Ripple

Bitcoin and altcoins could see profit-taking and risk-off positioning as the weekend approaches and investor concerns about Deutsche Bank arise.

European stock markets fell on March 24 on renewed fears that the banking crisis could rear its ugly head once again. The latest selling was triggered after Deutsche Bank’s credit default swaps, which offer protection to the buyer against specific risks, soared on March 23 without any known catalyst. That pulled down the shares of the German lender by 11%. 

European Central Bank President Christine Lagarde attempted to calm the markets, saying that the euro area baking sector was strong due to the regulatory reforms introduced after the global financial crisis. That could be one of the reasons for the solid recovery in the United States equities markets from the intraday lows.

Although the banking crisis has been positive for Bitcoin’s (BTC) price, the trend may pause if the contagion spreads. During times of panic, traders sell assets to curtail risk. At that time, if Bitcoin does not break below the $25,000–$20,000 support zone, it will suggest that the bear phase is over.

Could Bitcoin and most major altcoins witness a minor correction? What are the important support levels to keep an eye on? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin formed an inside-day candlestick pattern on March 23, indicating uncertainty among buyers and sellers. The bulls want to extend the up-move, but the bears are in no mood to relent. That has kept the price within a small range.

Generally, a tight consolidation near a local high is a sign that traders are not booking profits in a hurry because they anticipate the uptrend to continue. The rising 20-day exponential moving average, or EMA ($25,595), and the relative strength index, or RSI, near the overbought zone indicate that bulls are in command.

If the price rebounds off $26,500 with strength, the bulls will again try to start the next leg of the rally. That could propel the price to $30,000 and then to $32,500.

The $25,250 support remains the key level because a break and close below it may indicate a bull trap. The BTC/USDT pair could then collapse toward the 200-day simple moving average, or SMA ($20,095).

Ether price analysis

Ether (ETH) rose above the overhead resistance of $1,842 on March 23, but the bulls could not sustain the breakout as seen from the long wick on the candlestick.

The bears are trying to strengthen their position by pulling the price toward the 20-day EMA ($1,693). This remains the key level to watch out for on the downside.

If the price rebounds off this level, it will suggest that traders continue to view the dips to the 20-day EMA as a buying opportunity. The bulls will then again try to clear the overhead barrier and catapult the price to $2,000.

This positive view will be negated in the near term if the price plunges below the 20-day EMA. That could tug the price to $1,600 and then to $1,461.

BNB price analysis

BNB (BNB) bounced off the 20-day EMA ($316) on March 23, but the bulls are struggling to sustain the relief rally. This shows that the bears are pouncing on every minor recovery.

Sellers will try to tug the price below the 20-day EMA. If they do that, the BNB/USDT pair could drop to $300 and then to the 200-day SMA ($289). The bulls are expected to fiercely defend the zone between the 200-day SMA and $265.

Alternatively, if the price rebounds off the 20-day EMA, it will suggest that the sentiment remains positive and traders are buying the dips. The pair could pick up momentum above $346, and the next stop on the upside is $400.

XRP price analysis

XRP (XRP) formed consecutive inside-day candlestick patterns on March 22 and 23, indicating indecision among buyers and sellers.

A minor positive for the bulls is that they have successfully defended the 200-day SMA ($0.40) for the past three days. This suggests that the 200-day SMA could now act as the new floor.

Sometimes, after a sharp move, the price tends to consolidate for a few days before resuming a trending move. In this case, buyers will have to thrust the price above $0.51 to signal the start of the next leg of the uptrend. On the downside, a break below the moving averages may result in a retest of $0.36.

Cardano price analysis

The bulls have been sustaining Cardano’s ADA (ADA) above the moving averages since March 21 but have failed to reach the neckline of the inverse head-and-shoulders (H&S) pattern. This suggests selling by the bears near $0.39.

The 20-day EMA ($0.34) is trying to turn up, and the RSI is just above the midpoint, indicating a slight advantage to the bulls. If the price turns up from the 20-day EMA, the likelihood of a rally to the neckline increases. A break above the H&S pattern indicates the start of a new potential up-move.

Contrarily, if the price slips below the 20-day EMA, it will suggest that bears are trying a comeback. A break and close below $0.30 may accelerate selling and yank the price to $0.24.

Dogecoin price analysis

The bulls have been trying to push Dogecoin (DOGE) above the 200-day SMA ($0.08), but the bears have not let their guard down.

The bears will next try to pull the price to the strong support at $0.07. A strong bounce off this level will suggest that the DOGE/USDT pair may remain stuck between the $0.07 to the 200-day SMA for a while longer.

A break and close above the 200-day SMA will be the first indication that the bulls have overpowered the bears. That may start an up-move toward the stiff overhead resistance zone of $0.10 to $0.11. Conversely, if the $0.07 support cracks, the pair may plummet to $0.06.

Polygon price analysis

Polygon’s MATIC (MATIC) has been trading below the 20-day EMA ($1.14) since March 20. This suggests that the bears are trying to flip the 20-day EMA into resistance.

A minor positive in favor of the bulls is that the bears have not been able to sink the price below the strong support zone of $1.05 and the 200-day SMA ($0.96). This suggests strong buying at lower levels.

If buyers push the price above the 20-day EMA, the MATIC/USDT pair may rise toward the overhead resistance at $1.30. Such a move will suggest that the pair may continue its range-bound action between $1.05 and $1.30 for some more time. A break above or below this range could start the next trending move.

