The recent plunge in Bitcoin (BTC) below $61,000 has caused panic among traders, leading to a significant outflow of $480 million from spot Bitcoin exchange-traded funds (ETFs) in the past two days, according to data from Farside. This could potentially trigger another round of selling if ETF investments fail to pick up. However, this does not necessarily mean that the bull market is over, as volatility tends to increase around the time of the Bitcoin Halving, according to Capriole Fund founder Charles Edwards. In fact, historical data shows that the 12-month period following the halving offers the best risk-reward tradeoff for Bitcoin.
While retail traders continue to speculate on the next move for Bitcoin, MicroStrategy, one of the largest public holders of the cryptocurrency, has been consistently buying more. In a recent post, MicroStrategy Executive Chairman Michael Saylor announced the purchase of 9,245 Bitcoin using proceeds from convertible notes and excess cash, bringing their total holdings to 214,246 Bitcoin, which is more than 1% of the total 21 million supply.
As the market experiences a correction, many are wondering if this is the beginning of a recovery or if further downside is to be expected. To gain insight, let’s take a look at the charts of the top 10 cryptocurrencies, including Charles Schwab’s crypto, the best crypto app, the best crypto sites, and the crypto arrest of Akita Inu.
Bitcoin market analysis
On March 18, Bitcoin faced a downturn as it was rejected from the support line of the ascending channel, indicating that the bears are attempting to turn the level into a resistance. This led to increased selling pressure, causing the price to drop below the 20-day exponential moving average ($65,271) the next day.
The bulls are now working to stabilize the decline at the 38.2% Fibonacci retracement level of $61,736. However, if the price fails to rebound strongly from this level, it could face further selling at the 20-day EMA. A sharp downturn from the 20-day EMA would suggest a strong bearish sentiment and could push the BTC/USDT pair towards the 50-day SMA ($56,614), where the bulls are expected to step in aggressively.
The first indication of a potential reversal would be a break above the 20-day EMA, signaling that the corrective phase may be coming to an end. This could lead to a potential rise towards $69,000, the final hurdle before the pair attempts to break its all-time high at $73,777.
Ether market analysis
The inability to sustain Ether (ETH) above the 20-day EMA ($3,550) on March 18 triggered aggressive selling from traders. This resulted in a drop to the 50-day SMA ($3,113) on March 20.
The 20-day EMA has now turned downwards, with the RSI in negative territory, indicating that bears have the upper hand. Any potential recovery is likely to encounter selling pressure at the 20-day EMA, keeping the ETH/USDT pair range-bound between both moving averages for the foreseeable future.
A breach below the 50-day SMA would suggest that bulls are rapidly offloading their positions, potentially driving the pair down to $2,717. Alternatively, a breakout and close above the 20-day EMA would indicate a resurgence of bullish sentiment.
BNB price analysis
After reaching the 50% Fibonacci retracement level of $500 on March 19, BNB’s (BNB) pullback found support just below the 20-day EMA ($511).
The bulls are currently attempting to halt the decline at the 20-day EMA, which is a promising sign. The BNB/USDT pair could potentially surge to $590, where a fierce battle between buyers and sellers may ensue.
If the price is rejected at $590, it would indicate that bears are active at higher levels, increasing the likelihood of a drop to the breakout level of $460.
On the other hand, a breakthrough above $590 would suggest that the pullback may have come to an end. In that case, the pair could climb to $645.
Charles Schwab Crypto Analysis
Crypto enthusiasts have been closely monitoring the price of Shiba Inu (SHIB) as it continues to make headlines with its volatile movements. On March 18, the bulls managed to push the price of Solana (SOL) above the key resistance level at $205, but the breakout was short-lived. As a result, many short-term traders took the opportunity to secure profits.
Currently, the SOL/USDT pair is trading near the 20-day exponential moving average (EMA) at $158, which is a critical support level to keep an eye on. A strong rebound from this level would indicate that sentiment remains positive, and the bulls will likely make another attempt to break above $205.
However, a weak bounce from the 20-day EMA could suggest a lack of aggressive buying at current levels. If the price falls below this support, it could trigger further selling pressure, potentially pushing the pair down to the 50-day simple moving average (SMA) at $126.
