Price Analysis Mar 6: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

Roughly 42% of the total Bitcoin supply has not moved in the past two years. This shows that the investors are belongings on to their Bitcoin as they expect the price to rally further. Lesser quantity of Bitcoin in circulation increases scarcity and with the upcoming halving, the supply is merely going to decrease further, which could boost prices.

The creator of the stock-to-menstruum Bitcoin price model PlanB believes that "Bitcoin will probably go over $100k before Dec 2022." While PlanB is banking on halving to boost prices, Max Keiser of The Keiser Report, expects the financial markets to tumble due to the coronavirus epidemic. This might result in a global financial crisis, which can carry Bitcoin to "$100,000 and across."

Daily cryptocurrency market functioning. Source: Coin360

While the crypto investors are excited about the future prospects of Bitcoin, the next BOE Governor has cautioned investors against buying information technology. He said: "If you desire to buy Bitcoin, exist prepared to lose all your money… [Bitcoin] has no intrinsic value."

Previously, one of the main complaints of the primal banks and the regulators was that Bitcoin was mainly used past darknet markets. However, co-ordinate to Chainanalysis, in 2022, simply ane.one% of the total $1 trillion worth of cryptocurrency transactions went into illicit activities. This shows that the asset course is in healthier hands.

BTC/USD

Bitcoin (BTC) has cleaved out of the tight $viii,400-$nine,000 range but is facing minor resistance at the 20-mean solar day EMA at $9,135. If the bulls can propel the price in a higher place the twenty-day EMA, a move to $10,000 and above it to $x,500 is possible.

BTC USD daily chart. Source: Tradingview

The 20-day EMA is flattening out and the RSI has risen close to the midpoint, which suggests that the selling pressure is reducing. Therefore, we retain the buy recommendation given in the previous analysis.

Contrary to our assumption, if the BTC/USD pair turns downwards from the current levels and drops below $8,400, information technology volition exist a huge negative. The side by side major support is at $7,856.76. We conceptualize the bulls to defend this support aggressively.

ETH/USD

The bulls are attempting to bulldoze Ether (ETH) higher up the overhead resistance at $235.seventy. If successful, a motility to $277.091, followed past a rally to $288.599 is possible. Therefore, we retain the buy suggested in the previous analysis.

ETH USD daily chart. Source: Tradingview

Opposite to our assumption, if the ETH/USD pair turns downward from the current levels or fails to sustain above $235.lxx, a few days of range-bound action is probable. The flattish 20-day EMA and the RSI close to l levels also point to a balance betwixt the buyers and sellers.

The trend will turn in favor of the bears on a intermission below $209.95. If this level cracks, the side by side support is at $197.75.

XRP/USD

XRP price has broken above the descending triangle but the bulls will confront a potent hurdle at the moving averages at $0.25. Above this level, the next resistance will be the neckline of the head and shoulders pattern at $0.26362.

XRP USD daily chart. Source: Tradingview

If the XRP/USD pair turns down from the overhead resistance levels, it might remain range-spring for a few days.

Conversely, if the bulls can push XRP price above $0.26362, a rally to $0.28550 and above it to $0.31503 is possible. Equally the pair has been an underperformer, we will wait for the price to sustain above $0.26362 before turning positive.

BCH/USD

Bitcoin Cash (BCH) has broken out of the descending channel. This shows that the failure to sink the toll below $306.78 is alluring buyers. However, the bulls might striking a roadblock at the 20-twenty-four hours EMA, which is just beneath the horizontal resistance at $360.

BCH USD daily chart. Source: Tradingview

If the BCH/USD pair turns down from $360, a few days of range-bound action is likely. The pair will turn negative on a break below $306.78.

Nevertheless, if the bulls can push the price above $360, a rally to $400 and above information technology to $428.57 is possible. Therefore, the traders tin purchase on a shut (UTC time) above $360 and go on the stop loss at $306. The stops can be trailed higher if the price moves northwards.

BSV/USD

Though Bitcoin SV (BSV) bankrupt below the $236 back up on March 4, the bears could non capitalize on the move. This shows some buying at lower levels. Currently, the bulls are attempting to push the price above the 20-day EMA.

