Price analysis 3/20: SPX, DXY, BTC, ETH, BNB, XRP, ADA, MATIC, DOGE, SOL

2 years ago

The takeover of the ailing Credit Suisse bank by UBS boosted European equity markets connected March 20 but not everyone is blessed with the deal. According to Swiss regulator FINMA, the worth of further tier 1 (AT1) bonds volition beryllium written to zero. This determination volition wipe retired $17 cardinal worthy of investments for AT1 enslaved investors.

Among the turmoil successful the planetary banking sector, Bitcoin (BTC) has shone brightly. That is due to the fact that traders look to person shifted their absorption to the alternate disposable to the bequest banking system. Another happening moving successful favour of Bitcoin is that it has decoupled from the United States equities markets and is behaving arsenic an uncorrelated plus class.

Bitcoin’s coagulated rally successful the past fewer days has boosted trader sentiment. The Crypto Fear and Greed Index has soared into the greed portion with a people of 66/100. The adjacent trigger for the markets is the rate hike determination by the Federal Reserve connected March 22.

Could Bitcoin scope $30,000 and propulsion altcoins higher, oregon is simply a correction apt successful the adjacent term? Let’s survey the charts to find out.

S&P 500 scale terms analysis

The S&P 500 scale (SPX) rallied from 3,808 connected March 13 and roseate supra the 200-day elemental moving mean (3,935) connected March 16 but the bulls could not wide the hurdle astatine the 20-day exponential moving mean (3,962).

A affirmative motion is that the bulls purchased the dip beneath the 200-day SMA and are again attempting to flooded the obstacle astatine the 20-day EMA. If they succeed, the scale could rally to 4,100 and past to 4,200.

The bears are apt to person different plans. They volition effort to halt the betterment astatine the 20-day EMA and descend the terms backmost toward the enactment portion betwixt 3,800 and 3,764. If this portion gives way, the selling could intensify and the scale whitethorn plummet toward 3,600.

U.S. dollar scale terms analysis

The U.S. dollar scale (DXY) has been trading adjacent the 20-day EMA (104) for the past fewer days, indicating indecision among the bulls and the bears.

If bears prolong the terms beneath 103.44, the scale whitethorn gaffe to the adjacent enactment astatine 102.50. Buyers volition effort to support this level but if they neglect successful their endeavor, the scale could tumble to the captious enactment astatine 100.82.

Alternatively, if the terms turns up and breaks supra 105.10, it volition wide the way for a imaginable rally to the 200-day SMA (106). The bulls whitethorn brushwood beardown selling successful the absorption portion betwixt the 200-day SMA and the 61.8% Fibonacci retracement level of 108.43.

Bitcoin terms analysis

Bitcoin has been holding supra the breakout level of $25,250 since March 17, which is simply a affirmative sign. After a one-day correction connected March 18, the terms continued its northward march connected March 19, indicating that the bulls are successful nary temper to publication profits.

The rising 20-day EMA ($24,463) and the comparative spot scale (RSI) adjacent the overbought territory bespeak that bulls stay successful control. The adjacent large absorption is successful the portion betwixt $30,000 to $32,500.

If the terms turns down from the existent level oregon the overhead resistance, the cardinal level to ticker retired for is $25,250. If the terms rebounds disconnected this level with strength, it volition suggest that bulls person flipped $25,250 into support. The level volition thereafter enactment arsenic a level during aboriginal declines.

Ether terms analysis

Buyers pushed Ether (ETH) supra the $1,800 absorption connected March 18 and 19 but could not prolong the higher levels. This shows that bears are trying to stall the recovery.

A insignificant affirmative successful favour of the bulls is that they person not allowed the terms to descent backmost beneath the $1,743 to $1,680 enactment zone. The rising 20-day EMA ($1,654) and the RSI supra 61, suggest that the way of slightest absorption is to the upside.

If buyers propel and prolong the terms supra $1,850, the ETH/USDT brace whitethorn commencement its travel toward $2,000 and subsequently to $2,200.

This affirmative presumption volition invalidate successful the adjacent word if the terms turns down and plummets beneath the 20-day EMA. That whitethorn trap the assertive bulls, resulting successful agelong liquidations. The brace could past slump to $1,461.

BNB terms analysis

BNB (BNB) formed an inside-day candlestick signifier connected March 19 and 20, indicating indecision among the bulls and the bears.

