Credit Suisse weighed on US stock markets, but a positive sign is that Bitcoin and selected altcoins are holding close to their local highs.
US stock markets fell on March 15 after Saudi National Bank, the largest investor in Swiss bank Credit Suisse, said it would no longer be able to provide financing to Credit Suisse due to regulatory restrictions.
Investors are nervous because Credit Suisse, which has large US and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Credit Suisse shares fell to an all-time low of March 15.
After the events of the past few days, the S&P 500 trailed all of its gains for the year and was trading flat. In comparison, Bitcoin
BTC
i’m falling down
$24,975
retained much of its revenue and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tetek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe-haven asset. Capriole founder and CEO Charles Edwards said Bitcoin has formed a “reversal pattern” that has a target of $100,000 and above. However, Edwards cautioned traders that the model can fail, so it should not be used to build a trading or investment plan.
Can Bitcoin and Altcoins rise above their common resistance levels and start the next step of the uptrend? Let’s explore the top 10 cryptocurrency rankings to find out.
Bitcoin Price Analysis
Bulls fueled Bitcoin
BTC
i’m falling down
$24,975
above the upper resistance of $25,250 on March 14, but the long wick on the candlestick shows that the bears are not ready to surrender without a fight. Strong selling pulled the price below $25,250.
The 20-day exponential moving average, or EMA ($23,012), has started to rise, and the Relative Strength Index (RSI) is in positive territory, indicating bullishness.
If the bulls do not give up the current level, the possibility of a break and close above $25,250 increases. If this happens, the BTC/USDT pair will complete an inverse bullish head and shoulders (H&S) pattern. This will signal a possible trend reversal. After that, the couple can spend over $32,000.
If the bears want to slow down the bullish momentum, they will need to quickly pull the price below the moving averages.
Ether price analysis
Ether
ath
i’m falling down
1665 dollars
rose above the upper resistance at $1,743 on March 14, but the bulls could not sustain the higher levels. This suggests that the bears are trying to defend the level. If the price consolidates between $1,743 and the 20-day EMA ($1,588), it would suggest that sentiment has turned positive and traders are buying short positions. This will improve the prospects for a break and close above $1,743. The ETH/USDT pair is then well positioned for a strong rally towards the psychological $2000 level. Contrary to this assumption, if the price breaks down and falls below the moving averages, it will indicate that the ETH/USDT pair may consolidate in a large range between $1,743 and $1,352 for some time.
BNB price analysis
BNB
BNB
i’m falling down
318 dollars
it was rejected by strong resistance near $318. This suggests that the bears are trying to protect the area between $318 and $338. A slight positive in favor of the buyers is that they did not allow the price to go back below the 50-day simple moving average or SMA ($306). A shallow pullback indicates that any small dip is being bought.
The bulls will make another effort to catapult the price above the upper zone. If they do, the BNB/USDT pair could rise to $400. Conversely, if the price breaks below the 50-day SMA, the pair may fall to the 20-day EMA ($296). A break below this level would signal a bullish move for the bears.
XRP Price Analysis
XRP
XRP
i’m falling down
$0.36
bounced off the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision between bulls and bears. Uncertainty turned to the downside on March 15 and the price fell to strong support at $0.36. If this level is removed, the XRP/USDT pair could fall to the channel support line near $0.32.
On the other hand, if the price holds above $0.36, the bulls will again try to break the barrier at the 50-day SMA and $0.40. If they can achieve this, the pair could gain momentum and climb to $0.43.
Cardano Price Analysis
Cardano’s ADA
ADA
i’m falling down
$0.328
it accelerated on March 14 and reached the 50-day SMA ($0.36), but the long wick on the daily candlestick indicates that the bears are selling aggressively in the rally.
