BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

“Bitcoin is solidifying its role as a store of value or digital gold,” said Michael Sonnenschein, Managing Director of Grayscale Investments. In his conversation with institutional investors, Sonnenschein explained that he has seen a major shift in their outlook on Bitcoin. According to him, institutional investors did not support such a view 12 to 18 months ago and now they want to add cryptocurrencies to their portfolios.

KPMG said in its report that institutional players are concerned about the lack of proper custody service for cryptocurrencies. Sal Ternullo, crypto asset specialist at KPMG, said:

“Institutional investors will not be particularly at risk of owning crypto assets if their holdings are hedged, such as cash, stocks and bonds.” To fill this gap, several traditional finance and cryptocurrency players have started offering custody services.

Daily cryptocurrency market outlook. Source: Coin360

Renowned analyst Willy Woo believes that Bitcoin has started its bull market, where it will reach at least $100,000. Peter Schiff, on the other hand, has a completely different view of Bitcoin. Schiff says: “Why should I own Bitcoin if it’s not going to go up? The answer to this question is ‚to sell‘. Look down!”

The fact that Bitcoin’s value does not increase due to short-term attitudes should not be seen as sales criteria. During the last financial crisis, both the gold and equity markets plunged sharply from mid-March to mid-October 2008. After the panic, the gold markets caught a strong bull market. Let’s examine the charts to find out which cryptocurrencies will move up or down.

BTC/USD

Bitcoin (BTC) price has hovered between $8,400 and $9,000 over the past few days. This indicates uncertainty among traders, where the exact direction has yet to be caught. Although the bulls are buying near $8,400, they are not contributing enough to the rise. Similarly, the bears are holding firm resistance above $9,000 but are not following it with aggressive selling below $8,400.

Daily BTC/USD chart. Source: Tradingview

As a result, the BTC/USD pair has been approaching the 200-day moving average (SMA) for the past few days. The downside 20-day exponential moving average (EMA) and relative strength index (RSI) in the negative region suggest that the bears are stronger.

If the bears can sink the price below $8,400, they are aiming to lower the next support to $7,856. Such a move would be big bearish as it would push the price below the 200-day SMA.

However, if the bulls can push the price above the 20-day EMA, i.e. $9,153, they will seize the power. If the price rises above the 20-day EMA, the pair could rally to $10,000 and then $10,500.

Short-term traders can cut losses by buying at $8,400 above the 20-day EMA. As this is a risky trade, we recommend traders use 40 percent of their normal position volume.

ETH/USD

Ether (ETH) dropped from the overhead resistance level once again on March 3 to $235.70. The 20-day EMA of $234.7 is just below the horizontal resistance. Therefore, we expect the bears to defend this resistance aggressively.

ETH USD daily chart. Source: Tradingview

On the downside, the bulls are holding support near $209.95. However, we expect this tightening range to be crossed soon.

If the ETH/USD pair breaks below $209.95, it could decline to $197.75, which is likely to act as a strong support. On the other hand, if the price rises above $235.70, a move to $288.59 looks possible. Therefore, investors can buy at 235.70 levels and stop buying at $208 levels.

XRP/USD

The bulls failed to secure a strong bounce from $0.22250. This shows that buyers are not in a rush to start long positions even at these levels. XRP’s value formed a minor descending triangle pattern that stopped to complete with a break below $0.22250.

XRP USD daily chart. Source: Tradingview

If the bears can push the price below $0.22250, a drop to $0.20 and below that to $0.17468 is possible. The 20-day EMA is tilting downwards and the RSI is in the negative territory. It looks like the bears have taken control.

The bearish expectation will be invalidated if the XRP/USD pair rises above the moving averages and the overhead resistance at $0.26362.

BCH/USD

The bulls failed to push Bitcoin Cash (BCH) above the downtrend. This indicates a lack of buyers at higher levels. The bears will now try to push the altcoin below $306.78.