Related: BTC price centers on $28K as Deutsche Bank shares follow Credit Suisse

Solana price analysis

The price action in Solana’s SOL (SOL) has narrowed down further and is now stuck between the moving averages. This suggests indecision among the bulls and the bears about the next directional move.

The flat 20-day EMA ($21.17) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.

To gain the upper hand, buyers will have to drive the price above the overhead resistance zone between the downtrend line and $27.12. If they do that, it will signal a potential trend change. The SOL/USDT pair may then attempt a rally to $39.

On the contrary, if the price breaks below the 20-day EMA, the bears will try to drag the pair to the crucial support zone between $18.70 and $15.28.

Polkadot price analysis

Polkadot’s DOT (DOT) has been trading close to the 200-day SMA ($5.98) for the past few days. The failure of the bulls to achieve a strong rebound off important support indicates a lack of demand at higher levels.

This increases the risk of a break below the 200-day SMA. If that happens, the DOT/USDT pair could slide to $5.15. This is an important support to keep an eye on because a break below it will open the doors for a probable retest of $4.22.

This short-term bearish view will be invalidated if the bulls push and sustain the price above the 61.8% Fibonacci retracement level of $6.85. If this level is taken out, the pair could reach the neckline of the developing H&S pattern.

Litecoin price analysis

Litecoin (LTC) is making a strong comeback. The momentum picked up after the bulls pushed the price above the 20-day EMA ($85) on March 22.

The RSI has climbed into positive territory, and the 20-day EMA has started to turn up, indicating that bulls have the upper hand. Buyers will try to challenge the overhead resistance at $106 where the bears may mount a strong defense. If bulls clear this hurdle, the LTC/USDT pair may rally to $115 and subsequently to $125.

Conversely, if the price once again turns down from $106, it will suggest that bears are not willing to relent. That could pull the price down to the 20-day EMA. A break below this support will hint at a possible range formation in the short term.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Technical charts are beginning to suggest that BTC is at the end of its bear market cycle, and traders believe this could yield positive results for most altcoins.

Bitcoin (BTC) has been sustaining above the $25,000 level for the past few days, increasing the likelihood that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the resumption of the downtrend.

Another group of traders continues to wait for the dip to buy at lower levels, but the price does not oblige. Finally, the traders sitting on the fence throw in the towel and buy, and that is when the correction is likely to happen. Such a pullback shakes out the weak hands and transfers the asset into the hands of investors with conviction.

When a new trend is getting established, certain events tend to cause a knee-jerk reaction, but it is unlikely that the trend is reversed. In Bitcoin’s case too, a drop to trap the aggressive bears is possible, but there is a low possibility that the bear market will resume.

What are the important levels to watch out for on the upside and the downside in Bitcoin and altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

After a two-day consolidation, Bitcoin has risen above the $28,500 overhead resistance on March 22. This suggests that the bulls have asserted their dominance.

The upsloping 20-day exponential moving average, or EMA ($25,180), and the relative strength index, or RSI, in the overbought zone indicate the path of least resistance is to the upside. A break above $28,500 will clear the path for a possible rally to the $30,000–$32,500 resistance zone.

In case of a correction, the first support to watch on the downside is $25,250. If the price rebounds off this level, it will suggest that the neckline of the head and shoulders (H&S) pattern has flipped into support.

The problem will arise if the $25,250 level cracks, as that may trigger the stops of several bulls. The BTC/USDT pair could then nosedive to the 200-day simple moving average, or SMA ($20,020).

Ether price analysis

Ether’s (ETH) bounce off $1,717 suggests that the bulls are purchasing the minor dips and not waiting for a deeper correction to buy. However, buyers failed to overcome the obstacle at $1,842, indicating that bears are protecting this level with all their might.

Usually, a tight consolidation near a local top suggests that the bulls are not closing their positions in a hurry as they anticipate another leg higher. The rising 20-day EMA ($1,679) and the RSI in the positive territory indicate that bulls have a slight edge.

If buyers thrust the price above $1,842, the ETH/USDT pair may jump to $2,000 and later attempt a rally to $2,200. This bullish view will invalidate in the near term if the price turns down and plunges below the 20-day EMA. The pair may then fall to $1,600.

BNB price analysis

The failure of the bulls to push BNB (BNB) above $346 in the past few days shows that the bears are fiercely guarding the level. That may have resulted in profit-booking by the short-term bulls, which has pulled the price toward the 20-day EMA ($314).

If the price rebounds off the 20-day EMA, it will suggest that the sentiment has turned positive and traders are viewing the dips as a buying opportunity. The bulls will then make one more attempt to clear the hurdle at $346. If they succeed, the BNB/USDT pair could soar toward $400.

On the other hand, if the price plummets below the 20-day EMA, it will suggest the start of a deeper correction toward the 200-day SMA ($288). The pair may then oscillate between $280 and $346 for a few days.

XRP price analysis

XRP (XRP) skyrocketed above the 200-day SMA ($0.40) and the stiff overhead resistance of $0.43 on March 21, indicating a buying stampede.

After the sharp rally, traders seem to be booking profits near $0.50. That has resulted in a pullback to the breakout level of $0.43. If bulls flip this level into support, the XRP/USDT pair may again try to rise above $0.50. If that happens, the pair could soar to $0.56. A break and close above this level will indicate the start of a potential new uptrend.

Conversely, if the price continues lower and breaks below the $0.43 support, it will suggest that traders are rushing to the exit. That could trap the aggressive bulls and sink the pair to the 200-day SMA.

