Bitcoin (BTC) resilience in the face of global market uncertainty continues to attract new institutional investors. Dan Loeb, the CEO of New York-based asset management firm Third Point, said that he has been “doing a deep dive into crypto.” To strengthen the venture investments team, Third Point hired former pro-crypto Goldman Sachs analyst Heath Terry, secondo Reuters.
Loeb’s move into crypto seems to have prodded ‘Shark Tank’ star Kevin O’Leary to allocate a portion of his portfolio to Bitcoin. Inoltre, O’Leary hinted that every operating company that he had invested in was considering investing in Bitcoin.
Billionaire Tim Draper expects Netflix to be the next Fortune 100 company to add Bitcoin to its balance sheet. Draper voiced his views while appearing on the Unstoppable Podcast. He also speculated that Amazon could start “accepting Bitcoin pretty soon.”
These developments show that the institutional adoption of Bitcoin is only in its infancy and it is likely to grow in the future.
It is heartening to see that former Bitcoin naysayers are now voicing their favorable opinions of the digital asset. Billionaire Mark Cuban recently schooled gold bug Peter Schiff on Twitter, suggesting that gold would soon lose its status as a store of value. Cuban also highlighted the advantages Bitcoin held over gold.
With all these positives, it is no surprise that Bitcoin’s price action has resumed its bullish momentum. Let’s analyze the charts of the top-10 cryptocurrencies to spot the strengths and weaknesse.
BTC / USD
Bitcoin surged and closed above the 20-day exponential moving average ($48,123) a marzo 1. The bears tried to pull the price back below the 20-day EMA on March 2 ma fallito, which suggests that traders are buying on dips.
The buyers pushed the price above the $52,040.95 overhead resistance today but the bears are not ready to give up just yet. The long wick on the day’s candlestick suggests the bears are selling on rallies.
If the price turns down from the current levels and breaks below the 20-day EMA, the BTC/USD pair could drop to $41,959.63. The price could then remain range-bound between these two levels for a few days.
This neutral view will invalidate if the bulls can push and sustain the price above $52,040.95. Se succede, the pair could retest the all-time high at $58,341.03.
D'altra parte, a break below the 50-day simple moving average ($41,921) will be the first indication of a possible change in trend.
ETH / USD
Ether's (ETH) has broken above both moving averages today and the bulls are currently attempting to resume the uptrend. però, the bears are unlikely to give up easily as they may try to stall the up-move at the current levels.
Se il prezzo scende dall'EMA a 20 giorni, it will signal that trader’s sentiment is shifting from buying on dips to selling during rallies.
The bears may gain the upper hand if they can sink the price below the $1,289.098 supporto. Se succede, the ETH/USD pair could correct to the 61.8% Livello di ritracciamento di Fibonacci a $1,026.776.
Questa visione negativa invaliderà se i rialzisti riusciranno a spingere e sostenere il prezzo al di sopra dell'EMA a 20 giorni. Se i rialzisti possono spingere il prezzo sopra $1,708.391, la coppia potrebbe riprendersi $2,000.
ADA / USD
Cardano (C'È) is currently witnessing a minor correction in an uptrend. The altcoin has formed an inside day candlestick pattern, which indicates indecision among the bulls and the bears about the next move.
If the uncertainty resolves to the downside and the bears sink the price below $1.55, a fall to the 20-day EMA ($1.05) è possibile. A rebound off this support will suggest that the sentiment remains bullish as the traders continue to buy on dips
If the ADA/USD pair breaks below the 20-day EMA, it will indicate profit-booking by traders. Questo potrebbe far scendere il prezzo a $0.9817712 e se anche questo supporto si rompe, il declino potrebbe estendersi a $0.80.
Contrariamente a questa ipotesi, if the price turns up from the current levels and the bulls push the pair above $1.30, un nuovo test di $1.4852896 è possibile. Un breakout di questa resistenza potrebbe riprendere il trend rialzista con il prossimo obiettivo target a $1.83.
BNB / USD
Binance Coin (BNB) broke and closed above the downtrend line on March 1. The bears tried to sink the price back below the downtrend line on March 2 ma fallito, which shows that the short-term correction could be over.