The bears are mounting a beardown defence supra $340 but the bulls person not fixed up overmuch ground. The upsloping 20-day EMA ($311) and the RSI adjacent the overbought portion springiness a flimsy borderline to the bulls. If buyers footwear the terms supra $350, the BNB/USDT brace whitethorn rally to $400.

On the contrary, if the terms breaks beneath $325, the brace could driblet to $318. A beardown rebound disconnected this level volition suggest that the bulls person flipped the level into enactment portion a interruption beneath $318 whitethorn descend the brace to the 200-day SMA ($288).

XRP terms analysis

XRP (XRP) reached the 200-day SMA ($0.40) connected March 19 but the bulls could not flooded this obstruction arsenic seen from the agelong wick connected the candlestick.

The XRP/USDT brace continues to plaything betwixt the 200-day SMA and the horizontal enactment astatine $0.36. The flattish 20-day EMA and the RSI adjacent the midpoint bash not springiness a wide vantage either to the bulls oregon the bears. This indicates that the range-bound trading whitethorn proceed for a portion longer.

On the upside, a interruption and adjacent supra the 200-day SMA volition bespeak that bulls person overpowered the bears. The brace could archetypal ascent to $0.43 and aboriginal to $0.51. This affirmative presumption volition beryllium negated if the terms turns little and plunges beneath $0.36. The brace could past tumble to the enactment enactment of the channel.

Cardano terms investigation

The bears are defending the 200-day SMA ($0.36) connected Cardano (ADA) portion the bulls are buying the dips to the 20-day EMA ($0.34).

This choky scope whitethorn not stay for long. If buyers propulsion the terms supra the 200-day SMA, the ADA/USDT brace could effort a rally to the neckline of the processing H&S pattern. The bears are expected to support the neckline with vigor due to the fact that a interruption and adjacent supra it volition awesome a imaginable inclination change.

On the contrary, if the terms sustains beneath the 20-day EMA, the brace could driblet to the contiguous enactment astatine $0.31 and adjacent to $0.30.

Polygon terms analysis

Polygon (MATIC) has been trading adjacent the 20-day EMA ($1.16) for the past fewer days. The 20-day EMA has flattened retired and the RSI is conscionable beneath the midpoint, indicating a equilibrium betwixt proviso and demand.

The $1.30 absorption is an important level to ticker retired for. If buyers wide this hurdle, the MATIC/USDT brace could soar to $1.57. This level whitethorn witnesser a pugnacious conflict betwixt the bulls and the bears. If bulls travel retired connected top, the brace whitethorn widen its up-move to $1.75.

The important level to ticker connected the downside is the 200-day SMA ($0.96). If the terms breaks and sustains beneath this level, it volition suggest that bears person seized control. The brace could past nosedive to $0.69.

Dogecoin terms analysis

Dogecoin (DOGE) roseate supra the 20-day EMA ($0.07) connected March 17 but the bulls could not propulsion the terms supra the 200-day SMA ($0.08). This shows that the bears are unwilling to fto spell of their advantage.

The level 20-day EMA and the RSI adjacent the midpoint suggest a range-bound enactment successful the adjacent term. The boundaries for the scope could beryllium the 200-day SMA connected the upside and $0.07 connected the downside.

If bulls footwear the terms supra the 200-day SMA, it volition suggest that the markets person rejected the little levels. The DOGE/USDT brace could past rally to $0.09 and thereafter to $0.10. Alternatively, a interruption beneath $0.07 could wide the way for a retest of $0.06.

Solana terms analysis

Solana (SOL) turned down from the 200-day SMA ($22.7) connected March 18 but rebounded disconnected the 20-day EMA ($20.98) connected March 19. This suggests coagulated request astatine little levels.

Buyers pushed the terms supra the 200-day SMA and the SOL/USDT brace has reached the downtrend line. If bulls propulsion and prolong the terms supra the downtrend line, it volition constituent to a imaginable inclination change. There is simply a insignificant absorption astatine $27.12 but it is apt to beryllium crossed. The brace whitethorn past effort a rally to $39.

The archetypal enactment connected the downside is the 20-day EMA and past $18.70. If some these levels neglect to hold, the brace whitethorn retest the captious enactment astatine $15.28.

The views, thoughts and opinions expressed present are the authors’ unsocial and bash not needfully bespeak oregon correspond the views and opinions of Cointelegraph.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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