Cardano price analysis

Cardano’s ADA (ADA) surged above the moving averages on March 21, indicating that lower levels are attracting buyers.

However, the bears have not yet given up and are trying to halt the recovery at $0.39, as seen from the long wick on the March 21 and 22 candlesticks. The onus is on the bulls to flip the moving averages into support. If they manage to do that, the ADA/USDT pair could rally to the neckline of the developing H&S pattern.

Contrarily, if the price turns down and slips below the moving averages, it will indicate that higher levels continue to attract sellers. The pair could then descend to $0.30.

Dogecoin price analysis

Dogecoin (DOGE) has been trading between $0.07 and the 200-day SMA ($0.08) for the past few days. This suggests indecision among the bulls and the bears about the next directional move.

The flattish moving averages and the RSI near the midpoint suggest that the range-bound action may continue for some more time. The first sign of strength will be a break and close above the 200-day SMA. That could open the doors for a possible rise to $0.09 and later to $0.10.

If bears want to gain the upper hand, they will have to sink the price below the support at $0.07. The DOGE/USDT pair may then slump to $0.06 and subsequently to the crucial support at $0.05.

Polygon price analysis

Polygon’s MATIC (MATIC) has been swinging above and below the 20-day EMA ($1.15) for the past few days, indicating a lack of direction. The bulls are buying on dips, while the bears are selling the rallies.

The flat 20-day EMA ($1.15) and the RSI just below the midpoint do not give a clear advantage either to the bulls or the bears. This suggests that the MATIC/USDT pair may consolidate between $1.05 and $1.30 for a while.

The longer the price consolidates in the range, the stronger the eventual breakout from it will be. If bulls force the price above $1.30, the pair may accelerate to $1.57 and thereafter to $1.75. Alternatively, if the price breaks below the 200-day SMA ($0.96), it will suggest that bears are back in command. The pair could then tumble to $0.69.

Related: Why is Cardano price up today?

Solana price analysis

Buyers tried to push Solana’s SOL (SOL) above the downtrend line on March 20, but the bears held their ground. A minor positive in favor of the bulls is that they did not allow the price to dip below the 20-day EMA ($21.18).

The RSI is in positive territory, indicating a slight advantage to buyers. If bulls thrust the price above the downtrend line, it will signal a potential trend change. The SOL/USDT pair could first rise to $27.12 where the bears may again mount a strong defense. If buyers overcome this hurdle, the pair could pick up momentum and rally to $39.

Contrarily, if the price turns down from the current level and breaks below the 20-day EMA, it will suggest that bears are trying to gain the upper hand. The pair may then slide to $15.28.

Polkadot price analysis

Polkadot’s DOT (DOT) bounced off the 200-day SMA ($6) on March 21, indicating that the bulls are trying to flip the level into support.

The flattish 20-day EMA ($6.18) and the RSI near the midpoint signal a balance between supply and demand. This balance will tilt in favor of the buyers if they propel the price above the 61.8% Fibonacci retracement level of $6.85. The DOT/USDT pair could then climb toward the neckline of the developing H&S pattern.

The bears are likely to have other plans. They will try to protect the overhead resistance and sink the price below the 200-day SMA. If they do that, the pair may again slump to $5.15.

Shiba Inu price analysis

Shiba Inu (SHIB) is getting squeezed between the downtrend line of the descending channel pattern and the psychological support at $0.000010.

This tight-range trading is unlikely to continue for long, and a breakout looks imminent. The price has been clinging to the downtrend line, which suggests that the SHIB/USDT pair is likely to climb above the channel. There is a minor resistance at $0.000012, but if this level is crossed, the pair may rise toward $0.000016.

This positive view will be negated in the near term if the price turns down and plunges below the $0.000010 support. That could pull the pair down to $0.000008.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin has risen above $25,000, and if bulls flip this level into support during the next pullback, it will signal the start of a new up-move to $32,000.

After a recovery on March 16, the United States equities markets are again down on March 17. Investors remain concerned about the vulnerability of banks in the U.S. and Europe. A silver lining for cryptocurrency investors is that Bitcoin (BTC) has remained decoupled from the equities markets and has risen to its highest level since Jan. 12.

Galaxy Digital founder and CEO Michael Novogratz said in an interview with CNBC that the U.S. and the globe will face a credit crunch as banks lend less to rebuild capital. He said investors should be long on Bitcoin and crypto because these are the times for which it was created.

Quantitative tightening seems to be giving way to a period of quantitative easing. The banks have already borrowed $150 billion from the Federal Reserve, which is more than the amount borrowed during the 2008 financial crisis.

Analysts pointed out that the Fed has added $300 billion to its balance sheet in a week, second only to the $500 billion pumped after the March 2020 crash. The QE in 2020 triggered a rally in Bitcoin that took it from about $4,000 to $69,000.

Will history repeat itself? Could Bitcoin and altcoins sustain higher levels? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin (BTC) bulls purchased the dip to $24,000 on March 15 and pushed the price above the strong overhead resistance of $25,250 on March 17. This completes an inverse head-and-shoulders (H&S) pattern.

There is no major resistance between the current level and $32,000, hence the bulls may find it easy to cover this distance in a short time. The bears may mount a strong defense at $32,000, but if bulls overcome it, the BTC/USDT pair could extend its uptrend to the pattern target of $35,024.

