The adoption of bitcoin by the world’s two largest investment banks is likely to force other banks to go the way of cryptocurrencies sooner than expected. The influx of new money from customers of these traditional institutions could further increase demand and raise prices.
Asked about the future value of bitcoin (BTC), Kraken CEO Jesse Powell told Bloomberg that a bitcoin currently used to buy a Tesla Model 3 will buy a Lamborghini by the end of the year and a Bugatti in 2023.
Daily indicators for the crypto-currency market. Source : coin360
Another optimistic voice was Galaxy Digital CEO Mike Novogratz, who said in an interview with CNBC that bitcoin is on the inevitable path to having the same market capitalization, and then more, as gold.
However, not everyone is in favor of bitcoin. Boris Schlossberg, managing director of currency strategy at BK Asset Management, told CNBC that bitcoin is very, very close to a possible interim top here.
Let’s analyze the charts of the top 10 cryptocurrencies to determine the trend and the path of least resistance.
Bitcoin has been on the rise since it was released on the 29th. March remained above the bearish channel, which is a positive sign. However, the Bears haven’t given up yet and are aggressively defending the $60,000 level.
Daily chartBTC/USDT. Source: TradingView
The price fell from $59,789 today, but an encouraging sign is that the bulls bought the decline and prevented the BTC/USDT pair from re-entering the channel. The bulls will now make another attempt to break above the all-time high of $61,825.84.
If successful, the pair could resume its uptrend and begin its advance northward towards the first target at $69.279 and then $79.566. The rising moving averages show that the bulls have the advantage.
However, the Relative Strength Index (RSI) has shown negative divergence in recent days. If the indicator suddenly breaks free from the downward trend line, this suggests that a new uptrend could be underway within the next few days.
A bullish view is invalidated when the price goes below the moving averages. On the contrary, if the RSI moves above the falling trend line, it would indicate that momentum has been built, increasing the prospects of a recovery.
The Ether (ETH) hits the resistance line of a symmetrical triangle. A tight consolidation near resistance increases the likelihood of a breakout above it. The 20-day Exponential Moving Average ($1,743) has risen and the RSI is in positive territory, indicating a bullish bias.
Daily ChartETH/USDT. Source: TradingView
If buyers can push price above the triangle, the ETH/USDT pair could restore its all-time high. If the bulls can overcome this hurdle, the pair could begin its rally towards the model’s price target at $2,618.14.
However, it is unlikely that the Bears will give up so easily. They put up tough resistance at $2,040.77. If prices fall from this upper resistance but do not enter the triangle, this suggests that bulls are buying on the dips. If this is the case, there is a good chance that the pair will rise above $2,040.77.
On the other hand, if the bulls fail to keep the price above the triangle, it indicates that traders are taking higher positions. That way a couple can stay in range for a few more days. The first sign of weakness will be a drop in prices below the trend line.
The bulls are trying to push Binance Coin (BNB) above $315. Although price fell from upper resistance today, the long tail of the candle suggests that the bulls are buying at any slight decline.
Daily chart NBB/USDT. Source: TradingView
Both moving averages show an upward slope and the RSI is in positive territory, suggesting that the path of least resistance is up. If the bulls can push price above $315, the NBB/USDT pair could go as high as $348.69.
A breakout and close above the all-time high could start the next phase of the uptrend, which could reach $430. This bullish view could be called into question if prices fall from current levels and fall below the 20-day EMA ($265).
Cardano (ADA) has supported the price above the 20-day EMA ($1.16) in recent days, but the bulls have failed to push the price above $1.30. This indicates a lack of demand at a higher level.
Daily chartADA/USDT. Source: TradingView
The 20-day EMA has flattened and the RSI is just above the midpoint, indicating a balance between supply and demand. The bears will now try to push price below the moving averages.
If this is the case, the ADA/USDT pair could fall to support at $1.03. A break below this support suggests the start of a deeper correction towards $0.80.
