Price Analysis Mar 18: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

The unprecedented volatility in the equity markets continues every bit the traders are trying to assess the economic impairment and the remedial measures that have been taken to back up the economy.

A growing number of developed nations have announced huge stimulus packages to soften the impact of the pandemic. However, billionaire investor Tim Draper believes that Bitcoin (BTC) will lead the recovery from the ongoing financial crunch by transforming the means in which industries function.

Tone Vays expects Bitcoin to bottom out closer to $2,800. If the level is hit before the upcoming May halving, Vays is fine with information technology, however, he believes information technology would be "scary" if the drib happens later on the halving. Veteran trader Peter Brandt has an even lower target for Bitcoin equally he expects information technology to plunge to $1,000 if the "pie in the sky" chart setup fails to save it.

Daily cryptocurrency marketplace operation. Source: Coin360

According to Unchained Capital, the recent fall has not been able to deter the confidence of the long-term HODLers. The supply of Bitcoin stored for more than 5 years has merely increased from xx.37% to 21.65% in the past twelvemonth. This shows that the long-term investors are buying on dips and panics and are holding onto their positions. Data suggests that it is the speculators who have held Bitcoin for half-dozen months or less have dumped their holdings.

Equally long equally the spread of the virus is not controlled, traders will go on to panic and dump their positions periodically. However, like every crisis, even this will pass and the globe volition motion on. Hence, we propose traders look across the crisis and utilise the precipitous drops in crypto prices to accumulate for the long-term. Let'southward study the charts and see if we too run across Bitcoin falling to $2,000 levels or lower?

BTC/USD

Bitcoin (BTC) has been belongings above the support line of the symmetrical triangle for the past few days. On March 16, the bulls purchased the dip below the support line of the triangle, which is a positive sign. This shows demand at lower levels.

BTC USD daily chart. Source: Tradingview

Currently, the BTC/USD pair is largely stuck between $4,400-$vi,000. Afterward the sharp fall on March 12, nosotros anticipate the pair to spend a few more than days inside the range.

A breakout of the range will be the first indication that bulls have overpowered the bears. It will also suggest aggregating by the stronger hands at lower levels. Nosotros might suggest long positions later the price breaks out and closes (UTC fourth dimension) higher up the $six,000-$6,435 resistance.

Our bullish view will be invalidated if the bears sink the pair below $4,400-$three,803.58 range. Such a move will be a huge negative. Notwithstanding, we requite it a low probability of occurring.

ETH/USD

The bears are attempting to keep Ether (ETH) below the support at $117.090. Though the bulls purchased the dip to $100.926 on March 16, they could not push the cost back above $117.090. This shows selling by the bears on minor rallies.

ETH USD daily nautical chart. Source: Tradingview

If the bulls fail to push the ETH/USD pair above $117.090, we anticipate a driblet to the next support at $84.25. This is a critical level to picket out for considering if it cracks, the refuse can extend to $50.

Conversely, if the bulls can carry the pair to a higher place the downtrend line, a move to $139.386 is possible. Nosotros will expect for a new purchase setup to course before proposing a trade in it.

XRP/USD

XRP continues to trade within the descending channel. While the bulls purchased the dip to $0.1275 on March 16, they have not been able to push the toll back in a higher place $0.15 levels. This shows selling past the bears on pocket-sized rallies.

XRP USD daily chart. Source: Tradingview

A break below the pocket-size uptrend line can result in a autumn to $0.1275 and below that to $0.1140. If this level also gives mode, the downtrend tin can reach $0.10 and below that $0.075.

Conversely, if the bulls can keep the XRP/USD pair above the uptrend line, a move to $0.17468 is possible. A breakout of this will be the first sign that bulls are making a comeback. Until and then, nosotros remain neutral on the pair.

BCH/USD

The bulls purchased the dip to $150.67 on March 16, which shows demand at lower levels. However, the failure to push Bitcoin Cash (BCH) in a higher place $200 shows a lack of buyers at higher levels. This might go along the altcoin range-leap between $150-$200 for a few days.

BCH USD daily chart. Source: Tradingview

A break below $150 volition be a negative sign and will result in a retest of the recent low of $141.xi. If this level cracks, the drop can extend to $105.

Conversely, if the bulls can carry the BCH/USD pair above $200, it will indicate strength. Above $200, a movement to the xx-day EMA and above information technology to the downtrend line of the aqueduct is probable. A break above the channel will advise a modify in trend. Nosotros might recommend a long position if the pair sustains above $200.