The rising 20-day exponential moving average, or EMA ($23,298), and the relative strength index, or RSI, near the overbought zone indicate that bulls are in command.

If bears want to regain control, they will have to quickly reverse direction and sink the pair below the moving averages. Until then, the bulls are likely to view the dips as a buying opportunity.

Ether price analysis

Ether (ETH) rebounded off the moving averages on March 16, indicating that traders are buying on dips.

The bulls will try to push and sustain the price above the $1,743–$1,780 resistance zone. If they succeed, the ETH/USDT pair could accelerate toward the psychologically important level of $2,000. This is the final hurdle above which the pair will signal the start of a potential uptrend.

The bears are likely to have other plans. They will try to halt the up-move in the overhead zone and pull the pair back below the moving averages. That could trap the aggressive bulls, and the pair may then collapse to $1,461.

BNB price analysis

The long tail on BNB’s (BNB) March 15 candlestick shows that the bulls are buying the dips to the 20-day EMA ($302). This signals a change in sentiment from selling on rallies to buying on dips.

The relief rally picked up momentum on March 17 and skyrocketed the price above the overhead resistance at $318.

Buyers are trying to strengthen their position further by kicking the price above $338. If they do that, the negative H&S pattern will be invalidated. The BNB/USDT pair could first rally to $360 and later to $400.

On the downside, a break below the 20-day EMA will indicate that bears are back in the driver’s seat.

XRP price analysis

XRP (XRP) has been consolidating inside the tight range between the 50-day simple moving average, or SMA ($0.38), and the support at $0.36.

Generally, tight-range trading is followed by an increase in volatility. The bulls will try to catapult the price above the 50-day SMA. If they can pull it off, it will signal the start of a stronger recovery to $0.42. This level may again act as a formidable resistance, but if crossed, the rally could reach $0.51.

This positive view will be invalidated in the near term if the price turns down and plummets below $0.36. The pair could then slump to the strong support zone between $0.32 and $0.30.

Cardano price analysis

Cardano’s ADA (ADA) is stuck between the 50-day SMA ($0.36) and the strong support at $0.29. The bulls are trying to push the price above the 20-day EMA ($0.34).

If they manage to do that, the ADA/USDT pair could climb to the 50-day SMA. This level may attract sellers who will try to stall the recovery. If the price turns down sharply from this level, the range-bound action may continue for some more time.

Alternatively, if bulls drive the price above the 50-day SMA, the pair could rally to the neckline of the inverse H&S pattern. This is an important level to keep an eye on because a break and close above it may signal the start of a new uptrend.

Dogecoin price analysis

Dogecoin (DOGE) rebounded off the $0.07 level and has reached the downtrend line. This suggests that bulls are buying on minor dips.

A break and close above the downtrend line will be the first sign that the correction may be over. The 50-day SMA ($0.08) may act as a resistance, but it is likely to be broken. The DOGE/USDT pair could then start its rally to $0.09 and thereafter to $0.10.

Sellers are expected to defend the $0.10–$0.11 zone with all their might because a break above it will open the doors for a possible rally to $0.16. On the downside, a slide below the $0.07 support will tilt the advantage back in favor of the bears.

Polygon price analysis

Polygon’s MATIC (MATIC) turned up from $1.07 on March 15, indicating that the bulls are trying to flip the $1.05 level into support.

The 20-day EMA ($1.16) is flattening out and the RSI is near the midpoint, suggesting a balance between supply and demand. If bulls propel the price above the 50-day SMA ($1.22), the MATIC/USDT pair could pick up momentum and rally to $1.30. This level may act as a minor hurdle, but it is likely to be crossed. The next stop may be $1.42.

On the other hand, if the price turns down sharply from the 50-day SMA, it will suggest that bears continue to sell on rallies. The pair may then oscillate between the 50-day SMA and $1.05 for a while longer.

Related: Betting on turmoil: Deribit launches Bitcoin volatility futures

Solana price analysis

Solana’s SOL (SOL) rebounded off $18.70 on March 16, which shows that the bulls are not waiting for a deeper decline to buy.

The relief rally has reached the moving averages, which are likely to offer strong resistance. If the price turns down and breaks below $18.70, it will suggest that the SOL/USDT pair may remain range-bound between the 50-day SMA ($22.21) and $15.28 for some time.

The pair will indicate a potential trend change after the bulls thrust the price above the downtrend line. That could start a rally to $27.12.

Polkadot price analysis

Polkadot’s DOT (DOT) plunged below the 20-day EMA ($6.09) on March 15, but the bears could not maintain the lower levels. Buyers purchased the dip and pushed the price back above the 20-day EMA on March 16.

The bulls are trying to build upon their advantage by pushing the price above the overhead resistance at the 50-day SMA ($6.41). If this level is scaled, the DOT/USDT pair could rise to the 61.8% Fibonacci retracement level of $6.85.

This level should again act as a strong resistance, but if bulls flip the moving averages into support during the next pullback, it will suggest that bulls are buying on dips. That will increase the possibility of the pair forming an inverse H&S pattern.

Contrarily, if the price once again turns down from the 50-day SMA and breaks below the 20-day EMA, it will indicate a few days of range-bound action.

Shiba Inu price analysis

Shiba Inu (SHIB) rebounded off the $0.000010 support on March 16, indicating that the bulls are trying to start a reversal.

The recovery is facing resistance in the zone between the 20-day EMA ($0.000011) and the downtrend line of the descending channel. The bears will again attempt to sink the price below the $0.000010 support. If they succeed, the SHIB/USDT pair may slip to the support line of the channel.

