The strength of the US dollar suggests that risk assets may remain under pressure in the short term, but Bitcoin and the like are showing signs of stability.
On March 7, US Federal Reserve Chairman Jerome Powell warned that interest rates may remain higher than previously expected. That boosted expectations for a 50-basis rate hike at the Fed’s March meeting to about 70 percent from 30 percent last week, according to FedWatch Tool data.
After Powell’s comments on March 7, the US dollar rose and the S&P 500 fell, but a slight positive in favor of cryptocurrency investors was Bitcoin.
Bitcoin
The detective’s voice came down
$22,243
Relatively calm The next driver that could affect the markets is the February Jobs report, which will be released on March 10.
Although the macroeconomic environment is not favorable for risky assets, Bitcoin shows relative stability. This suggests that Bitcoin investors are not panicking and dumping their positions due to short-term uncertainty.
Will Bitcoin and the major altcoins be lower, or is a rebound imminent? Let’s study the charts of the top 10 cryptocurrencies to find out.
BTC/USDT
It will be difficult for the bulls to get Bitcoin back above the $22,800 breakout level. This indicates no aggressive buying at current levels. This could push the price towards the critical support of $21,480. This is the make or break level in the short term.
The moving averages have completed a bearish crossover and the Relative Strength Index (RSI) is in negative territory, indicating that the bears are in command.
Bears fancy their chances if the price breaks below $21,480. They then tried to push the price up to the important psychological level of $20,000. Expect buyers to defend the $21,480-$20,000 zone with all their might as a break below could see aggressive selling.
If the bulls avoid a sharp decline, they should quickly push the price back above the moving average. It may show limited action between $21,480 and $25,250.
ETH/USDT
Buyers are trying to protect the $1,550 level of Ether
ETH
The detective’s voice came down
1592 dollars
But a small downside is that they did not make a strong return from it. This suggests that the bears are selling off any slight recovery.
The 20-day EMA ($1,599) has started to decline and the RSI is in negative territory, indicating that the bears have the upper hand. If the $1,550 support is broken, the ETH/USDT pair could fall to $1,461.
This level can also attract strong buying bulls. If the price rebounds strongly from this level, it suggests that the pair may stabilize between $1,461 and $1,743 for some time. Conversely, a break below $1,461 would open the door for a possible decline to $1,352. This level can also attract strong buying bulls.
BNB/USDT
BNB
BNB
The detective’s voice came down
303 dollars
On March 6th and 7th, it retreated from the $280 support, but the bears rallied to higher levels. This suggests that negative sentiment remains and any slight improvement is oversold.
If $280 holds, the BNB/USDT pair will complete a bearish head and shoulders pattern. This negative setup could initiate a bearish move at $245 where buyers will try to stop the decline.
Another possibility is that the bulls will continue the current rebound. That move suggests that buyers are strongly defending the $280 support. It may start retrieving the 20-day moving average ($299).
Bears are expected to sell off the rally at the 20-day EMA. If this happens, the pair could fall back to $280. Conversely, a break above the 20-day EMA is the first sign that the bears may be losing control.
XRP/USDT
XRP
XRP
The detective’s voice came down
$0.36
It rebounded strongly from the $0.36 support and rose above the resistance line of the descending channel on March 8, which is a sign that the bulls are buying in full force.
If buyers hold the price above the 50-day simple moving average ($0.39), this will indicate a potential near-term trend reversal.