Conversely, the pair could rally to $1.48 per ounce if the price of the 20 EMA bounces and the bulls push it above $1.30.
After small swings near the 20-day EMA ($34.35), Polkadot (DOT) broke above the moving averages today. This indicates strong demand at the higher levels. The bulls will now try to push price above the downtrend line.
DOT/USDT Daily Chart. Source: TradingView
If successful, the DOT/USDT pair could retest the all-time high at $42.28. If momentum can overcome this resistance, the pair can begin the next phase of the uptrend, which could reach $53.50.
However, if price moves away from the downtrend line, this would indicate that the bears are active at higher levels. That way the couple can stay in range for a few more days. Flat moving averages and an RSI above 58 suggest a slight bullish advantage.
XRP has fallen from the upper resistance at $0.60. One positive sign, however, is that the bulls have bought the dip to the 20-day EMA ($0.51), as seen in the long tail of today’s candle.
Daily chart XRP/USDT. Source: TradingView
Rising moving averages and RSI in positive territory suggest the path of least resistance is up. The bulls are now likely to make another attempt to push the price above $0.60.
If successful, a rally to $0.65 is possible. This level could act as a tough resistance, but if the bulls manage to push the price above it, the XRP/USDT pair could gain bullish momentum. This bullish view is invalidated when the price drops below the moving averages.
Uniswap’s (UNI) bounced off the 50-day simple moving average ($27.26) on the 26th. March failed to break the 20-day EMA barrier ($29.12). This shows that sentiment has shifted from buying on the hop train to selling on the rallies.
daily chart UNI/USDT. Source: TradingView
If the bears now fall below the $25.50 support, the UNI/USDT pair could enter a correction phase that could push the price towards $20 and then $18.
A slight drop in the 20-day EMA and the RSI just below the midpoint suggest a slight advantage for the bears.
This negative view is considered invalid when the price rises from current levels and exceeds the 20-day EMA. Such a move could extend the couple’s stay in the series by a few days.
TETA is the 29th. In March, the $13.95 fell, suggesting that the bears are aggressively defending the $14 to $14.96 resistance zone. The bears will now try to sink the EMA altar at 20-day ($10.27).
Daily chartTHETA/USDT. Source: TradingView
In an uptrend, bulls tend to buy dips on the 20-day EMA because it offers an attractive risk-benefit ratio. So if the THETA/USDT bounces vigorously off this support, it means that sentiment remains bullish and traders are buying on dips.
This could keep the pair in a $10.35-$14 range for a few more days. On the contrary, if the bears fall below the EMA 20, it indicates a possible change in sentiment. The pair could then drop to the 50% Fibonacci retracement level at $8.88.
Litecoin’s (LTC) relief rally seems to have hit a wall at the 50-day SMA ($196), as the bulls have failed to keep the price above it. The bears will now try to bring the price to the trendline of the triangle.
Daily chartLTC/USDT. Source: TradingView
If price bounces back from the trendline, it means the bulls are still buying on the lows. This could keep the LTC/USDT pair inside the triangle for a few more days.
The flat moving averages and the RSI near the midpoint suggest that supply and demand are in balance.
This neutral view becomes invalid when the price breaks above or below the triangle. This could be the possible start of a trend movement.
Chain Link (LINK) broke through on the 29th and 30th. March’s 20-day EMA ($27.79), but failed to break through the 50-day SMA ($29). Although the price fell today, the bulls bought the dip as you can see by the long tail of the candle.
Daily chartLINK/USDT. Source: TradingView
The bulls could now make another attempt to push the price above the 50 SMA. If they succeed, the LINK/USDT pair could rise to $32. A breakout of this resistance would give the bulls an advantage.
On the contrary, if the price falls from the 50-day MA, it could fall to $24. This is an important support to watch, as if it is broken it will complete a descending triangle pattern, which could mean a possible trend reversal. Such a move could open the door to a drop to $14.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.
Market data is provided by the HitBTC exchange.
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