Price Analysis Mar 2: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

After the rout last calendar week, most nugget classes accept started the week with a rebound. The total crypto market capitalization has bounced from the recent lows of nearly $240.7 billion to $251 billion at press fourth dimension. The strength of the rebound volition confirm whether a lesser is in place or if this is a expressionless true cat bounce after which the downwards move will resume.

With the recent fall in Bitcoin, the price activeness has been exactly post-obit the pop stock-to-flow Bitcoin toll forecasting model designed by PlanB. He expects the toll to boilerplate about $viii,650 until Bitcoin'due south halving in May. It would be interesting to come across how Bitcoin behaves if the coronavirus scare persists.

Daily cryptocurrency market place performance. Source: Coin360

Co-ordinate to information from Skew, CME Bitcoin futures volume has plunged from $i.1 billion on Feb. 18 to $204 1000000 on February. 28 and the open interest has dropped from $329 million to $210 million during the same menses. This suggests that speculative volume has reduced and the short-term traders are likely to have closed their positions. Even so, the remaining open interest indicates that investors are still belongings on to their positions.

Tin the bulls build on the relief rally that is in progress in nearly cryptocurrencies? Let'due south watch out for the critical levels that will signal the resumption of the up movement.

BTC/USD

Though Bitcoin (BTC) bankrupt below the 200-solar day SMA on Feb. 28, the bears have not been able to capitalize on the breakdown. The failure to elevate the price to the next support zone of $8,240.67-$7,856.76 shows a lack of sellers at lower levels.

BTC USD daily chart. Source: Tradingview

Currently, the bulls are attempting to sustain the price above the 200-twenty-four hours SMA. If successful, this would indicate buying at lower levels.

As the 20-day EMA is sloping downwardly and the RSI is in the negative zone, the reward is with the bears. Therefore, nosotros conceptualize the relief rally to face resistance at the 20-day EMA. If the toll turns down from the 20-24-hour interval EMA once again, the bears volition try to sink the BTC/USD pair to $vii,856.76.

Conversely, if the bulls can propel the price in a higher place the 20-day EMA, a move to $10,000 is possible. If the price sustains above the 200-24-hour interval SMA for three days, we might advise long positions one time again.

ETH/USD

Ether (ETH) is attempting a reversal from $209.95 levels. If the bulls tin can push the price above the xx-solar day EMA at $237.33, which is just higher up the horizontal resistance at $235.seventy, it will propose ownership at lower levels.

ETH USD daily nautical chart. Source: Tradingview

If the ETH/USD pair sustains above the 20-day EMA, the possibility of a move to $288.599 increases. Therefore, we might propose long positions afterward the price climbs higher up $237.

Alternatively, if the bulls fail to propel the price above the 20-day EMA, the bears volition make one more than attempt to sink the cost back below $209.95. If successful, a drop to $197.75 is likely.

XRP/USD

The bulls have successfully held the $0.22 levels for the past few days. This has encouraged ownership by the aggressive bulls. XRP is now likely to move up to the moving averages and above it to the neckline of the caput and shoulders (H&S) blueprint. We conceptualize the bears to aggressively defend $0.25-$0.26362.

XRP USD daily chart. Source: Tradingview

If the altcoin turns down from the 20-day EMA, the bears volition try to resume the correction and drag the price beneath the support at $0.22. If successful, a drop to $0.18043 is possible.

Conversely, if the bulls tin acquit the XRP/USD pair to a higher place the moving averages and the neckline of the H&S at $0.26362, it will indicate an terminate to the downtrend. If the toll sustains above $0.26362, we might suggest long positions once once again.

BCH/USD

The bears take failed to sink and sustain Bitcoin Cash (BCH) below the back up at $306.78. This is likely to concenter aggressive bulls who might attempt to merchandise the relief rally. If the bulls tin can push the price higher up the descending channel, a move to $360 is possible.

BCH USD daily nautical chart. Source: Tradingview

We await the bears to mount a strong defence force at $360. If the BCH/USD pair turns downwards from $360, it might again dip to $306.78. If this level holds, the pair might remain range-leap for a few days.

Nonetheless, if the bulls tin bulldoze the price higher up $360 and sustain it, a move to the next levels of $400 and above it to $430 is possible. If both these levels are scaled, the next target would be $500. We might suggest long positions on a shut (UTC time) to a higher place $360.

