Weekly Technical Analysis of cryptocurrencies March 16

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

Bitcoin

The price of Bitcoin hit a new all-time high of $ 61,825.84 on March 13, but traders did not continue to see the trend continue. On the other hand, traders decided to save trading profit, which led to a fall below the broken level (breakout) to $ 58,341.03 yesterday.

On the plus side, however, the market bulls are defending the 20-day moving average (EMA 20 – blue line in the picture) at $ 53,231. If the price stabilizes its jump from this average, buyers will try to push it above $ 61,825.84. In this case, there is a possibility of starting the next bullish price wave with a target of $ 72,112.

While the uptrend of moving averages is in the interest of buyers, the negative divergence of the Relative Strength Index (RSI) warns of a momentary weakening (acceleration) of the price. Market bears will see the fall and stabilization below the 20-day moving average as an opportunity.

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

The next price support on the downtrend will be the simple 50-day moving average (SMA 50 – red line in the picture) at $ 46,504 and below that the key support floor is $ 43,006.77.

• Resistances: 61.825.84 – 72.112
  Supports: 53,231 – 46,504 – 43,006.77

Ethereum

The rapid rise in the price of Ethereum on March 13 failed to maintain its momentum and retest the historic ceiling at $ 2,040.77. The move saved a group of traders’ profits and the price fell to the 20-day moving average (EMA 20 – blue line in the picture) at $ 1,729.

If salespeople seize the opportunity and push prices below moving averages, sales pressure will increase. This could eventually lead to a drop in prices to $ 1,455 and further key support at $ 1,289.

The slope of the 20-day moving average is horizontal and the Relative Strength Index (RSI) is near its mid-range. These factors show the balance between supply and demand.

This neutral and slightly downward-looking view will be eliminated by a jump in prices from moving averages and a jump above the historical price ceiling. Such a move could lead to the start of the next bullish wave with a target of $ 2,614.

• Resistance: 2,040.77 – 2,614
• Support: 1,729 – 1,455 – 1,289

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

BinanceCoin

The price of BinanceCoin on March 11 failed to stabilize above the resistance of $ 309.50. This may save traders profit, which eventually leads to a return (pullback) to the 20-day moving average (EMA 20 – blue line in the picture) at $ 245 during the day.

Market cows are currently trying to defend support for the 20-day moving average. The strong jump in prices from this support indicates a strong buying current in the losses. In this case, the group will once again try to push the price above $ 309.50.

If successful, prices could rise again to historic lows. Breaking the price above this level will also be able to start the next wave of uptrend to the $ 410 target.

On the other hand, if the price moves below the 20-day moving average, a group of traders may save the profit of their trades and consequently the price will be pulled down to $ 189.

• Resistances: 309.50 – 410
• Supports: 245-189

Cardano

Cardano has been trading in the range of $ 1.03 to $ 1.23 over the past few days. The price moved below this range on March 13, but recovered quickly during the same trading day. The price has moved below the support of this range again in the last trading day.

While buyers have been defending $ 1.03 support for the past three days, market bears have allowed the 20-day moving average (EMA 20 – blue line in the picture) at 1.08 at the price of allowing growth and stabilization above the 20-day moving average. They did not give dollars. This will be a warning that sellers will return to the market.

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

If the price breaks below this range, the deeper correction view will be stronger at the simple 50-day moving average (SMA 50 – red line in the picture) at $ 0.87. Violating this support, the next stations will be priced at $ 0.80 and then at $ 0.70.

On the other hand, if the price turns higher and breaks the resistance of the 20-day moving average, the price is likely to continue to grow up to $ 1.23.

• Resistances: 1.08 – 1.23
• Supports: 1.03 – 0.87 – 0.80 – 0.70

Polkadot

Although buyers have been able to support the 20-day moving average (EMA 20 – blue line in the picture) at $ 34.79 over the past few days, they have not been able to push the Polkadot price above the $ 37.50 to $ 40 resistance area. This indicates a lack of demand at higher price levels.

The horizontal slope of the 20-day moving average and the relative strength index (RSI) near its mid-range indicate a decline in the dominance of buyers in the market. If the price stabilizes below the 20-day moving average, the selling pressure will increase with the departure of short-term traders. Such a move would be able to lower the price to a simple 50-day moving average (SMA 50 – red line in the picture) at $ 28.73.

