The US jobs report in February was a mixed bag, which seems to have fueled bulls’ interest in BTC and altcoins.
Bitcoin
BTC
Check it out
$26,328
March 9 led to a sharp sell-off in the cryptocurrency market as problems at Silvergate Bank and Silicon Valley Bank hurt investor sentiment.
In addition, New York Attorney General Letitia James’ crypto-specific news to crypto-currency exchange KuCoin to sell securities and commodities without registration has added to the uncertainty over the future of crypto sector regulation.
The selling momentum continued on March 10 and pushed Bitcoin below the $20,000 mark. Several other cryptocurrencies also dropped below important support levels.
But a small plus in the bulls’ favor is that February’s performance report is a mixed bag. While non-pharma payrolls rose 311,000 for the month, above expectations for a 225,000 increase, average earnings rose less than expected. This reduced expectations of a 50 basis rate hike at the Federal Reserve’s March meeting from 68 percent on March 9 to 42 percent on March 10.
What are the important positive levels that indicate a sustained recovery of Bitcoin and altcoins? Let’s explore the top 10 cryptographic schemes to find out.
BTC/USDT
Bitcoin easily broke the $21,480 support on March 9, and the sell-off continued on March 10 and the price fell below the $20,000 support.
A decline over the past few days has sent the relative strength index (RSI) into overshoot territory. This indicates that there may be oversold in the short term and that a recovery is possible.
During a sharp decline, markets usually move to the downside. It would be the same here. The bull will try to bounce back from current levels, but may face strong resistance at higher levels.
Bears will try to break the $21,480 resistance level. In this case, the BTC/USDT pair may reject and reverse the $20,000 support. If this level is broken, the next stop could be $18,000.
ETH/USDT
Ether
ETH
Check it out
$1766
March 9 witnessed aggressive selling which took the price below $1461.
If the bulls remain strong, the ETH/USDT pair may fall further to $1,352. If the price rises above $1,352, a restoration brick wall can cost $1,461. If the price breaks above this level, it will increase the possibility of a drop to $1200.
If the bulls are to avoid the decline, the price will have to increase immediately above $1461. Such a move would suggest a strong buy at lower levels. The pair can then reach the 20-day exponential moving average ($1,565).
BNB/USDT
BNB
BNB
Check it out
$319
It rejected the 20-day EMA ($294) on March 8 and broke below the tough $280 support. This move completed the Head and Shoulders (H&S) pattern. Usually, price returns to retrace the breakout level of the pattern. If the price breaks below $280, it will indicate that the bears have turned the level into resistance. This could push the BNB/USDT pair lower towards $245 and then towards the $222 target.
Conversely, if the bulls push the price above $280, the pair may touch the 20-day EMA. This level could again attract strong selling, but if the bulls absorb the supply and prevent the pair from falling below $280, it will signal the beginning of a recovery.
XRP/USDT
XRP
XRP
Check it out
$0.38
it outperformed the descending channel pattern on March 8, but the long band above the midday candle is trading higher.
Bears pulled price out of the channel on March 9, which may have offset aggressive longs. The XRP/USDT pair reached solid support at $0.36. If this level is broken, the pair may approach the channel support line at $0.33.
Contrary to this forecast, if the price recovers from $0.36, the bulls will once again try to push the pair above the channel. If they succeed, the pair could rise to resistance at $0.43.
ADA/USDT
Cardano
SOMEONE
Check it out
$0.361
it fell below the $0.32 support on March 8, and the bears prevented the bulls from pushing the price back above the March 9 level.
