On March 24, Tesla CEO Elon Musk announced that US buyers can now buy Tesla cars with Bitcoin (BTC). Musk also tweeted that Tesla will not convert BTC payments into legal currencies, but will add around 48,000 bitcoins to its current storage.
Dan Ives, an analyst at Wedbush Securities, expects bitcoin to account for less than 5% of Tesla’s transactions, but that percentage may increase as crypto adoption grows. The analyst said that Tesla’s move could be a crucial moment for Bitcoin when it comes to transactions.
This week, Jim Kramer thanked CNBC host Anthony Pompiliano on the Pomp Podcast for convincing him to invest $ 500,000 in Bitcoin (BTC) in September 2020. Kramer said his investment in bitcoin made him “a lot of money.”
During the same period, however, Kramer said his investment in gold “failed him.” As a result, Kramer changed his old advice to allocate 10% of the portfolio to gold. He now recommends that investors invest 5% of their portfolio in gold and 5% in bitcoin.
Could Bitcoin and the big altcoins resume an upward trend given the positive news flowing along the way? Let’s break down the maps of the top 10 cryptocurrencies to find out.
Bitcoin / US dollars
Bitcoin broke and closed below the flag and the 20-day exponential moving average ($ 55,212) on March 22nd. However, the Bears failed to capitalize on the weakness and push the price back to the 50-day moving average ($ 50,752). This indicates a shortage of sellers at lower levels.
The bulls aggressively bought the bear market and today pushed the price above the 20-day moving average. The next obstacle is the downward line. If buyers manage to push the price above this resistance, the BTC / USD pair can test their full-time level of $ 61825.84.
A break and closing above this level will open for a meeting to $ 72,112 and then to $ 74,512.78.
However, without a fight, the bears are unlikely to surrender. They will try to stop the current rally on the downward line. If the price falls below this resistance, the bears will again try to pull the pair below the 50-day moving average. If they succeed, the pair could fall to $ 43,006.77.
ETH / USD
After failing to bounce off the 20-day moving average ($ 1,742) for several days, Ether (ETH) succumbed to selling pressure and dipped below the moving average on March 22nd. At the moment, the bulls are trying to push the price back above the moving average.
If buyers succeed in the work, the ETH / USD pair can once again try to reach a full-time high of $ 2,040.77. A break and proximity over this resistance could resume the trend aimed at $ 2,614.
Conversely, if the price falls in relation to the moving average, it will indicate that the feeling has become negative, and that traders are selling at a rally against the 20-day moving average.
If the price falls and falls below $ 1,647, the pair may continue to fall to $ 1,500 and then to $ 1,289.
BNB / US Dollar
Binance Coin (BNB) trades in a wide range from $ 189 to $ 309.50. The bulls are trying to keep the price above the 20-day EMA ($ 254.66). If they manage to push the price above $ 280, the alternative coin could rise to $ 309.50. A breach of this resistance may indicate the advantage of the bulls.
BNB / USDT daily chart. Source: TradingView
On the other hand, if the price drops from $ 280, it will mean that traders make a profit on the rally. The bears will then try to take advantage of this weakness and push the price below the 20-day EMA.
If they do, the BNB / USD pair can gradually correct to $ 220 and then to $ 189. A breakout without this support could trigger a deeper correction.
Currently, the flat moving average and RSI above 55 indicate a balance between supply and demand, leading to several days of consolidation.
ADA / US Dollars
Cardano (ADA) broke the 20-day moving average ($ 1.14), and on March 22, the price fell close to $ 1.03 support. The bulls bought a lower one and are currently trying to push the price above the 20-day EMA.
If they succeed, the ADA / USD pair could start heading for $ 1.48 range resistance. The 20-day exponential moving average and the RSI just above the midpoint indicate several days of consolidation.