BCH USD daily chart. Source: Tradingview

If they are successful, a drop to $270.15 is possible. The 20-day EMA is tilting downwards and the RSI is in negative territory, indicating that the bears are getting stronger.

If the opposite happens and BCH/USD catches support at $306.78 again, the bulls will make a fresh attempt to push the price above $360. If successful, a rally to $400 and above that to $500 is possible. There is a minor resistance at $430 but we expect it to be crossed. A close above $360 creates a positive scenario.

BSV/USD

Bitcoin SV (BSV) has once again bounced back from the 20-day EMA and the bears are aggressively defending this level. If the price stays below $236, a retest of dips to $204.31 is likely.

BSV USD daily chart. Source: Tradingview

A break below $200 will create a negative picture. It could drag BSV/USD to $173.66 or even below the 200-day SMA to $157.15.

Conversely, if the pair bounces off the current levels or breaks through $204.31, the bulls will make another attempt to push the price above the 20-day EMA. If they are successful, it is possible to reach above $301.43 and $337.80. A close above the 20-day EMA will present a positive picture.

LTC/USD

Although Litecoin (LTC) has been trading above the 200-day SMA for the past two days, the bulls have failed to provide a push towards $66.14. This indicates that the buying has ended at higher levels.

LTC USD daily chart. Source: Tradingview

If the LTC/USD pair breaks below the 200-day SMA again, it could retest $56.24 afterwards. If this level continues, the pair could stay flat for a few days, but if the level is broken, a drop to $50 is possible.

Alternatively, if the bulls are able to push the price above the overhead resistance at $66.15, the pair could rally as high as $80.27. We will wait for a new buying process to occur before trading.

EOS/USD

EOS broke out of the downtrend line but did not gain momentum. This indicates a lack of buyers at higher levels. The price ranges from $3.36 to $4, the 200-day SMA.

EOS USD daily chart. Source: Tradingview

The 20-day EMA is tilting downwards and the RSI is in the negative territory. This shows that bears are superior. A break below the 200-day SMA could drag the price towards $3 and below it at $2.4.

Conversely, if the EOS/USD pair can break above the overhead resistance at $4.87, it is possible to reach $4.87. We advise traders to stay flat as we cannot find a reliable buy level at current levels.

BNB/USD

Binance Coin (BNB) is facing selling at the resistance line of the downtrend. However, as a positive development, it is striking that the bulls did not give up too much.

BNB USD daily chart. Source: Tradingview

If the bulls can push the price above the 20-day EMA to $20.64, a move towards the $21.80 to $23.52 resistance area is likely. An uptrend above this zone could open the door to $27.19.

Conversely, if the BNB/USD pair fails to scale above the 20-day EMA, the bears will attempt to push it below the $17.70 level. If they are successful, there will be a big drop and the price will fall back to the 16.42 levels.

XTZ/USD

Tezos (XTZ) has been hovering between $3.01 and $2.52 for the past few days. A breakout of this range would be a bullish sign as it increases the probability of a move above $3.50.

XTZ USD daily chart. Source: Tradingview

Therefore, we retain the buy recommendation given in the previous analysis. If the momentum can push XTZ/USD to new highs, the rally could continue to $5.37.

Conversely, if the bulls fail to sustain the pair above $3,011, the bears will attempt to push it below $2.52. If they are successful, a drop to $1.83 is likely.

LINK/USD

Chainlink (LINK) continued its uptrend and hit a new high. The 20-day EMA is rising and the RSI is in the positive zone, with the bulls taking firm control.

LINK USD daily chart. Source: Tradingview

If the bulls can keep the price higher, it will mark new highs. The first target upside appears to be $5.69 and above it $7.31.

However, if the LINK/USD pair fails to sustain the high, the bears will try to push it down to and below the 20-day EMA.

The views expressed here are those of the author alone and may not necessarily reflect those of Cointelegraph. Every investment and trading move involves risk. You should do your own research when making a decision.

Market data is provided by HitBTC exchange.