Long-term investors use strong downturns to buy, while short-term investors focus on waiting for the top. In recent days, Glassnode data has shown significant flows of bitcoin (BTC) from Coinbase, which analysts say is a sign of accumulation.
It is encouraging to note that the order is not limited to a single exchange, and that data from the material indicators show that purchase orders of $ 100,000 and above are at a highest level.
This indicates that the influx of institutional investors and large companies into the crypto sector continues to accelerate. Evidence of this is that American Residential Warranty was the last company to buy bitcoin to maximize the return on its investment portfolio.
Another positive sign is the relative movement of the US dollar and bitcoin. These assets are usually inversely correlated, which means that as the US dollar strengthens, Bitcoin is under pressure, and vice versa.
In recent days, however, the rise in the US Dollar Index (DXY) has not stopped Bitcoin’s bullish momentum. When a negative event can not contain growth, it indicates strong demand.
Let’s examine the maps of the top 10 cryptocurrencies to identify potential targets and critical growth levels.
Bitcoin / US dollars
On March 8, Bitcoin broke the upper resistance level of $ 52,040.95, completing the rising triangle pattern. This bullish setup has a target of $ 61,075.13. Today, the bears tried to stop the bullish move, but the long tail on the candlestick shows strong support for the downturns.
The exponential moving average of 20 days rose ($ 50,140) and the Relative Strength Index (RSI) rose near overbought territory, indicating that the bulls are in control.
If the bulls manage to push the price all the time at $ 58,341.03, the next phase of the trend may begin. The next big growth target is $ 72,112.
Another possibility is that the price may rise above the all-time high, but the bears will try to corner aggressive bears and try to get the price below $ 52,040.95.
To reverse the trend, the Bears will have to flood the price during the last turn low of $ 43,006.77.
ETH / USD
The bulls are trying to resume the trend in Ether (ETH), and the 20-day moving average ($ 1,673) begins to rise when the RSI rises above 60.
If the bulls manage to keep the price above $ 1,879,915, the ETH / USD pair can test all-time highs of $ 2,040,774. Overcoming this resistance can resume the bullish trend with the next target of $ 2,614.
This bullish perception is overridden if the price falls below the current level or overhead resistance and breaks below the moving average. This move can keep the couple in a wide range. The trend could benefit the bears if the price breaks the support level of $ 1289.
BNB / US Dollar
Binance Coin (BNB) gathered above the upper resistance level of $ 265 on March 9, indicating that the bulls are trying to resume the trend. The long tail of daylight shows that bulls buy on downturns.
Buyers will now try to push the price above $ 309.49. If successful, the BNB / USD pair could rise to a full-time high of $ 348.69. Breaking this resistance could trigger the next phase of the bullish move towards $ 410 and then $ 500.
Bullish moving averages and RSI near overbought zone also indicate that the path to least resistance is up. This trend can be reversed if the price falls and falls below the 20-day moving average ($ 231). Such a move could lead to a drop to the critical support level of $ 189.
ADA / US Dollars
Cardano (ADA) has traded in a tight range of $ 1.0683 to $ 1.2303 in recent days. On a positive note, the bulls did not allow the price to fall and continue below the 20-day EMA ($ 1,102).
If the bulls manage to push the price above $ 1.2303, the ADA / USD pair can start the journey at $ 1.35 and then at $ 1.48. The bullish moving averages and RSI are in positive territory, which means that everything is under the control of the bull.