Price Analysis Mar 23: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LEO

Traditional markets continue to post about daily losses while Bitcoin price has been relatively range bound for the by week. At the take a chance of sounding repetitive, traders have to go along to focus on the events that are driving the diverse asset classes. The Coronavirus cases in Europe are not showing signs of flattening out and the number of cases in the US are surging at a rapid stride. This raises the uncertainty on how long and how much damage volition this pandemic do before information technology is independent. As a result, the equity markets continue to exist hammered downwards.

Due to stiff measures similar lockdowns, the economy will get through a slowdown. In social club to back up the economic system, the United States Federal Reserve, central banks and governments continue to denote measures meant to heave investor sentiment. However, Morgan Creek Digital co-founder Anthony Pompliano said that this "is non sustainable long-term for a currency."

Daily cryptocurrency market operation. Source: Coin360

Galaxy Digital founder Mike Novogratz expects Bitcoin to remain volatile over the next few months but he believes that it "volition be and needs to be BTC'southward year." Binance United states of america CEO Catherine Coley too noted that quarantine measures in Asia had driven trading volumes higher.

Coley said that the same could happen in the United states if lockdowns are enforced. Coley explained that as the markets take matured over the past year, institutional investors could be looking to take advantage of the current low prices to make an entry into this space.

In today's analysis, we have suggested several trades on the major cryptocurrencies. The traders can do their due diligence and stick to the ones which interest them. As the situation remains uncertain, volatile movements cannot be ruled out. Therefore, keep the position size only 40% of usual.

Allow's written report the charts of the major cryptocurrencies to determine the ones that look strong?

BTC/USD

Bitcoin (BTC) turned downwardly from the twenty-day EMA at $6,835 on March 20. However, since then, the price has been consolidating close to the overhead resistance at $half dozen,435. This is a positive sign as information technology shows that the bulls are not closing their positions in a bustle.

BTC USD daily nautical chart. Source: Tradingview

Consolidation near the critical resistance increases the possibility of a breakout of it. Therefore, we anticipate the bulls to push the price above the 20-day EMA. If the BTC/USD pair can close (UTC time) above the xx-24-hour interval EMA, it is likely to rally to the l-day SMA at $8,435.70.

Therefore, we suggest traders buy on a shut (UTC fourth dimension) above the 20-solar day EMA and go on a cease loss at $five,600.

Reverse to our assumption, if the toll once again turns down from the xx-day EMA, a drib to $5,660 is possible. Beneath this level, a drop to $five,000 is likely.

ETH/USD

Ether (ETH) is currently trading between $117.090 and $155.612. A bounciness off the support at $117.090 can carry the price to the resistance at $155.612. The 20-solar day EMA is also located close to this level, hence, we expect the bears to defend this level one time again.

ETH USD daily chart. Source: Tradingview

If the price once more turns down from $155.612, the ETH/USD pair will extend its stay inside the range. Withal, if the bulls tin push the price above $155.612, we anticipate a motility to the l-day SMA at $208.90.

Therefore, traders can purchase on a shut (UTC time) above $155.612 and continue the stop loss at $117. If this level cracks, a drop to $100 is possible.

XRP/USD

XRP turned down from $0.17595 on March twenty. Yet, the bulls are attempting to go on the price to a higher place $0.1450. If successful, we look the bulls to brand some other attempt to pause above $0.17468.

XRP USD daily chart. Source: Tradingview

On a close (UTC time) above $0.17468, the XRP/USD pair can rally to $0.23532 and above information technology to $0.250. Therefore, the traders tin buy on a close (UTC fourth dimension) higher up $0.17468 and keep a stop loss at $0.140.

Opposite to our assumption, if the price turns down from $0.17468 once over again, a drop to $0.145 is possible. A break beneath this level will tilt the advantage in favor of the bears.

BCH/USD

Bitcoin Greenbacks (BCH) has been struggling to suspension higher up the xx-24-hour interval EMA at $236. Yet, the positive matter is that the bulls accept not given up much ground. We expect the bulls to make some other attempt to break above the twenty-mean solar day EMA and the resistance line of the descending channel.

BCH USD daily chart. Source: Tradingview

If successful, we expect a modify in trend. In a higher place the channel, a move to the 50-day SMA at $332 and higher up it to $400 is possible. Therefore, the bulls tin can purchase the breakout and shut (UTC time) higher up the aqueduct with a shut stop loss at $196.