The bulls will now try to push the price to $281 dove è probabile che gli orsi montino una forte resistenza. If the price turns down from this level, the bears will again try to sink the price to the 20-day EMA ($208). A bounce off this support or $189 could keep the BNB/USD pair range-bound for a few days.
Un breakout e chiudere sopra $281 could ready the pair for a rally to $309.4995 and then a retest of the all-time high at $348.6969. al contrario, if the pair breaks below $189, the decline could extend to the 50-day SMA at $119.
DOT / USD
A pois (PUNTO) has consistently closed in the green for the past five days, which shows that traders continue to buy at each higher level. The rising moving averages and the RSI near the overbought zone suggest an advantage to the bulls.
The DOT/USD pair could now rise to the all-time high at $42.2848. If the bulls can drive the price above it, the pair could start the next leg of the uptrend that may reach the psychologically critical level at $50.
Contrariamente a questa ipotesi, se il prezzo scende dalla resistenza in testa, the pair may again correct to the 20-day EMA ($32.27). Una pausa e chiudere di seguito $30 could signal a possible change in trend.
XRP / USD
XRP bounced off the 50-day SMA ($0.41) a marzo 1 and reached the 20-day EMA ($0.46) oggi. The bears are currently pushing back at the 20-day EMA. If the price turns down, the altcoin could remain stuck between the moving averages for a few days.
This view of a consolidation could invalidate if the bears sink the price below the 50-day SMA. Se succede, the XRP/USD pair could drop to $0.359 where the buyers may step in and provide support.
Anzi, if the bulls can push the price above the 20-day EMA, the pair may reach $0.50. The bears may try to stall the rally at this resistance, but if the bulls can thrust the price above it, la coppia potrebbe iniziare il suo viaggio verso $0.65.
LTC / USD
Litecoin (LTC) has broken above the 20-day EMA ($186) oggi, which suggests that the bulls are attempting to make a comeback. Se i rialzisti possono sostenere il breakout, l'altcoin potrebbe raggiungere $205 and later to $240.
però, the flat 20-day EMA and the RSI just above the midpoint suggest a range-bound action for a few days. Se il prezzo scende da $205, the LTC/USD pair could again drop to $160 and consolidate between these two levels.
The pair could turn negative if the price reverses direction from the current levels and plummets below the uptrend line.
LINK / USD
Catena (LINK) bounced off the 50-day SMA ($25.89) a marzo 1 and broke above the 20-day EMA ($28.37) a marzo 2. The bears tried to stall the relief rally on March 2 come si vede dal lungo stoppino sul candelabro del giorno.
però, the bulls did not give up ground and have again resumed the up-move today. The LINK/USD pair will now attempt to retest the all-time high at $36.9307. Un breakout di questa resistenza potrebbe iniziare la fase successiva del trend rialzista che potrebbe raggiungere $40 e poi $46.
The 20-day EMA has started to turn up and the RSI has jumped into the positive territory, indicando vantaggio ai tori. This positive view will invalidate if the price turns down and breaks below the 50-day SMA.
BCH / USD
Bitcoin Cash (BCH) broke above the 50-day SMA ($515) a marzo 2 and reached the 20-day EMA ($547). però, the bears defended the 20-day EMA as seen from the long wick on the day’s candlestick.
The flat moving averages and the RSI just below 49 suggeriscono un equilibrio tra domanda e offerta. If the bulls can drive and sustain the price above the 20-day EMA, the BCH/USD pair could rally to $631.71 e poi $745.
Contrariamente a questa ipotesi, if the price again turns down from the current levels, the bears will try to sink the pair below the uptrend line. Se ci riescono, the pair could extend the decline to the next support at $370.
XLM / USD
Lumen stellari (XLM) has been trading close to the 20-day EMA ($0.427) negli ultimi giorni. A tight consolidation near a resistance usually results in a breakout because it shows that traders are not closing their positions in a hurry.
Se i rialzisti possono spingere il prezzo sopra l'EMA a 20 giorni, the XLM/USD pair could rise to the resistance line of the descending channel where the bears may again try to stall the relief rally. Se ci riescono, the pair could again drop to the 50-day SMA ($0.375) e poi a $0.35.
Anzi, if the bulls push and sustain the price above the descending channel, it will suggest that the correction has ended. The pair could then rise to $0.50 e poi a $0.600681.
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