Contrarily, if bulls thrust the price above the channel, it will suggest that the corrective phase may be over. The 50-day SMA ($0.000012) may also offer stiff resistance, but if this level is cleared, the SHIB/USDT pair could climb to $0.000014 and then to $0.000016.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The February U.S. jobs report was a mixed bag, which seems to have provoked interest from a few bulls in BTC and altcoins.

Bitcoin (BTC) led a sharp sell-off in the cryptocurrency markets on March 9 as the woes at Silvergate Bank and Silicon Valley Bank dented investor sentiment. 

In addition, crypto-specific news of a suit filed by New York Attorney General Letitia James against cryptocurrency exchange KuCoin for selling securities and commodities without registration increased uncertainty about the future of crypto sector regulation.

The selling momentum continued on March 10 and pulled Bitcoin below the $20,000 mark. Several other cryptocurrencies have also broken below their important support levels.

But a minor positive in favor of the bulls is that February’s jobs report was a mixed bag. Although nonfarm payrolls rose 311,000 for the month, above estimates of an increase of 225,000, the average earnings rose less than anticipated. That reduced expectations of a 50 basis point rate hike in the Federal Reserve’s March meeting from 68% on March 9 to 42% on March 10.

What are the important levels on the upside that will signal a sustained recovery in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

Bitcoin sliced through the $21,480 support on March 9 with ease. The selling continued on March 10 and the price broke below the crucial support at $20,000.

The fall of the past few days has sent the relative strength index (RSI) into the oversold zone. This suggests that the selling may have been overdone in the near term and a recovery may be possible.

During a sharp fall, markets usually tend to overshoot on the downside. The same may have happened here. The bulls will try to start a rebound off the current levels but may face strong resistance at higher levels.

The bears will try to flip the $21,480 level into resistance. If that happens, the BTC/USDT pair may turn down and retest the $20,000 support. If this level breaks down, the next stop could be $18,000.

ETH/USDT

Ether (ETH) witnessed aggressive selling on March 9, which pulled the price below the strong support at $1,461.

The ETH/USDT pair could next drop to $1,352 where the bulls are likely to mount a strong defense. If the price turns up from $1,352, the recovery may hit a brick wall at $1,461. If the price turns down from this level, it will increase the possibility of a fall to $1,200.

If bulls want to prevent the decline, they will have to quickly push the price back above $1,461. Such a move will suggest strong buying at lower levels. The pair may then reach the 20-day exponential moving average ($1,565).

BNB/USDT

BNB (BNB) turned down from the 20-day EMA ($294) on March 8 and broke below the solid support of $280. This move completed a bearish head and shoulders (H&S) pattern.

Typically, the price returns to retest the breakdown level from the pattern. If the price turns down from $280, it will suggest that bears have flipped the level into resistance. That may send the BNB/USDT pair tumbling toward $245 and thereafter to the pattern target of $222.

Contrarily, if bulls drive the price above $280, the pair could reach the 20-day EMA. This level may again attract strong selling but if bulls absorb the supply and do not allow the pair to slip below $280, it will suggest the start of a recovery.

XRP/USDT

XRP (XRP) broke above the descending channel pattern on March 8 but the long wick on the day’s candlestick shows selling at higher levels.

The bears pulled the price back into the channel on March 9, which may have trapped the aggressive longs. The XRP/USDT pair has reached the solid support at $0.36. If this level gives way, the pair may reach the support line of the channel near $0.33.

Contrary to this assumption, if the price rebounds off $0.36, the bulls will make one more attempt to push the pair above the channel. If they succeed, the pair may rally to the overhead resistance at $0.43.

ADA/USDT

Cardano (ADA) broke below the $0.32 support on March 8 and the bears thwarted attempts by the bulls to push the price back above the level on March 9.

The selling resumed on March 10 and bears pulled the price below the 61.8% Fibonacci retracement level of $0.30. This opens up the possibility of a further fall to the 78.6% Fibonacci retracement level of $0.27.

Buyers are currently trying to push the price back above $0.32. If they manage to do that, it will suggest solid demand at lower levels. The ADA/USDT pair may then rise to the 20-day EMA ($0.34). The bulls will have to clear this hurdle to indicate that they are back in the game.

DOGE/USDT

Dogecoin (DOGE) easily broke below the strong support near $0.07 which had not been breached convincingly since October 2022. This shows that bears are in complete control.

The RSI has dipped into the oversold zone, indicating that a minor consolidation or a relief rally is possible. The bulls are expected to defend the zone between $0.06 and $0.05 with all their might because a break below it could result in panic selling.

On the way up, buyers will face stiff resistance at $0.07 and again at the downtrend line. If the price turns down from this zone, the bears will again try to sink the DOGE/USDT pair below the vital support at $0.05.

MATIC/USDT

Polygon (MATIC) turned down sharply on March 8 and fell to the strong support of $1.05. Ideally, this level should have attracted aggressive buying but that did not happen.

This shows that traders sold aggressively. The incessant selling pulled the price below $1.05 on March 9 and the bears continued with their selling on March 10.

However, the long tail on the candlestick suggests solid buying near the support at $0.91. The bulls will try to push the price back above the breakdown level of $1.05. If they can pull it off, the MATIC/USDT pair may rise to the 20-day EMA ($1.17).

On the other hand, if the price turns down from the current level, it will suggest that bears are unwilling to let go of their advantage. That increases the risk of a fall to the crucial support zone between $0.74 and $0.69.

