Wedbush Securities analyst Dan Eaves expects bitcoin to account for less than 5 percent of Tesla transactions, but that percentage could rise as crypto-currency adoption increases. The analyst noted that Tesla’s decision could be a turning point for bitcoin in terms of transactions.
Daily indicators for the crypto-currency market. Source : coin360
This week on the Pomp podcast, CNBC host Jim Cramer thanked Anthony Pompliano for convincing him to invest $500,000 in bitcoin (BTC) in September 2020. Kramer said his bitcoin investment has made him a lot of money.
But at the same time, Kramer said his investment in gold was letting him down. As a result, Kramer changed his long-standing recommendation to invest 10% of the portfolio in gold. He now advises investors to put 5% of their portfolio in gold and 5% in bitcoin.
Can bitcoin and the major altcoins continue their upward trend with the flow of positive news as a tailwind? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin broke through and closed on the 22nd. March below the pennant and the 20-day exponential moving average ($55,212). However, the bears failed to capitalize on the weakness and pulled the price back to the 50-day simple moving average ($50,752). This indicates a lack of lower level salespeople.
Daily chartBTC/USDT. Source: TradingView
The bulls aggressively bought the dip and pushed price above the 20-day EMA today. The next hurdle is the falling trend line. If buyers can break through this resistance, the BTC/USD pair could retest the all-time high at $61,825.84.
A breakout and close above this level would open the door for a rally to $72,112 and then $74,512.78.
However, it is unlikely that the Bears will give up without a fight. They will try to stop the current relief rally at the downtrend line. If the price drops from this resistance, the bears will again try to bring the pair below the 50 SMA. If successful, the pair could drop to $43,006.77.
After failing to break through the 20-day EMA ($1,742) for a few days, Ether (ETH) succumbed to selling pressure and fell on the 22nd. March below the moving averages. The bulls are currently trying to push price above the moving averages.
Daily ChartETH/USDT. Source: TradingView
If the buyers are successful in their endeavor, ETH/USD could try again to reach an all-time high of $2,040.77. A breakout and close above this resistance could revive the uptrend with $2,614 as a target.
On the contrary, when price moves away from the moving averages, it indicates that sentiment has turned negative and traders are rushing towards the 20 EMA.
If the price reverses and falls below $1,647, the pair could extend its decline to $1,500 and then $1,289.
Financial Coin (BNB) trades in a wide range from $189 to $309.50. The bulls are trying to keep the price above the 20-day EMA ($254.66). If they can get the price above $280, the altcoin could reach $309.50. A breakout of this resistance could be an advantage for the bulls.
Daily chart NBB/USDT. Source: TradingView
On the other hand, if the price falls from $280, it would mean that traders are holding back their gains for the rally. The bears will then try to take advantage of this weakness and push price below the 20-day EMA.
If this is the case, the NBB/USD pair could gradually correct to $220 and then $189. A break below this support could lead to a deeper correction.
For now, the flat moving average and the RSI above 55 signal a balance between supply and demand, leading to further consolidation for a few days.
Cardano (ADA) broke through its 20-day EMA ($1.14) and the price fell on the 22nd. Mars close to support at $1.03. The bulls have bought the dip and are currently trying to push price above the 20-day EMA.
Daily chartADA/USDT. Source: TradingView
If successful, the ADA/USD pair could begin its journey towards resistance in the $1.48 area. The 20-day EMA and the RSI just above the midpoint also point to a multi-day consolidation.
If, contrary to this assumption, the price drops from current levels and falls below $1.03, this could attract further selling by the bears. This could lead to a drop to $0.80 and then to $0.70.
Polkadot’s (DOT) failed above the symmetrical triangle resistance line on the 20th. March may have trapped the aggressive bulls, leading to a correction, and the price fell on the 23rd. Running towards the support line of the triangle.
DOT/USDT Daily Chart. Source: TradingView
A strong bounce from the support line shows the bulls are on the dips. They will now try to get the price back above the triangle. If the breakout is successful, the DOT/USD pair could reach $40.10 and then $42.28. A breakout and close above this resistance could usher in the next phase of the uptrend, which could reach $55.
Conversely, the pair could extend its stay in this zone when the price drops from the upper resistance. The price has reached the top of the triangle. When this happens, the setting normally becomes invalid.
The flat 20-day EMA ($35.39) and the RSI just above average suggest multi-day action.
The long wick on the XRP candles of 22 and 23. The month of March suggests that traders are booking gains at higher levels. On the other hand, the bulls still buy when they drop.
Daily chart XRP/USDT. Source: TradingView
The rising moving averages and the RSI above 63 suggest that the bulls have the upper hand. If they manage to push the price above $0.60, the XRP/USD pair could challenge heavy resistance around $0.65. A breakout and close above this level could attract further buying and push the price to $0.78 and then $1.
This bullish view is invalidated when the price falls and breaks below the moving averages. Such a move could bring the price down to $0.42.
Uniswap (UNI) broke above upper resistance at $35.20 on March 22, but the bulls were unable to hold the breakout. Agents tried to enter on March 23 to overcome this obstacle, but faced strong pressure to sell at higher levels. As a result, the price dropped to a range of $27.97 to $35.20.
daily chart UNI/USDT. Source: TradingView
The 20-day EMA ($30.41) is flattening and the RSI is just above its average, suggesting that the action could continue for a few more days. The more time you spend on the shooting range, the stronger the final burst will be.
A breakout and close above $35.20 could usher in the next phase of the uptrend and take UNI/USD to $42.43 and then to $46. Conversely, a breakout and close below $27.97 could trigger a deeper correction towards $20.74.
THETA is in a strong uptrend, but the long wick of the 23rd candle. March was marked by profit-taking at higher levels. However, this did not stop the bulls from pushing the price to a new all-time high today.
Daily chartTHETA/USDT. Source: TradingView
The inability to hold higher levels has formed a shooting star candlestick pattern today. This suggests the possibility of a correction or consolidation in the coming days. The RSI above 90 also shows that THETA/USD is overbought in the short term and could cool down.
The first downside support is the 38.2% Fibonacci retracement level at $10.31. If the pair recovers from this support, it means that the trend will remain strong, as the bulls are not waiting for a deeper correction in order to buy. Conversely, a break below $10.31 could send the pair towards the 20-day EMA ($8).
Litecoin (LTC) was formed on the 23rd. March a doji candlestick pattern, indicating indecision between bulls and bears. Today, that uncertainty is gone and the bulls are trying to push price above the 20-day EMA ($196).
Daily chartLTC/USDT. Source: TradingView
If successful, the price could rise to $208.10 and then to the resistance line of the symmetrical triangle. A breakout and close above this resistance would mean the bulls could regain control. The LTC/USD pair could then rise to $246.96 and then $300.
Even if the price drops from the upper resistance, the bears will again try to push the pair below the triangle. If so, sales could pick up and push the price up to $152.94 and then $120.
Chainlink (LINK) popped up on the 22nd. Mars below the moving averages and the trend line of the ascending triangle. But the fact that the bears failed to take advantage of the weakness and push the price to $24 suggests a lack of sellers at the lower levels.
Daily chartLINK/USDT. Source: TradingView
The bulls are trying to push price above the moving averages, but they will likely face strong resistance from the bears.
If price moves away from the moving averages and breaks support at $26.20, LINK/USD could drop to $24 and then $20.11. The 20 EMA ($28.63) has started to turn downward and the RSI is in negative territory, which means the bears are trying to take over.
If the bulls push the price above the moving averages, the pair could rise to $32, contrary to this assumption. A breakout of this resistance could lead to a rise to $36.93.
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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