SPX, DXY, BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE
Bitcoin (BTC) in the last few days, the testimony of profit registration, but the bears could not sink the price below 64,500 dollars. However, if history repeats itself, Bitcoin could come under renewed selling pressure.
Bitcoin's correction trend is about to enter “danger territory,” according to crypto analyst Rect Capital on XPost. That period occurs at a halving of 14 to 28 days, which is expected on April 20 in this cycle. In the year In 2020, Bitcoin fell 20% during the mentioned period, while in 2016 the correction was 40%.
Analysts are closely monitoring Bitcoin exchange traded funds (ETFs) entering the space. If the inflows remain stable during the return in Bitcoin, it is more likely to continue to grow. However, if the inflows dry up well, the next uptrend may be delayed.
What are the important support levels to look out for in Bitcoin and altcoins? Let's examine the charts to find out.
S&P 500 Index Price Analysis
The S&P 500 index declined from 5,180 last week but broke out of the support line of the ascending channel pattern.
The bulls will try to push the price above the resistance of 5,189. If they succeed, the index may rise to the resistance line of the channel. This level may attract strong selling by bears. If the price drops below the protection line, the index can remain in the channel for some time.
If buyers push the price above the channel, the growth may accelerate. The index could jump to 5,450. On the downside, a break below the 20-day EMA (5,100) could begin a decline towards the 50-day simple average (4,972).
Analysis of the price of the US dollar index
The US Dollar Index (DXY) has returned to its moving averages, indicating strong buying at lower levels.
Both moving averages are stretched, and the RSI is close to the midpoint, indicating a balance between supply and demand. If the price stays above the moving averages, the index may rise to 105, it is expected that the bears will mount a strong defense.
Alternatively, if the price deviates from the moving averages, the bears will make one more attempt to dip the index to 102.
Bitcoin price analysis
Bitcoin broke below the 20-day EMA ($65,830) on March 17, indicating that the bulls will continue to buy dips to strong support levels.
The BTC/USDT pair faces resistance at the breakout level from the bearish channel pattern. If the price turns down and breaks below the 20-day EMA, it indicates that the bears have turned the channel's support line into resistance. That increases the risk of failure to $59,000.
Instead, if the bulls push the price into the channel, it suggests that the markets have rejected the breakout. The bulls will again try to drive the pair to $73,777. A break above this level opens the door to a possible rise to $80,000.
Ether price analysis
Ether (ETH) broke below the 20-day EMA ($3,619) on March 16, but the bears are struggling to sustain lower levels.
The bulls are trying to push the price back above the 20-day EMA and trap aggressive bears. If they manage to do that, the ETH/USDT pair may attempt a high resistance rally towards $4,093. A break above this level indicates a resumption of the uptrend.
Conversely, if the price reverses and breaks below $3,400, the sentiment will turn negative, indicating that traders are selling in a rally. The pair may slide towards $3,200 and later towards the 50-day SMA ($3,077).
Solana price analysis
Solana (SOL) has been in strong growth for several days, showing no signs of slowing down. The bears tried to start a comeback on March 15th, but the bulls bought it with a furious dip.
The price has reached resistance above $205, which could be a tough barrier to cross. However, if the bulls win, the SOL/USDT pair could start a trip to the highs of $260.
The upside risk is that the RSI has entered the overbought territory, which suggests that the rally may be extended in the short term. This suggests a possible consolidation or correction in the near future. The support shown is the 20-day EMA ($156). A break below this level indicates a short-term trend reversal.
BNB price analysis
BNB (BNB) bounced back with a strong rally, but on a slight positive note the bulls did not allow the price to drop below the 38.2% Fibonacci retracement level of $534.
Rising moving averages and the RSI in positive territory suggest bulls are dominant. If the price rises above $591, the BNB/USDT pair can retest the overhead resistance at $645.
Conversely, if the price breaks below $534, it suggests that the bears are in the driver's seat. The pair could drop to the 20-day EMA ($509). This is a critical support to watch out for as a break below could accelerate the sell-off and sink the pair towards $460.
XRP price analysis
XRP (XRP) slipped below the 20-day EMA ($0.62) on March 16, indicating that the bulls are losing their grip.
Buyers tried to recover on March 17 but failed to clear the profit barrier at the 20-day EMA. The price has declined from the 20-day EMA on March 18, indicating that the bears are highly active. The XRP/USDT pair could break into an upward trend.
Meanwhile, the bulls may have other plans. They will try to push the pair above the 20-day EMA and start a strong recovery. The pair can first climb to $0.67 and then climb to the upside resistance at $0.74.
Related: Ether ETF Is Smaller Than Bitcoin ETF: Filler Capital Founder
Cardano price analysis
Cardano (ADA) broke the 50-day SMA ($0.62) on March 17, but the bulls are struggling to push the price above the 20-day EMA ($0.70) on March 18.
The price has dropped below the 20-day EMA, indicating that bears are selling on rallies. That includes the possibility of a break below the 50-day SMA. If that happens, the ADA/USDT pair could drop to $0.57.
If the price rises and breaks above the 20-day EMA, this bullish view will be rejected. The bulls will again try to push the price towards the $0.81 high resistance. A break and close above this level would suggest the start of the rally at $0.92.
Price analysis
Avalanche (AVAX) rebounded sharply from the $50 level on March 17, indicating aggressive buying at lower levels;
The bulls pushed above the $61.50 price resistance on March 18, signaling the start of the next uptrend. If buyers continue to diversify, the AVAX/USDT pair could rise to $87.
Contrary to this assumption, if the price fails to maintain above $61.50, it indicates a lack of demand at higher levels. The pair could stay in the range between $50 and $62 for a few more days.
Dogecoin price analysis
Dogecoin (DOGE) fell below the $0.15 support on March 16, suggesting that the bears are trying to take control.
The bulls pushed the price above the 20-day EMA ($0.15) on March 17, but failed to build on this strength. This shows that every recovery attempt is being sold. The Bears were They are trying to break the price below $0.14 on March 18th. If it manages to do so, the DOGE/USDT pair may slide towards the 50-day SMA ($0.11).
Bulls need to push and hold the price above $0.16 if they want to prevent a decline. That will likely keep the pair in the $0.15 to $0.19 range for some time.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
