Strong buying trends albeit at lower levels, strengthened Bitcoin and most major altcoins
After Tesla and MasterCard’s entry and wild statement alluding to Bitcoin, analysts believe that Bitcoin is at crossroads of making it mainstream becoming the preferred currency for world trade or fizzle out eventually as a letdown.
While several investors have been worrying about a steep correction in Bitcoin, firms such as MicroStrategy are buying in another $15 million worth of Bitcoin to its purse, taking its total holding to 90,859 coins which were purchased at an average price of $24,063 per coin.
However, not everyone is bullish on Bitcoin. Many believe that Bitcoin is in a speculative bubble at the current levels and may witness a sharp fall that will be dramatic and painful.
Let’s analyze the charts of the top-5 cryptocurrencies to determine where the market is heading this week:
Bitcoin went down to a low at $43,006.77 on Feb. 28 however the buyers are currently trying to sustain the price.
The flat moving averages and the relative strength index (RSI) above 55 also point to a possible range-bound action in the near term.
However, in an event momentum picks up and the buyers push the price above $52,000, a repeat of the all-time high at $58,341.03 is possible.
Ether’s (ETH) shows that it is in a corrective phase this week. But the long tail on the Feb. 28 candlestick shows the attempts to hold the 38.2% Fibonacci retracement level at $1,413.
The long stretch on the Feb. 27 candlestick shows profiteering near the psychological resistance at $1.50. However, the long tail on Cardano’s (ADA) Feb. 28 candlestick suggests that bulls continue to accumulate at lower levels. If the bears sink the price below $1.55, the ADA/USD could drop to the 20-day EMA ($1.02)
Binance Coin (BNB) bounced off the 20-day EMA ($200) on Feb 28 and got pushed above the downtrend line. The rising moving averages and the RSI above 61 suggest an upper hand. The first target is $281 and if that is crossed, the BNB/USD pair may rally to $309.4995.
Polkadot’s (DOT) current bounce off the 20-day EMA ($31) suggests an uptrend.Both moving averages are sloping up and the RSI is above 64, indicating the path of least resistance is to the upside. If the price can be driven above $35.6618, the DOT/USD pair may rally to $42.2848.
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