The US has been pulled by Credit Suisse. equities markets lower, but a positive sign is that Bitcoin and select altcoins are holding near their local highs.
The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss bank Credit Suisse’s largest investor, said it would not be able to provide any more funding to Credit Suisse due to regulatory limitations.
Investors are nervous because Credit Suisse, which has large U.S. and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. On March 15, Credit Suisse stock experienced its worst day ever.
The S&P 500 has given back all of its year-to-date gains as a result of the recent events and is currently trading flat. In comparison, Bitcoin
is holding on to a large part of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin, as it could emerge as a safe-haven asset.
Capriole founder and CEO Charles Edwards said that Bitcoin has formed a “bump and run reversal pattern,” which has a target objective of $100,000 and higher. However, Edwards advised traders not to use the pattern to create a trading or investment plan because it might not succeed.
Could Bitcoin and altcoins rise above their overhead resistance levels and start the next leg of the up-move? To find out, let’s examine the top 10 cryptocurrency charts.
Bitcoin Price Analysis
Bitcoin above the overhead resistance of $25,250 on March 14; however, the candlestick’s long wick demonstrates that bears are not prepared to submit without a fight. The price fell back below $25,250 as a result of heavy selling.
Indicating a benefit for buyers, the relative strength index (RSI) is in the positive territory and the 20-day exponential moving average, or EMA ($23,012), has begun to turn up.
The likelihood of a break and close above $25,250 rises if the bulls do not give up much ground from the current level. If that occurs, the BTC/USDT pair will finish a bullish inverse head-and-shoulders (H&S) pattern. That will indicate a possible trend change. The pair may then sprint toward $32,000.
Bears must act quickly to bring the price back below the moving averages if they want to halt the bullish momentum.
Ether Price Analysis
Ether soared above the overhead resistance at $1,743 on 14 March, but the bulls were unable to maintain the higher levels. This suggests that the bears are trying to protect the level.
Price consolidation between $1,743 and the 20-day exponential moving average ($1,588) would indicate that traders are now buying on dips and that the sentiment has turned positive. The likelihood of a break and close above $1,743 will increase as a result. Following that, the ETH/USDT pair is in a good position for a significant rally toward the psychological level of $2,000.
In contrast to this assumption, a price decline and a break below the moving averages will show that the ETH/USDT pair may consolidate in a wide range between $1,743 and $1,352 for some time.
BNB Price Analysis
BNB turned down from the strong resistance near $318. This suggests that the bears are attempting to protect the area between $318 and $338.
A minor positive in favor of the buyers is that they have not allowed the price to break back below the 50-day simple moving average, or SMA ($306). The shallow pullback shows that every minor dip is being purchased.
The bulls will make one more attempt to catapult the price above the overhead zone. If they do that, the BNB/USDT pair can soar toward $400. Contrarily, if the price breaks below the 50-day SMA, the pair may slide to the 20-day EMA ($296). A break below this level will signal an advantage to the bears.
XRP Price Analysis
XRP turned down from the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision among the bulls and the bears.
On March 15, the uncertainty resolved to the downside, and the price declined to a strong support level of $0.36. If this level is taken out, the XRP/USDT pair could decline to the support line of the channel near $0.32.
On the other hand, if the price remains above $0.36, the bulls will attempt to get past the resistance at $0.40 and the 50-day SMA once more. If they are successful, the pair might gain momentum and move up to $0.43.
Cardano Price Analysis
Cardano accelerated on March 14 and reached the 50-day SMA ($0.36), but the long wick on the day’s candlestick reveals that the bears are aggressively selling on rallies.
On March 15, the bears pulled the price back below the 20-day EMA ($0.34), opening the way for a potential retest of $0.30. Because the next support level is much lower at $0.27, buyers are likely to defend this level with all their might.
If, however, the price moves back up from the current $0.30 level, it will indicate that investors are buying on price declines. Because of this, the ADA/USDT pair might remain range-bound between $0.50 and the 50-day SMA for a few days.
Dogecoin Price Analysis
Dogecoin recovery has reached the downtrend line where the bears are mounting a strong resistance.
Bears are in charge, as evidenced by the 20-day EMA’s downward slope ($0.07) and the RSI’s position in the red. Sellers are attempting to drive the price below $0.07, which acts as an immediate support. The DOGE/USDT pair may drop to $0.06 if this support crumbles.
In contrast, a price reversal from the current level would indicate that buyers are drawn to lower levels. The upside key level continues to be the downtrend line because a break above it could trigger a relief rally to $0.10.
Polygon Price Analysis
Polygon’s MATIC is facing stiff resistance at the 50-day SMA ($1.22), which on March 15 caused the price to fall under the 20-day EMA ($1.16).
The MATIC/USDT pair could crash to the firm support at $1.05. If this level breaks, the pair might retest the $0.94 support, so it’s crucial to keep an eye on it. The door will be opened for a potential drop to $0.69 if this level is broken.
Another possibility is that the price bounces off the $1.05 support. The bulls will attempt to raise the price above the 50-day SMA once more if that occurs. If they are successful, there is a higher chance that the price will break $1.30.
Solana Price Analysis
The bears are trying to halt the rally in Solana’s SOL at the 50-day SMA ($22.40), but the bulls are trying to keep the price above the immediate support at $19.68.
Instead, it will signal that the bears have not yet given up if the price declines further and hits $19.68. The pair could then fall to $15.28, a firm support.
Polkadot Price Analysis
Buyers tried to drive Polkadot’s DOT above the 50-day SMA ($6.42) on March 14, but the bears did not relent. This suggests that higher levels are attracting sellers.
A state of equilibrium between the bulls and the bears is indicated by the flattening of both moving averages and the RSI, which is just below the midpoint. The DOT/USDT pair may swing between the 50-day SMA and $5 for a few days if the price breaks and holds below the 20-day EMA ($6.07).
The pair could gain momentum and soar toward the neckline of the inverse H&S pattern if buyers push the price above the 50-day SMA. On the downside, the bears will have to sink the pair below $5 to indicate a comeback.
Shiba Inu Price Analysis
Shiba Inu is trading inside a descending channel pattern. Although the bears resisted, the bulls tried to raise the price above the channel.
The bears will attempt to push the price back down toward the psychological level of $0.000010. The SHIB/USDT pair may fall in the direction of the channel’s support line if they are successful in doing so. The $0.000008–$0.000007 zone will likely be fiercely defended by the bulls.
If the price moves back up off of this level, it suggests that the pair may continue to consolidate within the wide range between $0.000018 and $0.000007.
In the near term, a break above the 50-day SMA ($0.000012) will tilt the advantage in favor of the bulls. The pair may then try to rally to $0.000014 and then $0.000016.
There are no recommendations or advice about investments in this article. Each investment and trading move carries risk, so before making a choice, readers should do their own research.