Price Analysis Mar 27: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

The coronavirus pandemic and the economical crisis that it has brought along is the first of its kind in this generation. For weeks now, global equities markets accept been swinging wildly due to the doubtfulness. However, compared to the traditional markets, Bitcoin has been holding upwards quite well and its volatility has been gradually reducing in the past few days.

Pantera Capital Founder and CEO Dan Morehead believes that the current crisis "is like no other" and it can "have a larger global economic bear upon than any downturn in contempo memory." Even so, Morehead believes that after the initial days of correlation with the general markets, cryptocurrencies will start to trade independently. He expects the institutional investors to gradually enter the infinite and make big allocations to crypto that can acquit Bitcoin to a new loftier "in the next twelve months."

Daily cryptocurrency market operation. Source: Coin360

Bitbank marketplace analyst Yuya Hasegawa recently revealed in an official web log mail that Bitcoin's volume and account registrations on its crypto exchange platform spiked following Bitcoin's crash on March 12. This showed that retail investors wanted to purchase the dip, a phenomenon not seen in November and December of 2022, the last stages of the burdensome carry marketplace.

Several major cryptocurrencies are attempting to class a bottom. If successful, nosotros look the buyers waiting on the sidelines to jump in, which is likely to pull the crypto markets college. Let'due south clarify the charts of the major cryptocurrencies and spot the critical levels that could suggest the start of a new uptrend.

BTC/USD

Bitcoin (BTC) has stayed above the breakout level of $6,435 for the past three days only the bulls have non been able to calibration $7,000. This shows a lack of buyers at higher levels.

BTC USD daily chart. Source: Tradingview

We at present expect the bears to attempt to sink the BTC/USD pair below the breakout level of $vi,435. If successful, a drop to $five,660.65 is possible. If this level also cracks, the decline can extend to $five,000.

On the other manus, if the pair bounces off the support at $6,435 and breaks above $7,000, it will resume the upwardly move that can reach the 200-twenty-four hours SMA at $eight,306 and above it $10,000. Therefore, traders can retain the end loss on the long position at $v,600.

ETH/USD

Ether (ETH) continues to trade about the midpoint of the $117.090-$155.612 range. This tight range trading is unlikely to proceed for long. Nosotros look the biggest altcoin to either move up to the resistance of the range or dip to the support at $117.090.

ETH USD daily chart. Source: Tradingview

If the bulls tin carry the ETH/USD pair above the overhead resistance at $155.612, nosotros anticipate the start of a new uptrend. Therefore, traders can initiate long positions every bit proposed in an before assay.

Contrary to our supposition, if the pair dips to $117.090, information technology will indicate that bears are back in the game. A intermission beneath $117.090 can drag the price to the next support at $100.

XRP/USD

XRP broke above the descending channel and closed (UTC time) in a higher place the horizontal resistance of $0.17468 on March 26. This triggered our buy suggested in an earlier assay.

XRP USD daily nautical chart. Source: Tradingview

If the bulls can sustain the XRP/USD pair to a higher place $0.17468, we anticipate a move to $0.21608 and above information technology to the 200-day SMA at $0.24.

Our bullish view volition be invalidated if the pair reverses direction from the current levels and slides below the firsthand support of $0.15708. Beneath this level, the pair can re-enter the channel and dip to $0.145. For at present, the stops can be maintained at $0.143.

BCH/USD

Bitcoin Cash (BCH) has cleaved out of the descending aqueduct but is yet to scale and sustain above the 20-twenty-four hour period EMA at $233. This shows that the bears are defending the 20-24-hour interval EMA. If the altcoin turns downwardly from the current levels, it tin drop to $197.43. A break beneath this level will be a huge negative equally it can drag the cost to $166.

BCH USD daily nautical chart. Source: Tradingview

On the other hand, if the BCH/USD pair tin can climb above the 20-twenty-four hour period EMA, a move to the 200-day SMA at $273 and above information technology to $350 is likely. Therefore, nosotros retain the buy recommendation given in the previous assay.