Related: Dogecoin hits 4-month lows vs. Bitcoin — 50% DOGE price rebound now in play

SOL/USDT

After a weak attempt to hold $19.68 on March 7, Solana (SOL) slipped below the support on March 8. This indicates that bears are back in the driver’s seat.

The SOL/USDT pair has a minor support at $15.28 where the bulls are again trying to arrest the decline and form a higher low. Any attempt to recover is likely to face strong selling at $19.68 and again at the resistance line. A break above this level will indicate a potential trend change.

On the downside, if the $15.28 level gives way, the pair may fall to $12.85 and then to the psychologically critical support at $10.

DOT/USDT

Polkadot (DOT) is in a strong corrective phase. The bears pulled the price below the important support at $5.56 on March 9.

The selling continued on March 10 but the long tail on the candlestick indicates strong buying near the 78.6% Fibonacci retracement level of $5. This is a crucial level for the bulls to defend because a break below it may open the gates for a complete 100% retracement to $4.22.

Contrarily, if the price turns up and rises back above $5.56, it will suggest solid demand at lower levels. The DOT/USDT pair may then climb to the 20-day EMA ($6.14) where the bears may again mount a strong defense.

SHIB/USDT

Buyers tried to start a recovery in Shiba Inu (SHIB) on March 8 but the long wick on the day’s candlestick shows strong selling near the 20-day EMA ($0.000012).

The SHIB/USDT pair turned down and fell below the $0.000011 support on March 9. The bulls are currently trying to defend the psychological level of $0.000010. If they succeed, the pair may start a relief rally to the 20-day EMA where the bulls may again face strong selling by the bears.

If the price turns down from the 20-day EMA, it will suggest that the sentiment remains negative and traders are selling on rallies. That increases the likelihood of a break below $0.000010. If that happens, the pair may descend to $0.000008.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The strength in the U.S. dollar suggests that the risky assets may remain under pressure in the near term, but Bitcoin and select are showing signs of resilience.

On March 7, United States Federal Reserve Chairman Jerome Powell warned that interest rates might remain higher for longer than previously anticipated. This boosted expectations of a 50 basis point rate hike at the Fed’s March meeting to about 70%, from 30% a week earlier, according to FedWatch Tool data.

The U.S. dollar shot up and the S&P 500 plunged after Powell’s comments on March 7 but a minor positive in favor of the cryptocurrency investors is that Bitcoin (BTC) stayed relatively calm. The next trigger that could influence the markets is the February Jobs report to be released on March 10.

Although the macroeconomic environment is not favorable for risky assets, Bitcoin has shown relative resilience. This suggests that Bitcoin investors are not panicking and dumping their positions due to short-term uncertainty.

Will Bitcoin and the major altcoins continue lower or is a rebound around the corner? Let’s study the charts of the top-10 cryptocurrencies to find out.

BTC/USDT

The bulls are finding it difficult to push Bitcoin back above the breakdown level of $22,800. This suggests a lack of aggressive buying at current levels. That could pull the price down to the crucial support of $21,480. This is the make-or-break level in the near term.

The moving averages have completed a bearish crossover and the relative strength index (RSI) is in the negative territory, indicating that bears are in command.

If the price breaks below $21,480, the bears will fancy their chances. They will then try to yank the price to the psychologically important level of $20,000. Buyers are expected to defend the zone between $21,480 and $20,000 with all their might because a break below it may witness aggressive selling.

If bulls want to prevent the sharp decline, they will have to quickly push the price back above the moving averages. That could signal a possible range-bound action between $21,480 and $25,250.

ETH/USDT

Buyers are trying to protect the $1,550 level on Ether (ETH) but a minor negative is that they have failed to achieve a strong rebound off it. This suggests that the bears are selling on every small recovery.

The 20-day exponential moving average ($1,599) has started to turn down and the RSI is in the negative zone, indicating that bears have the upper hand. If the $1,550 support cracks, the ETH/USDT pair may drop to $1,461.

This level may again attract strong buying by the bulls. If the price rebounds off this level with strength, it will suggest that the pair may consolidate between $1,461 and $1,743 for some time. Contrarily, a break below $1,461 will open the doors for a possible drop to $1,352. This level may again attract strong buying by the bulls.

BNB/USDT

BNB (BNB) bounced off the $280 support on March 6 and March 7 but the bears pounced at higher levels. This suggests that the sentiment remains negative and every minor recovery is being sold into.

If the $280 gives way, the BNB/USDT pair will complete a bearish head and shoulders pattern. This negative setup may start a downward move to $245 where buyers will try to arrest the decline.

Another possibility is that the bulls sustain the current rebound. Such a move will indicate that the buyers are fiercely defending the $280 support. That may start a recovery to the 20-day EMA ($299).

The bears are expected to sell the rally to the 20-day EMA. If that happens, the pair may again slide to $280. On the contrary, a break above the 20-day EMA will be the first sign that suggests the bears may be losing their grip.

XRP/USDT

XRP (XRP) rebounded off the $0.36 support with strength and soared above the resistance line of the descending channel on March 8, a sign that the bulls are buying with full force.

If buyers sustain the price above the 50-day simple moving average ($0.39), it will suggest a potential trend change in the near term. The XRP/USDT pair may then start its march toward $0.43 where the bears are again likely to mount a strong defense. If the price turns down from this level, the pair may oscillate between $0.36 and $0.43 for a while longer.

