Institutional investors continued to invest in cryptocurrency investment products in the first quarter of this year, according to a report from CoinShares. The first quarter inflow of $ 4.2 billion broke the previous record of $ 3.9 billion in the fourth quarter of 2020.
NYDIG CEO Robbie Gottman recently asked listeners of the On the Edge podcast to prepare for a series of statements from the company’s strategic partners. Gottman said advertising could take “bitcoin adoption, bitcoin availability and bitcoin products and services within today’s traditional economic landscape to the next level.”
While new products and services that may attract new investors are a positive sign, traders should also keep an eye on the price of Bitcoin (BTC). In a beef market, any positive development is encouraged by a sharp rise in prices.
But when the price stops responding positively to positive news, it is a sign of exhaustion. This does not guarantee a trend reversal, but caution can protect traders from pain in the short term.
Let’s examine the maps of the top 10 cryptocurrencies to determine the next potential trend.
Bitcoin / US dollars
Bitcoin jumped off the 20-day exponential moving average ($ 53739) on March 16, but bulls have a hard time keeping higher levels. This indicates that traders make a profit on small collections.
However, if bulls defend the 20-day EMA again, it would indicate accumulation at lower levels. This could lead to a return to the maximum time of $ 61,825.84. A break in this resistance will indicate a possible start to the next step in the bullish move, which could reach $ 72,112.
Contrary to this assumption, if the bears manage to dive and keep the price below the 20-day EMA, it will indicate weak momentum upwards. BTC / USD can then go down to the 50-day simple moving average ($ 47,451) as bulls are more likely to enter.
The strength of the return from the 50-day SMA can provide further insight into the next possible move. A slight bounce will increase the probability of falling to the next support level of $ 43,006.77. On the other hand, a strong rebound will indicate that the bullish trend remains unchanged.
ETH / USD
The bulls are struggling to keep Ether (ETH) above the 20-day moving average ($ 1,743). While the long tail of the candlestick on March 16 demands at lower levels, the lack of developing this rally today indicates that the bulls are turning at higher levels.
Retesting the level of support over a short period of time tends to weaken it. If the bears fall below the moving average, the ETH / USD pair may gradually begin to fall to $ 1,455 and then to critical support of $ 1,289.
Both the moving average and the RSI fall near the midpoint, indicating potential consolidation in the next few days. This neutral view will be canceled if the price returns from its current level and exceeds the all-time high of $ 2,040.77.
If it does, it will increase the chances of a resumption of the trend with the next target of $ 2,614.
BNB / US Dollar
Binance Coin (BNB) has been trading around the 20-day EMA ($ 247) for the past two days. However, the lack of aggressive bounce back indicates that the bulls are not pushing to buy at the current level.
The 20-day moving average has leveled off, and the RSI is just above the midpoint, indicating that the range selector can operate for several days. If this happens, the BNB / USD may still be stuck between $ 189 and $ 309.50 for a few more days.
The next bearish move may begin when the price of the bears falls below the 50-day SMA ($ 179). This can lead to a deeper correction of up to $ 120. Conversely, if the bulls manage to push the price above $ 209.50, the pair can test their full time at $ 348.69.
ADA / US Dollars
Cardano (ADA) gathered and closed above the upper resistance level of $ 1.23 on March 16. However, bulls today are struggling to maintain bullish momentum, indicating a decline in demand at higher levels.
If the price falls and stabilizes below $ 1.23, this will mean that the movement of the border to the area can continue for several more days.