BSV USD daily chart. Source: Tradingview

If successful, the BSV/USD pair can movement up to $337.80 with a minor resistance at $301.43. We expect the bears to defend $337.fourscore aggressively. If the toll turns downward from this level, the pair might remain range-bound for a few days.

However, if the pair turns down from the twenty-day EMA and plummets beneath $236 once more, information technology will point the presence of sellers at higher levels. A breakdown of $200 support will be a huge negative.

LTC/USD

Litecoin (LTC) held the 200-twenty-four hour period SMA support on March iv, which has attracted some buying. The bulls will now endeavour to bear the cost in a higher place the overhead resistance at $66.1486 but we anticipate the bears to mount a stiff resistance at that level.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair turns down from $66.1486, it might remain range-bound for a few days. On the downside, any intermission below $56.243 volition be a huge negative.

Nevertheless, if the bulls can propel the pair above $66.1486, a rally to $80.2741 is likely. The traders can purchase on a close (UTC fourth dimension) above $66.1486 with an initial cease loss of $56.

EOS/USD

EOS has broken out of the downtrend line, which suggests that buyers are trying to make a comeback. Withal, information technology is not going to exist an piece of cake ride because the bears will defend the overhead resistance at $iv aggressively.

EOS USD daily chart. Source: Tradingview

If the EOS/USD pair turns down from $iv, it might dip to the 200-mean solar day SMA at $3.3 and consolidate between the two levels for a few days. A suspension below the 200-solar day SMA will be a huge negative.

Conversely, if the bulls can push the price to a higher place $4, a move to $4.4124 and above information technology to $4.8719 is possible. The bulls tin can initiate long positions on a close (UTC fourth dimension) above $4 and keep the stops at $3.3.

BNB/USD

Binance Money (BNB) has broken out of the descending aqueduct and also the 20-day EMA, which is a positive sign. However, we wait the bears to mountain a potent resistance at $21.80 and to a higher place it at $23.5213.

BNB USD daily chart. Source: Tradingview

If the BNB/USD pair turns downwardly from either overhead resistance levels, it might consolidate for a few days.

A break in a higher place $23.5213 tin can carry the price to $27.1905 and above it to $32. On the other hand, a interruption downward of the recent lows at $17.7051 will exist a huge negative. Nosotros will await for a new buy setup to form before proposing a trade in it.

XTZ/USD

Tezos (XTZ) broke out and closed (UTC time) to a higher place the overhead resistance at $3.011 on March 4, which triggered our buy recommendation given in an earlier analysis. The bears attempted to sink the price back beneath $3.011 on March 5 but the bulls dedicated the breakout levels.

XTZ USD daily chart. Source: Tradingview

If the bulls can push the toll above $iii.3367, a move to $3.585 and to a higher place it to $3.9499 is possible. The 20-day EMA has started to turn upwardly and the RSI has risen into the positive territory, which suggests that bulls are in command.

The traders can keep the stop loss on the long positions at $ii.70. Our bullish view will be invalidated if the bears sink and sustain the XTZ/USD pair below the critical support at $iii.011.

LINK/USD

The bulls are facing stiff resistance at the psychological level of $5. Yet, the positive thing is that the buyers are not closing their positions in a hurry. If Chainlink (LINK) consolidates near the lifetime highs, it volition increment the possibility of a breakout to new highs.

LINK USD daily chart. Source: Tradingview

If the bulls can thrust the cost above $five, the side by side target to sentry out for is $5.6934 and above information technology $7.3101. The upsloping twenty-mean solar day EMA and the RSI in the positive territory suggest that bulls have the upper hand.

Nonetheless, if the bears sink the LINK/USD pair below $4.50, a drib to the 20-day EMA at $4.16 is possible. Nosotros will look for a purchase setup to form before proposing a trade in it.

The views and opinions expressed hither are solely those of the author and practise non necessarily reflect the views of Cointelegraph. Every investment and trading move involves hazard. Yous should conduct your own inquiry when making a decision.

Market place data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-mar-6-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-link

Posted by: reimereaketury.blogspot.com

Share this post