The United States equities markets tumbled on March 15 after Saudi National Bank, Swiss Bank Credit Suisse’s largest investor, said it will not be able to provide any more funding to Credit Suisse due to regulatory limitations.
Investors are nervous because Credit Suisse, which has large U.S. and global operations, warned on March 14 that it had found “certain material weaknesses” in its financial reporting processes for 2021 and 2022. Shares of Credit Suisse plummeted to an all-time low on March 15.
After the events of the past few days, the S&P 500 has given back all its gains for the year and is trading flat. In comparison, Bitcoin (BTC) is holding on to a large part of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes the banking crisis could be positive for Bitcoin as it could emerge as a safe haven asset.
Capriole CEO and founder Charles Edwards said that Bitcoin has formed a “bump and run reversal pattern,” which has a target objective of $100,000 and higher. However, Edwards cautioned traders that the pattern could fail, hence it should not be used for building a trading or investment plan.
Could Bitcoin and the altcoins rise above their overhead resistance levels and start the next leg of the up-move? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin price analysis
The bulls propelled Bitcoin above the overhead resistance of $25,250 on March 14 but the long wick on the candlestick shows that bears are not ready to surrender without a fight. Strong selling pulled the price back below $25,250.
The 20-day exponential moving average ($23,012) has started to turn up and the relative strength index (RSI) is in the positive territory, indicating advantage to buyers.
If the bulls do not give up much ground from the current level, the possibility of a break and close above $25,250 increases. If that happens, the BTC/USDT pair will complete a bullish inverse head and shoulders (H&S) pattern. That will signal a potential trend change. The pair may then sprint toward $32,000.
If bears want to slow down the bullish momentum, they will have to quickly pull the price back below the moving averages.
Ether price analysis
Ether (ETH) soared above the overhead resistance at $1,743 on March 14 but the bulls could not sustain the higher levels. This suggests that the bears are trying to protect the level.
If the price consolidates between $1,743 and the 20-day EMA ($1,588), it will suggest that the sentiment has turned positive and traders are buying on dips. That will improve the prospects of a break and close above $1,743. The ETH/USDT pair is then well-positioned for a strong rally toward the psychological level of $2,000.
Contrary to this assumption, if the price turns down and breaks 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) turned down from the strong resistance near $318. This suggests that the bears are trying to defend the zone between $318 and $338.
A minor positive in favor of the buyers is that they have not allowed the price to break back below the 50-day simple moving average ($306). The shallow pullback shows that every minor dip is being purchased.
The bulls will make one more attempt to catapult the price above the overhead zone. If they do that, the BNB/USDT pair can soar toward $400. Contrarily, if the price breaks below the 50-day SMA, the pair may slide to the 20-day EMA ($296). A break below this level will signal advantage to bears.
XRP price analysis
XRP (XRP) turned down from the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, indicating indecision among the bulls and the bears.
The uncertainty resolved to the downside on March 15 and the price has slipped to the strong support at $0.36. If this level is taken out, the XRP/USDT pair could decline to the support line of the channel near $0.32.
On the other hand, if the price stays above $0.36, the bulls will again try to overcome the obstacle at the 50-day SMA and $0.40. If they can pull it off, the pair may pick up momentum and climb to $0.43.
Cardano price analysis
Cardano (ADA) accelerated on March 14 and reached the 50-day SMA ($0.36) but the long wick on the day’s candlestick shows that the bears are aggressively selling on rallies.
The bears have tugged the price back below the 20-day EMA ($0.34) on March 15, which has cleared the path for a possible retest of $0.30. Buyers are likely to protect this level with all their might because the next support is way lower at $0.27.
Alternatively, if the price rebounds from the current level or $0.30, it will suggest that traders are…
cointelegraph.com