Conversely, if the price turns down from the current level, it will suggest that the bears are not willing to let the bulls have their way. Sellers will then again try to pull the pair below $0.36 and clear the path for a possible drop to $0.33.

ADA/USDT

Cardano (ADA) bounced off $0.32 on March 7 but the bulls could not build upon this strength. This shows a lack of follow-up buying at higher levels.

The bears are again trying to pull and sustain the price below $0.32 on March 8. If they manage to do that, there is another support at the 61.8% Fibonacci retracement level of $0.30. If this level breaks down, the selling could intensify and the ADA/USDT pair may plummet to the 78.6% Fibonacci retracement level of $0.27.

Contrary to this assumption, if the price turns up from the current level or $0.30, the pair may again attempt a recovery. The bulls will gain the upper hand after they propel the price above the moving averages.

DOGE/USDT

Dogecoin (DOGE) has been gradually grinding down toward the strong support near $0.07 but a minor positive is that lower levels are attracting buyers, as seen from the long tail on the March 6 and March 7 candlestick.

The bulls are trying to push the price toward the breakdown level of $0.08. This level is likely to attract strong selling by the bears. If the price turns down from $0.08, the DOGE/USDT pair may drop to $0.07 and remain stuck between these two levels for some time.

The bears may find it difficult to break the support near $0.07 but if they do, the pair could tumble to the next major support near $0.06. On the upside, a break and close above the downtrend line will signal the start of a possible recovery toward $0.10.

MATIC/USDT

Polygon (MATIC) has been trading in a tight range for the past few days, which resolved to the downside on March 8. The failure to start a recovery suggests that the bulls may be wary of buying at the current levels.

The MATIC/USDT pair could slide to the strong support at $1.05 where the bulls will try to protect the level. If the price rebounds off this support, the pair could pullback to the moving averages.

This is an important level to keep an eye on because a break and close above it may suggest that the correction may be over. The pair may not start a new up-move in a hurry but remain range-bound for a few days.

On the other hand, if the price turns down from the moving averages, it will suggest that bears continue to sell on rallies. The bears will then again try to sink the price below $1.05. If they succeed, the pair may slip to $0.90.

Related: Brace for BTC price volatility? Bitcoin ‘coin days destroyed’ metric jumps to 2-month highs

SOL/USDT

Solana (SOL) remains in a firm bear grip. The failure to start a rebound off the crucial support at $19.68 shows that buyers may not be jumping in to buy.

The bears have yanked the price below $19.68 on March 8. This indicates the start of the next leg of the correction. The bears will try to strengthen their position further by pulling the SOL/USDT pair toward the next major support near $15.

If bulls want to prevent this collapse, they will have to quickly push the price back above the 20-day EMA ($21.80). That may start a relief rally to the resistance line, where the bears may again pose a strong challenge.

DOT/USDT

Polkadot (DOT) turned down and broke below the support at $5.73 on March 8. This indicates that the bears are trying to solidify their position further.

There is a strong support at $5.56 but if this level cracks, the DOT/USDT pair may enter a downward spiral. The next support is much lower at $4.80.

Contrary to this assumption, if the price rebounds off $5.56, the pair could reach the 20-day EMA ($6.30). During downtrends, the bears try to sell on rallies to the 20-day EMA. If the price turns down from this level, the likelihood of a break below $5.56 increases.

If bulls want to make their presence felt, they will have to drive the price above the moving averages.

LTC/USDT

Litecoin (LTC) turned down and broke below the immediate support of $85 on March 7. This indicates the resumption of the correction.

The LTC/USDT pair could first fall to the $81 support. The bounce off this level may face selling near the 20-day EMA ($92). If the price turns down from the 20-day EMA, the next stop could be the vital support at $75. This level is likely to attract solid buying by the bulls.

The farther the price moves away from the local top of $106, the longer it will take for the pair to resume its uptrend. The recovery is likely to pick up momentum after the price sustains above the moving averages.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Concerning news from Silvergate Bank and FTX may have influenced investors’ decision to press the sell button, but the potential for further downside could be limited.

Bitcoin (BTC) is leading the cryptocurrency markets lower, and the matter is being exacerbated by Silvergate Banks’ ongoing issues. This week, the cryptocurrency-focused bank said it needed additional time to file its annual 10-K report and warned that it might not make it another 12 months. Reacting to this news, several cryptocurrency companies announced they would reduce or cancel their partnerships with Silvergate Bank. 

The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction. However, if the contagion does not spread, the downside may be limited.

Another positive for the cryptocurrency markets is that the United States equities markets are attempting to start a recovery. This suggests that traders continue to add risk to their portfolios at lower levels. This risk-on sentiment may limit the downside in Bitcoin and select altcoins.

What are the important levels on the downside that may act as a support and start a recovery in Bitcoin and the major altcoins? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC/USDT

Bitcoin’s (BTC) failure to rise above the $24,000 level may have tempted traders to book profits. The selling accelerated on March 3, and the bears pulled the price below the immediate support at $22,800.

The 20-day exponential moving average, or EMA ($23,332), is still flat, but the relative strength index (RSI) has plunged below 44, indicating that the short-term momentum has turned bearish. The next crucial support to watch on the downside is $21,480.

Buyers are expected to defend this level with all their might because a break and close below it could open the doors for a retest of the psychologically important level of $20,000.