Contrary to our supposition, if the bulls fail to sustain the price above the channel, the BCH/USD pair might again dip downward to $190 and below it to $166.

BSV/USD

Bitcoin SV (BSV) has been struggling to break higher up the xx-day EMA for the past iii days. However, the positive matter is that the bulls accept non given upwards much ground. This increases the possibility of a break above the 20-twenty-four hours EMA at $171.5.

BSV USD daily chart. Source: Tradingview

If the BSV/USD pair breaks out and closes (UTC time) to a higher place the 20-day EMA, information technology can movement up to the 50-day SMA at $242. Above this level, the upwardly motion can extend to $326.8.

Therefore, we advise traders buy on a close (UTC time) above the 20-day EMA with a close finish loss at $146. A break below this level volition be a huge negative as it can drag the toll to $120 and below that to $100.

LTC/USD

Litecoin (LTC) turned down just below the 20-day EMA on March 20. However, the bulls purchased the dip to $34.6001 levels, which is a positive sign. The bulls will now once over again attempt to button the cost above the descending channel.

LTC USD daily nautical chart. Source: Tradingview

If successful, the LTC/USD pair can run-up to the 50-24-hour interval SMA, which is likely to act as a resistance. If this resistance is crossed, the next level to sentinel is $80. Therefore, we retain the purchase proposed in the previous analysis.

Contrary to our assumption, if the price turns down from the resistance line of the descending channel and plummets below $33, the advantage will turn in favor of the bears. Therefore, the stops can be placed at $33.

EOS/USD

EOS has roughly been trading betwixt $2.1624-$ii.4001 for the past three days. Though the bulls have non been able to suspension higher up this zone, we similar that they have not given upwards much ground.

EOS USD daily chart. Source: Tradingview

If the bulls tin can scale higher up the zone and the xx-mean solar day EMA, information technology will be a huge positive and will open the doors for a rally to the fifty-mean solar day SMA at $three.half dozen. Therefore, the bulls tin can purchase on a shut (UTC time) in a higher place the 20-solar day EMA with a stop loss of $ane.85.

Our bullish view will be invalidated if the EOS/USD pair turns down from the xx-day EMA and plummets back below $1.85.

BNB/USD

The bulls are trying to keep Binance Coin (BNB) above the critical $12.1111 level. If successful, a retest of the 20-24-hour interval EMA at $13.59 is possible. On breaking above the 20-day EMA, the upwards move can accomplish the downtrend line which is shut to $17.

BNB USD daily chart. Source: Tradingview

However, as the risk to reward ratio is not attractive, we are not suggesting a trade in the BNB/USD pair.

Our bullish view volition be invalidated if the price turns down from the 20-day EMA. In such a case, a drib to $x is possible.

XTZ/USD

Tezos (XTZ) has formed an ascending triangle, which is a bullish setup. The cost turned down from close to $1.955 on March xx and found support at the trendline of the triangle. This suggests buying on dips.

XTZ USD daily chart. Source: Tradingview

If the bulls can behave the XTZ/USD pair above $1.955, it will consummate the bullish setup. This pattern has a target objective of $2.9004. Therefore, the traders can purchase on a close (UTC fourth dimension) above $1.955 and proceed a stop loss at $i.40.

Opposite to our supposition, if the pair turns down from $1.955 once more, information technology will extend its stay inside the triangle. The advantage will tilt in favor of the bears if the price breaks below the trendline.

LEO/USD

UNUS SED LEO (LEO) has gradually been moving up for the past few days, which is a positive sign. This shows that the bulls are not bad to enter even at higher levels. Both the moving averages are sloping up and the RSI is in the positive territory, which shows that bulls have the upper manus.

LEO USD daily chart. Source: Tradingview

If the bulls can push button the cost above $1.04, it will complete an inverse head and shoulders pattern. This setup has a target objective of $ane.27488 and above it $1.36. The traders tin can buy on a close (UTC time) above $1.04 and go along a stop loss of $0.90.

Contrary to our assumption, if the LEO/USD pair turns down from $one.04, it might remain range-bound for a few more days.

The views and opinions expressed here are solely those of the writer and do non necessarily reflect the views of Cointelegraph. Every investment and trading motion involves risk. You should conduct your own research when making a decision.

Market data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-mar-23-btc-eth-xrp-bch-bsv-ltc-eos-bnb-xtz-leo

Posted by: merriweathermosed1997.blogspot.com

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