BSV/USD

Bitcoin SV (BSV) has been trading close to the 20-solar day EMA for the past few days. The 20-day EMA has flattened out and the RSI is but below the midpoint, which points to a possible range-bound action.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair turns downwards from the electric current levels, it can drop to $146.96, which is an important support. If this support holds, the pair might consolidate betwixt $146.96 and $185.87 for a few days. A suspension below $146.96 can drag the price to $120.

Conversely, the pair is likely to pick up momentum on a interruption above $185.87. Above this level, the upward move can reach $250. Therefore, the traders tin hold their long positions with a end loss of $146.

LTC/USD

Litecoin (LTC) has broken out of the descending channel simply the bulls have not been able to calibration the toll above the xx-day EMA at $42.28. This indicates that the bears are defending the 20-twenty-four hour period EMA aggressively.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair turns down from the current levels and breaks below the $35.8582 support, a drib to $30 is likely.

On the other paw, if the bulls can drive the pair to a higher place the xx-day EMA, a new uptrend is likely. Above the 20-day EMA, the upwards movement can accomplish the 200-24-hour interval SMA at $55 and above it $63.8769. Therefore, we retain the buy recommendation given in the previous analysis.

EOS/USD

EOS has been trading shut to the overhead resistance at $2.4001 for the past 3 days. This is a positive sign every bit it shows that the bulls are non closing their positions in a hurry.

EOS USD daily nautical chart. Source: Tradingview

If the bulls tin propel the EOS/USD pair above $2.4001 and the xx-day EMA at $2.49, it could start a new uptrend. Therefore, traders can initiate long positions as recommended in our earlier analysis.

Our bullish view will be invalidated if the pair reverses direction from the current levels and plummets below $2.0632.

BNB/USD

Binance Coin (BNB) has reached the 20-day EMA at $13.33, which is acting every bit a stiff resistance. If this level is crossed, the up move can reach the downtrend line where we anticipate the bears to mountain a stiff resistance.

BNB USD daily chart. Source: Tradingview

The flattening 20-day EMA and the RSI but beneath the midpoint suggest that the selling pressure is reducing.

However, if the BNB/USD pair turns down from the 20-24-hour interval EMA, the bears will attempt to sink it below the horizontal back up at $12.1111. Below this level, the next back up to watch out for is $10.8427.

Nosotros do not discover any reliable setup with an attractive risk to reward ratio, hence, we remain neutral on the pair.

XTZ/USD

Tezos (XTZ) continues to trade inside the bullish ascending triangle pattern. This setup volition consummate on a breakout and shut (UTC fourth dimension) above $i.955. The pattern target of a breakout of the triangle is $2.9004 and above it $iii.30.

Therefore, traders tin initiate long positions as suggested in our earlier analysis.

XTZ USD daily nautical chart. Source: Tradingview

However, if the bulls neglect to propel the XTZ/USD pair to a higher place $1.955, the bears will try to break information technology below the trendline of the triangle. If the price breaks and sustains beneath the trendline, it will invalidate the bullish setup.

On a interruption below the trendline, the decline can extend to $1.4453 and if that level also fails to hold, the next level to watch out for is $1.3351.

LEO/USD

The bulls are struggling to button UNUS SED LEO (LEO) above the overhead resistance of $1.04. This shows that the bears are defending this resistance level. However, the positive thing is that the bulls have maintained the price between $1-$1.03 for the past few days.

Ordinarily, such a consolidation near the resistance increases the likelihood of a breakout from it.

LEO USD daily chart. Source: Tradingview

A breakout of $1.04 will complete a bullish reversal pattern. Hence, the traders can purchase on a breakout and close (UTC fourth dimension) above the resistance as suggested in our earlier analysis.

Contrary to our assumption, if the bears sink the LEO/USD pair below the twenty-24-hour interval EMA at $0.998, a driblet to the 50-mean solar day SMA at $0.956 is possible.

The views and opinions expressed hither are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. Yous should comport your own research when making a decision.

Market information is provided by HitBTC substitution.

Source: https://cointelegraph.com/news/price-analysis-mar-27-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-leo

Posted by: jaworskihoch1985.blogspot.com

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