BSV/USD

Bitcoin SV (BSV) has been trading close to the $120 mark for the past few days. The bulls purchased the dip to $100 on March 16, which shows need at lower levels. However, ownership dries up at higher levels.

BSV USD daily chart. Source: Tradingview

If the bulls fail to propel the BSV/USD pair above $131.46 within the side by side few days, nosotros anticipate some other effort by the bears to drag the toll to $78.506. A break below this level can sink the pair to $66.666.

On the other hand, if the bulls can scale and sustain the pair in a higher place $131.46, a rally to the 200-day SMA at $159.l is possible. We will look for the price to break out of the channel before suggesting a merchandise in it.

LTC/USD

The failure of the bulls to comport Litecoin (LTC) higher up the overhead resistance at $35.8582-$38.8015 suggests a lack of demand at higher levels. However, the positive thing is that the buyers are accumulating on dips to $30 and $24.

LTC USD daily chart. Source: Tradingview

A suspension beneath the $30-$23.9777 support zone will be a huge negative as it tin can extend the decline to the next support at $20.

Conversely, if the buyers can bulldoze the LTC/USD pair in a higher place the overhead resistance zone, a move to the 20-day EMA at $47 is possible. A pause above the descending channel will indicate a possible change in trend.

EOS/USD

The range in EOS has been shrinking for the past few days. This suggests that the bulls and the bears are unsure about the next likely move, hence, they are not placing large bets. This period of low volatility will be followed by an increase in volatility.

EOS USD daily chart. Source: Tradingview

If the bears sink the EOS/USD pair beneath the March 16 low of $1.7213, a drop to the recent depression at $ane.42 is possible. A breakdown of this support volition be a huge negative. The next support on the downside is $ane.

Conversely, if the bulls tin can calibration the pair above the $2.1624-$2.4001 resistance zone, it will indicate force. Nosotros will wait for the cost to sustain above the 20-day EMA before turning positive.

BNB/USD

The bulls purchased the dip on March xvi simply are struggling to continue Binance Money (BNB) above $x. This shows a lack of buyers at higher levels. If the bulls fail to sustain the altcoin above $10, we await some other attempt by the bears to resume the downtrend.

BNB USD daily nautical chart. Source: Tradingview

If the BNB/USD pair slides below $eight.4422, a retest of the recent lows at $half dozen.38 is possible. A breakdown of this support will exist a huge negative.

Nonetheless, if the bulls can drive the pair above $12.1111, a move to the xx-twenty-four hour period EMA at $14.seventy is possible. We volition wait for the pair to grade a reversal blueprint before suggesting a trade in it.

XTZ/USD

Though Tezos (XTZ) recovered from the depression of $1.1349 on March 16, the bulls have non been able to bear the toll back in a higher place 200-day SMA at i.52. This shows that the bears are defending the resistance at the 200-twenty-four hour period SMA.

XTZ USD daily nautical chart. Source: Tradingview

The failure of the bulls to propel the XTZ/USD pair above the 200-twenty-four hour period SMA could attract another round of selling. A break below the recent low of $one.0096 can drag the pair to the next back up at $0.85.

However, if the bulls tin scale the price above the 200-twenty-four hours SMA, it will indicate ownership at lower levels. If the toll sustains above the 200-day SMA, a move to $1.955 is possible. We will wait for a new purchase setup to form before proposing a trade in information technology.

LEO/USD

UNUS SED LEO (LEO) bounced off the support of the $0.9081-$ane.040 range on March 17. The toll has risen above the moving averages and the bulls will now try to carry the altcoin to the resistance of the range at $1.04.

LEO USD daily chart. Source: Tradingview

A breakout of $one.04 will be a positive sign as it will complete an inverse head and shoulders blueprint, which has a target objective of $1.27488. Above this level, the rally tin extend to $ane.36.

However, if the bulls fail to propel the LEO/USD pair above $ane.04, a few days of range-bound action is likely. We will look for a break higher up $1.04 earlier suggesting a merchandise in it.

The views and opinions expressed here are solely those of the writer and exercise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves chance. You should conduct your own inquiry when making a decision.

Market data is provided past HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-mar-18-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-leo

Posted by: sampsonnakenceral.blogspot.com

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