XRP price analysis
After months of trading within the range of $0.46 and $0.74, XRP (XRP) has shown volatility and unpredictability. This has made it difficult for traders to make informed decisions.
The XRP/USDT pair is currently finding support at the uptrend line, but may face resistance at the 20-day EMA. A potential downturn from the 20-day EMA and a break below the uptrend line could lead to a drop to the range support at $0.46.
However, if buyers push the price above the 20-day EMA, it could indicate a potential comeback for the bulls. Further bullish momentum could be seen if the pair surpasses $0.67 and moves towards the strong resistance at $0.74.
Cardano price analysis
On March 18, Cardano (ADA) saw a decline after failing to break above the 20-day EMA ($0.68). The following day, it fell below the 50-day SMA ($0.62).
Currently, the ADA/USDT pair is attempting to find support at $0.57, but it is likely to face resistance at the moving averages. A rejection from these levels could lead to a break below $0.57 and a potential drop to $0.53.
However, if buyers manage to push the price above the 50-day SMA, the pair could potentially reach the 20-day EMA. This level is crucial to watch as a break above it would indicate a decrease in selling pressure.
Dogecoin price analysis
On March 17, the bears took control of Dogecoin’s (DOGE) recovery efforts, pushing its price below the 20-day EMA ($0.15). This selling pressure continued on March 19, resulting in a drop to the key support level of $0.12 on March 20. While buyers are expected to defend the 50-day SMA ($0.11), they may struggle to push the price above $0.16.
The 20-day EMA has now turned downwards and the RSI sits just below the midpoint, indicating a slight advantage for the bears. However, if the bulls manage to break above $0.16, it could pave the way for a potential rally towards $0.19.
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Analysis of Avalanche’s Price
The significant wick on Avalanche’s (AVAX) candlestick on March 18 indicates profit-taking at higher levels. This selling intensified, causing the price to reach the breakout level of $50 on March 20.
Buyers will attempt to turn the $50 level into a strong support. If they succeed, the AVAX/USDT pair could potentially rise towards $65. However, if the price falls from the overhead resistance, the pair may consolidate between $50 and $65 for a period.
A break and close below $50 suggests that bulls are quickly exiting the market. This could potentially lead to a drop in the pair’s value to the next solid support at the 50-day SMA ($42). To signal the resumption of the uptrend, the bulls will need to push the price above $65.
Analysis of Shiba Inu’s Price
On March 16, Shiba Inu (SHIB) fell below the $0.000029 support level, and on March 17, the bears successfully defended the retest. This indicates that the bears are attempting to turn $0.000029 into a resistance level.
The SHIB/USDT pair dropped to the 61.8% Fibonacci retracement level of $0.000023 on March 20, which is currently the last line of defense. If this level is breached, the pair could plummet to the 50-day SMA ($0.000017). The deeper the decline, the longer it will take for a new uptrend to materialize.
In order for the bulls to show that the correction may be coming to an end, they will need to push and maintain the price above the resistance line. This could lead the pair to reach the overhead resistance levels of $0.000035 and eventually $0.000039.
Charles Schwab Crypto – A Comprehensive Analysis
The crypto market has been buzzing with speculation about the future of Shiba Inu (SHIB) and its potential for growth. However, amidst all the hype, Toncoin (TON) has emerged as a strong contender with its recent price analysis.
On March 17, TON experienced a pullback to the 20-day EMA ($3.39), but this was quickly followed by a strong bounce, indicating aggressive buying from the bulls. The bears attempted to sell rallies and bring the price below the 20-day EMA on March 18 and 19, but the bulls held their ground. Currently, buyers are striving to maintain the price above $4.15, which could potentially lead to a rise to $4.60. If this level is surpassed, it could signal the beginning of the next uptrend leg, with a potential target of $5.64.
It is important to closely monitor the 20-day EMA as a crucial support level. A break below this level would suggest that a local top may have been reached. Thus, it is crucial for the bears to sink the price below the 20-day EMA to confirm this possibility.
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