoin supply has shifted in the past six months, suggesting that the current price has not prompted long-term bitcoin investors to relinquish their holdings.
With supply shrinking and demand increasing thanks to the influx of institutional investors, bitcoin remains in a better position. Demand for BTC could get a further boost if one of the recent bitcoin-tradable fund applications is approved by the US Securities and Exchange Commission.
Fundamental sentiment remains positive for the crypto sector, but are technical factors and bulls projecting? To find out, let’s take a look at the charts of the top 10 cryptocurrencies.
Bitcoin has formed a pennant, which is usually a setup for a continuation. The bulls continue to buy the dip towards the 20-day exponential moving average ($55,470), as seen on the long tail of the 21st century candle. March remains to be seen, but buyers are finding it difficult to hold higher levels.
Daily chartBTC/USDT. Source: TradingView
If the price reverses from the current level and rises above the flag, this could be a sign that the uptrend is resuming. The all-time high at $61,825.84 could offer resistance, but if the bulls can overcome it, the BTC/USD pair could rise to $72,112 and then to $74,512.
The moving averages are sloping slightly and the Relative Strength Index (RSI) is in positive territory, indicating that the bulls have a slight advantage.
Conversely, if the bears push the price below the pennant, it would invalidate the bullish setup, which could lead to a quick drop to the 50-day simple moving average ($49,981) as short-term traders rush to liquidate their positions.
Ether (ETH) has held above the 20-day EMA ($1,764) in recent days, but the inability of the bulls to make a strong bounce from that level suggests that demand is drying up at higher levels.
Daily ChartETH/USDT. Source: TradingView
If the bears move below the 50-day SMA ($1,716), ETH/USD could drop to $1,500. Such a move suggests that the pair could remain in the $1,289-$2,040 range for a few more days.
On the contrary, should the price break through the current level and pass the decisive resistance zone of $1,942 to $2,040, the pair could enter the next phase of the uptrend, which could reach $2,614.
Coin Finance (NBB) has formed a doji candle pattern in the last three days, indicating indecision between the bulls and bears. However, the only positive sign is that the price has not fallen below the 20-day EMA ($255).
Daily chart NBB/USDT. Source: TradingView
The bulls are currently trying to extend volatility by pushing price above $280 resistance. If they succeed, the NBB/USD pair could reach $309. A breakout and close above this resistance would complete the ascending triangle pattern, with $429 as the target.
Gradually rising moving averages and an RSI above 56 suggest slight upward pressure. However, if price drops off the upper resistance and slides below the triangle trend line, the bullish sentiment will be lifted. This could bring the price down to $189.
Cardano (ADA) broke and closed on the 20th. March below $1.23 support, indicating a lack of demand. The bulls are trying to defend the 20-day EMA ($1.16), but the lack of a strong bounce on this increases the likelihood of a break below this level.
Daily chartADA/USDT. Source: TradingView
If this happens, ADA/USD could drop to $1.03, which is a critical support to keep an eye on as the 50-day SMA ($0.99) is also just below it. If price rebounds to this level, the pair could extend the range for a few more days.
The 20-day flat EMA and the RSI just above the midpoint indicate a balance between supply and demand. The next trend movement could begin with a break above $1.48 or a break below $1.03.
The Polka Dot (DOT) broke on the 20th. Steps above the symmetrical triangle resistance line, but the candle’s long wick suggests the bears are selling off the rallies. However, the gains continued on the 21st. March the 20 EMA ($35.74) and will now try to push the price back above the triangle.
DOT/USDT Daily Chart. Source: TradingView
If successful, the DOT/USD could retest the all-time high and if that level is broken, the uptrend could reach the $55 price target. The RSI has moved above the downtrend line and the moving averages are gradually rising, showing that momentum is turning in favor of the bulls.
Contrary to this assumption the bears will try to push the pair below the triangle support line if price drops from current levels or the overriding resistance zone between $40 and $42.28. If they succeed, the couple can enter a deeper correction.
XRP is showing signs of life after a long time. The altcoin is 20. March broke above $0.50 resistance, suggesting the bulls have overtaken the bears. On the 21st. In March, the bears tried to push the price below $0.50, but failed.
Daily chart XRP/USDT. Source: TradingView
This attracted fresh buying interest today and drove the XRP/USD pair towards overall resistance at $0.65. If the bulls manage to push the price above this level, the pair is likely to gain ground towards $0.78 and then $1.
The moving averages have risen and the RSI has approached overbought territory, suggesting that the bulls are in control. This bullish view is invalidated when the price falls and breaks below the moving averages.
Uniswap (UNI) is currently consolidating in an upward direction. The officers tried to get away on the 20th. March to push the price above upper resistance at $35.20, but without success. On a positive note, buyers didn’t even let the price drop at the 20-day EMA ($30.48).
daily chart UNI/USDT. Source: TradingView
It means the police are buying into the superficial sauce. It is likely that they will attempt another rise at the $35.20 resistance level. If successful, the UNI/USD pair could enter the next phase of the uptrend, reaching $42.43 and then $46.
The rising moving averages and the RSI above 64 also point to an upward trend. This positive outlook will expire if the stock price falls back from $35.20 and falls below the 20-day EMA. Such a move could keep the pair in this range for a few more days.
Litecoin (LTC) made a breakout and closed on the 21st. March below the 20-day EMA ($198.52). Bears continued to sell today in an attempt to push price below the 50-day SMA ($190.85).
Daily chartLTC/USDT. Source: TradingView
If successful, the price may fall on the trend line of the triangle. This is an important support to keep an eye on because if it is broken, the LTC/USD pair could drop to $152.94 and then $120.
On the other hand, if the price rises from the current levels, the bulls will try to push the price towards the triangle resistance line. A breakout and close above the triangle could lead to a retest of $246.96 and then $300.
Chainlink (LINK) continues to trade within a rising triangle, but the bulls are trying to push the price above upper resistance at $32. The long wick of the 20 candle. March shows that the bears are aggressively defending this resistance.
Daily chartLINK/USDT. Source: TradingView
One small positive, however, is that the bulls are not allowing price to break below the moving averages. This suggests that the bulls are accumulating at lower levels. It is unlikely that this period of indecision will continue.
If the price reverses above $32, the ascending triangle will end its work and its target will be $43.20. Contrary to this assumption, the bullish bias will be negated if the bears allow price to fall below the triangle trend line. This could bring the price down to $24 and then $20,1111.
A sharp rise in recent days has catapulted THETA into the top 10 cryptocurrencies in terms of market capitalization, after Bitcoin Cash (BCH) was driven from its spot. Both moving averages are pointing up and the RSI has risen above 86, indicating that the bulls are in control.
Daily chartTHETA/USDT. Source: TradingView
The first upside target is a rally to $11.54, where the bears could offer strong resistance. However, if momentum can push the price above $11.54, THETA/USD could reach $13.19.
It is important to note that vertical rallies generally do not have a long life. Therefore, the pair could enter a few days of consolidation or a slight correction to digest the recent gains.
A shallow correction or hard consolidation would indicate that the trend remains strong and would improve the prospects for a resumption of the uptrend. A strong correction, a break below the $8 support could indicate that the bears could return.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.
Market data is provided by the HitBTC exchange.
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