The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss Bank Credit Suisse’s largest investor, said it will 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. Shares of Credit Suisse plummeted to an all-time low on March 15.
After the events of the past few days, the S&P 500 has given back all its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large part of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef T?tek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven asset.
Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders (H&S) pattern. That will signal a potential trend change. The pair may then sprint toward $32,000.
If bears want to slow down the bullish momentum, they will have to quickly pull the price back below the moving averages.
Ether price analysis
Ether (ETH) soared above the overhead resistance at $1,743 on March 14 but the bulls could not sustain the higher levels. This suggests that the bears are trying to protect the level.
Contrary to this assumption, if the price turns down and breaks below the moving averages, it will indicate that the ETH/USDT pair may consolidate in a large range between $1,743 and $1,352 for some time.
BNB price analysis
BNB (BNB) turned down from the strong resistance near $318. This suggests that the bears are trying to defend the zone between $318 and $338.
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 advantage to bears.
XRP price analysis
XRP (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 the other hand, if the price stays above $0.36, the bulls will again try to overcome the obstacle at the 50-day SMA and $0.40. If they can pull it off, the pair may pick up momentum and climb to $0.43.
Cardano price analysis
Cardano (ADA) accelerated on March 14 and reached the 50-day SMA ($0.36) but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.
Alternatively, if the price rebounds from the current level or $0.30, it will suggest that traders are buying on dips. That may keep the ADA/USDT pair range-bound between the 50-day SMA and $0.50 for a few days.
Dogecoin price analysis
Dogecoin’s (DOGE) recovery has reached the downtrend line where the bears are mounting a strong resistance.
On the contrary, if the price rebounds off the current level, it will suggest that lower levels are attracting buyers. The downtrend line remains the key level on the upside because a break above it could start a relief rally to $0.10.
Polygon price analysis
Polygon’s (MATIC) relief rally is facing stiff resistance at the 50-day SMA ($1.22). That has pulled the price below the 20-day EMA ($1.16) on March 15.
Another possibility is that the price rebounds off the $1.05 support. If that happens, the bulls will again try to drive the price above the 50-day SMA. If they succeed, the likelihood of a break above $1.30 increases.
Related: 4 signs the Bitcoin price rally could top out at $26K for now
Solana price analysis
The bears are trying to halt Solana’s (SOL) rally at the 50-day SMA ($22.40) but the bulls are trying to keep the price above the immediate support at $19.68.
Instead, if the price continues lower and falls below $19.68, it will suggest that the bears have not yet given up. The pair may then slump to the strong support at $15.28.
Polkadot price analysis
Buyers tried to drive Polkadot (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.
If buyers kick the price above the 50-day SMA, the pair could pick up momentum and soar toward the neckline of the inverse H&S pattern. On the downside, the bears will have to sink the pair below $5 to indicate a comeback.
Shiba Inu price analysis
Shiba Inu (SHIB) is trading inside a descending channel pattern. The bulls tried to push the price above the channel but the bears held their ground.
If the price rebounds off this level, it will suggest that the pair may consolidate inside the large range between $0.000018 and $0.000007 for some more time.
In the near term, a break above the 50-day SMA ($0.000012) will tilt the advantage in favor of the bulls. The pair could then attempt a rally to $0.000014 and then to $0.000016.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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