BSV/USD

Though Bitcoin SV (BSV) stayed below the support at $236 for the past four days, the bears could non pause the psychological back up at $200. This shows ownership at lower levels. Currently, the bulls are attempting to sustain the cost above $236.

BSV USD daily chart. Source: Tradingview

If successful, a move to the 20-day EMA is possible, which is likely to act equally a stiff resistance once over again. If the BSV/USD pair turns down from this level, the bears will brand another attempt to sink it beneath $200.

Conversely, if the bulls tin can propel the cost higher up the xx-twenty-four hours EMA, a move to $301.43 and above it to $337.lxxx is possible. Nosotros will look for a new buy setup to form before proposing a merchandise in it.

LTC/USD

Litecoin (LTC) has been trading close to the 200-day SMA for the by few days. The bulls are currently attempting to sustain the toll above the 200-twenty-four hours SMA. If successful, a pullback to $66.1486 is possible.

LTC USD daily chart. Source: Tradingview

With the 20-day EMA sloping down and the RSI in the negative zone, the reward is with the bears. Therefore, we look the bulls to hit a barrier shut to the xx-day EMA at $67.25. If the price turns downwardly from this level, the bears will make another attempt to sink the LTC/USD pair below the 200-day SMA.

If successful, a drop to $50 will be on the cards. Conversely, if the bulls can calibration the price above the 20-day EMA, a rally to $80.2731 is possible.

EOS/USD

The bulls accept kept EOS higher up the 200-day SMA for the past few days. This is a positive sign every bit it shows buying closer to this level. If the bulls can sustain the price above the downtrend line, a move to $iv is possible.

EOS USD daily nautical chart. Source: Tradingview

We expect strong resistance at $iv. If the EOS/USD pair turns down from this level, the bears volition again attempt to sink the price below the 200-twenty-four hours SMA.

Conversely, if the bulls can push the price above $4, a move to $four.5 and above it to $4.8719 is possible. We might advise long positions later on the price sustains above $four for three days.

BNB/USD

A tough tussle has been going on between the bulls and the bears at the 200-solar day SMA. Currently, the bulls are attempting a bounciness off the 200-day SMA. If successful, Binance Money (BNB) can move up to the resistance line of the descending channel.

BNB USD daily chart. Source: Tradingview

A break above the descending channel will betoken that the downtrend might be over. Above the channel, a move to $21.fourscore is possible.

If the BNB/USD pair rises above $21.80, a movement to $23.5213 and above it to $27.1905 is likely. On the other paw, if the price turns down from the resistance line of the channel, the bears will attempt to sink the price to $sixteen.4288. We volition wait for the price to sustain above the channel before recommending a trade in it.

XTZ/USD

The failure of the bears to sustain Tezos (XTZ) beneath the fifty% Fibonacci retracement level of $2.6025 shows that investors are unwilling to sell at lower levels. If the altcoin tin climb to a higher place $3.011, the uptrend will resume.

XTZ USD daily chart. Source: Tradingview

The first target on the upside is $iii.50 and above information technology $iii.9499. If the XTZ/USD rises to new lifetime highs, a move to $five.3735 is possible. We suggest traders buy on a shut (UTC time) in a higher place $3.011 with stops at $two.50.

Contrary to our assumption, if the price turns down from the twenty-solar day EMA at $2.88 or from $three and plummets beneath $2.50, a drop to $2.28451360 and beneath it to $ane.831 is possible.

LINK/USD

Chainlink (LINK) turned downwards from $four.3535 on February. 29 but the bulls purchased the dip close to the 20-day EMA at $3.88. This is a positive sign as it shows that buyers are not waiting for a deeper fall to get in.

LINK USD daily chart. Source: Tradingview

If the bulls can push button the toll above $4.3535, a retest of the highs at $4.8671 is possible. A breakout to new highs will be a huge positive as it will open the doors for a further rising to $5.6934.

Opposite to our assumption, if the bulls fail to scale the price above the overhead resistance levels, the XTZ/USD pair might remain range-bound for a few days. Though we are bullish, we do non discover a buy setup with a good risk to reward ratio, hence, we are not suggesting a trade in information technology.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You lot should carry your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-mar-2-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-link

Posted by: burkethentom.blogspot.com

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