Alternatively, if the price rebounds off $21,480, the bulls will try to clear the overhead hurdle at $22,800. If they do that, it will indicate that the BTC/USDT pair may remain stuck between $21,480 and $25,250 for a few more days.

ETH/USDT

Ether (ETH) once again turned down from the overhead resistance of $1,680 on March 2, indicating that bears are defending the level with vigor.

The traders seem to have sold aggressively on March 3, which broke the support at the 50-day SMA ($1,607). The ETH/USDT pair may next drop to the critical support at $1,461 where the buyers may try to arrest the pullback.

If the price rebounds off $1,461 with strength, it will suggest that the pair may stay inside a range for a few days. The bulls will be back in the game if they push and sustain the price above $1,680. On the contrary, if the price slips below $1,461, the correction could deepen to $1,352.

BNB/USDT

The symmetrical triangle pattern in BNB (BNB) resolved to the downside on March 3, indicating that the bears overpowered the bulls.

The BNB/USDT pair could plummet to the strong support at $280. This is an important level to keep an eye on because if it cracks, the pair will complete a bearish head-and-shoulders pattern. This negative setup has a target objective of $245.

If bears want to prevent the sharp decline, they will have to fiercely guard the $280 level. If the price rebounds off this level, the pair may oscillate between $280 and $318 for some more time. The pair could turn bullish above $338.

XRP/USDT

The bulls pushed XRP (XRP) to the 20-day EMA ($0.38) on March 1 but could not clear the overhead barrier. This suggests that the sentiment remains negative and traders are selling on rallies.

The bears turned the price down on March 2 and increased the selling pressure on March 3. This pulled the price below the strong support at $0.36. If the price sustains below this level, the decline may extend to the support line of the descending channel pattern.

If bulls want to gain the upper hand in the near term, they will have to push the price back above the resistance line of the channel. If they do that, the XRP/USDT pair may start an upward march to $0.43.

ADA/USDT

Cardano’s ADA (ADA) tried to rebound off $0.34 on March 1, but the bears sold at higher levels and yanked the price below the support on March 3.

The long tail on the day’s candlestick shows that the bulls are trying to project the support at $0.32. Buyers will have to propel the price back above $0.34 if they want to strengthen their position. The ADA/USDT pair could then rise to the 20-day EMA ($0.37) where the bulls may face stiff resistance from the bears.

If the price turns down from the overhead resistance and dives below $0.32, it will suggest that bears have taken control. The pair could then start the next leg of the slide to $0.27.

DOGE/USDT

Dogecoin (DOGE) plunged below the $0.08 support on March 3, which completed the bearish descending triangle pattern.

The DOGE/USDT pair could first drop to the support near $0.07. Buyers are expected to guard this level aggressively. If the price turns up from this level, the rebound could reach $0.08. This is where the bulls and the bears are likely to have a tough battle for supremacy.

If the price turns down from $0.08, it will suggest that bears have flipped the level into resistance. That may increase the possibility of a drop to the pattern target of $0.06. On the other hand, if buyers thrust the price above $0.08, the pair may rally to $0.10.

MATIC/USDT

Polygon’s MATIC (MATIC) jumped from the 50-day SMA ($1.18) on March 1, but the bulls could not clear the overhead hurdle at the 20-day EMA ($1.27).

The selling picked up momentum on March 3, and the bears sent the price tumbling below the 50-day SMA. If the price sustains below the 50-day SMA, the MATIC/USDT pair could slide to the strong support at $1.05.

Another possibility is that the price recovers ground and closes above the 50-day SMA. If that happens, it will signal solid buying at lower levels. The bulls will then again try to overcome the barrier at $1.30 and gain the upper hand.

Related: Bitcoin price settles at $22.4K as daily RSI retraces 2023 bull run

SOL/USDT

The bulls once again failed to push Solana’s SOL (SOL) above the 20-day EMA ($22.77) on March 1. That attracted further selling and pulled the price near $19.68.

The 20-day EMA has started to turn down, and the RSI has slipped near 43, indicating that bears have a slight edge. The SOL/USDT pair could reach the important support at $19.68, which may attract solid buying by the bulls.

If the price rebounds off $19.68 with strength, the bulls will again try to push the pair above the 20-day EMA and challenge the resistance line. Conversely, if the $19.68 support cracks, the pair may witness aggressive selling, which could sink the price to $15.

DOT/USDT

The bulls pushed Polkadot’s DOT (DOT) back above the 50-day SMA ($6.47) on March 1, but they could not surmount the 20-day EMA ($6.60). This indicates that bears are selling on minor rallies.

The price turned down on March 2 and once again broke below the 50-day SMA. That may have caught the aggressive bulls off guard. The selling picked up momentum on March 3, and the bears are trying to sink the DOT/USDT pair to the strong support at $5.50. The bulls are expected to fiercely defend this level.

The 20-day EMA remains the key resistance to watch out for on the upside. A break above it will be the first indication that the selling pressure may be reducing.

LTC/USDT

Litecoin (LTC) bounced off the 50-day SMA ($93) on Feb. 28 and soared above the 20-day EMA ($94) on March 1. However, the bulls could not sustain the higher levels.

The price turned down from $98 on March 2 and broke below the moving averages on March 3. This may have triggered stops of several short-term buyers, pulling the LTC/USDT pair down toward the first support near $85. If this level fails to hold, the pair may dive to $81 and thereafter to $75.

The important resistance levels to watch on the upside are the moving averages and then $98. Buyers will have to demolish both these barriers if they want to signal a comeback.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.