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

This bearish view will be eliminated by moving the price from the current levels and moving above the resistance area of ​​$ 40 to $ 42.50. Such a move would be able to start the next bullish wave with a target of $ 52.50.

• Resistances: 34.79 – 37.50 – 40 – 42.50 – 52.50
• Supports: 28.73

Ripple

The Ripple price tried to move above the 20-day moving average (EMA 20 – blue line in the picture) on March 13, but was unsuccessful. This indicates that sellers are trying to consolidate their market dominance. If sellers manage to lower the price below $ 0.42, the price is likely to continue to fall to $ 0.35.

The slope of the 20-day moving average is gradually decreasing and the relative strength index (RSI) is fluctuating in its negative area. These factors show the relative superiority of sellers.

This bearish view will be eliminated by moving the price above the resistance of $ 0.50. Such a move will attract buyers who will try to push the price up to $ 0.65.

• Resistances: 0.50 – 0.65
• Supports: 0.42 – 0.35

Uniswap

Uniswap traded down $ 33- $ 34.92 on March 14. This shows that sellers are still active at higher levels. Market cows are now trying to defend the 20-day moving average (EMA 20 – blue line in the picture) at $ 28.70.

A strong jump in prices from the 20-day moving average indicates that market sentiment remains bullish and buyers are entering the market with a fall. If the price moves above the resistance area, the next wave of price uptrend will begin.

However, the negative divergence in the Relative Strength Index (RSI) indicates that the momentum is weakening. If traders manage to lower and stabilize below the 20-day moving average, a deeper correction to the 50-day moving average (SMA 50 – red line in the picture) at $ 23.40 will be possible.

• Resistances: 33-34.92
• Supports: 28.70 – 23.40

LightCoin

The Light Coin price jumped above the $ 205.18 resistance on March 12 and maintained its momentum on the next trading day, but failed to retest the $ 246.96 level. The price has moved down from $ 230, which indicates the exit of traders in the price recovery waves.

Sellers are trying to lower the price below the 20-day moving average (EMA 20 – blue line in the picture) at $ 197, while buyers are trying to defend it. The slope of the 20-day moving average (EMA 20 – blue line in the picture) is horizontal and the relative strength index (RSI) above its mid-range indicates the balance between supply and demand.

Read the technical analysis of Bitcoin, Ethereum, BinanceCoin, Cardano, Polkadot, Ripple, Uniswap, LightCoin and Chainlink prices for today:

If the bulls of the market manage to push the price above the level of $ 246.96, this balance will turn in their favor. On the other hand, sellers will consolidate their dominance in the market by failing and stabilizing the price below the uptrend line.

• Resistances: 230 – 246.96
• Supports: 197

Chainlink

The Chainlink price has moved below both the moving average and the lower side of the triangle pattern. This indicates that the uptrend is invalid. Traders who entered the market before the breakout (price break) may break out of their positions or cover their positions, which could eventually lead to a drop in the price to the level of $ 24.

The horizontal slope of the moving averages and the placement of the Relative Strength Index (RSI) in its middle zone indicate the possibility of transverse price fluctuations with a tendency to fall in the short term. With prices falling below $ 24, the trend will benefit retailers.

The bearish view of the price will be eliminated by turning it from the current levels and moving above the level of $ 32. Such a move would indicate that the current price failure has been below the bearish moving averages.

• Resistance: 32
• Supports: 24

Bitcoin Cash

Bitcoin Cash moved above $ 560 resistance on March 13, but buyers failed to maintain this breakout. The next day the price traded rapidly down and the market bears pushed the price below this level again.

This rapid turnaround may have caught aggressive traders expecting a rise to $ 631.71 and above $ 745. If the price stays below $ 528 below the 50-day moving average (SMA 50 – red line in the picture), it could continue to fall to $ 480 and below $ 440.

The horizontal slope of the moving averages and the placement of the Relative Strength Index (RSI) below its mid-level indicate a balance between supply and demand. Buyers will prove their dominance in the market by moving the price above $ 609 and sellers by lowering it below $ 440.

• Resistances: 609 – 631.71 – 745
• Supports: 528-480-440