About 42% of Bitcoin’s total supply has not changed in the past two years. This shows that investors are sticking to their bitcoins as they expect a further recovery in prices. A lower amount of Bitcoin in circulation increases the rarity. With the halving to come, the supply will only decrease further, which could increase the price.
PlanB, creator of the Bitcoin stock debit prediction model, estimates that “Bitcoin is expected to exceed $ 100,000 by December 2021”. PlanB relies on the reduction in half, which should boost the course. For his part, Max Keizer of the Keizer report thinks that the financial markets will collapse due to the epidemic of coronavirus. This could lead to a global financial crisis that could push Bitcoin to “$ 100,000 and more.”
Daily development of the cryptocurrency market. Source: Coin360
While crypto investors are excited about Bitcoin’s future prospects, the next Governor of the Bank of England has warned investors not to buy. He said, “If you want to buy Bitcoin, be prepared to lose all your money. Bitcoin has no intrinsic value.”
Previously, one of the biggest criticisms of central banks and regulators was that Bitcoin was mainly used in the darknet markets. However, according to Chainanalysis, only 1.1% of cryptocurrency transactions were worth a total of $ 1 trillion in 2019. US dollars used for illegal purposes. This shows that the asset class is now in better hands.
BTC / USD
Bitcoin (BTC) has gone out of the narrow range between $ 8,400 and $ 9,000. However, it faces slight resistance on the 20-day EMA at $ 9,135. If the bulls can push the price above the EMA at 20 days, a rally to $ 10,000 and above to $ 10,500 is possible.
BTC / USD daily chart. Source: Tradingview
The 20-day EMA gradually stabilizes and the RSI increased almost in the middle, suggesting that the selling pressure is easing. Therefore, we keep the purchase recommendation from our previous analysis.
However, if the BTC / USD pair retreats from current levels and drops below $ 8,400, it would be a huge drawback. The next big support is at $ 7,856.76. We expect bulls to aggressively defend this support.
ETH / USD
The bulls are trying to make the ether (ETH) climb above the head resistance at $ 235.70. If it succeeds, it can go up to $ 277,091 and then go up to $ 288,599. Therefore, we keep the purchase recommendation from our previous analysis.
ETH / USD daily chart. Source: Tradingview
However, if the ETH / USD pair declines from current levels or cannot exceed $ 235.70, it will remain in a range for a few days. The flat EMA at 20 days and the RSI, which is close to 50, also indicate a balance between buyers and sellers.
The trend will reverse in favor of drops below $ 209.95. If this level breaks down, the next support will be $ 197.75.
XRP / USD
The XRP broke out of the descending triangle, but the bulls face stiff resistance to the moving averages of $ 0.25. Above this level, the next neck and head resistance is $ 0.26362.
XRP / USD daily chart. Source: Tradingview
If the XRP / USD pair collapses from overhead resistance, it could stay in a range for a few days.
However, if the bulls can push the price above $ 0.26362, a rally to $ 0.28550 and above $ 0.31503 is possible. As the pair is underperforming, we will wait for the price to stay above $ 0.26362 before adopting a positive position.
BCH / USD
Bitcoin Cash (BCH) broke out through the downlink. The fact that the price did not drop below $ 306.78 therefore attracts buyers. However, bulls may experience a 20-day EMA barrier. It’s just below the horizontal resistance at $ 360.
BCH / USD daily chart. Source: Tradingview
If the BCH / USD pair dropped from $ 360, it could remain in the range for a few days. The pair becomes negative on a fall below $ 306.78.
If the bulls can raise the price above $ 360, a rally to $ 400 and above to $ 428.57 is possible. Traders can buy more than $ 360 at closing (UTC) and set the stop loss at $ 306. Stops can be paid higher as the price continues to rise.
BSV / USD
Although Bitcoin SV (BSV) fell below the $ 236 support on March 4, the bears could not benefit from it. This shows that there are a few buyers at the lower levels. The bulls are currently attempting to drive the course over the 20-day EMA.
BSV / USD daily chart. Source: Tradingview
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If successful, the BSV / USD pair can climb to $ 337.80. There is little resistance at $ 301.43. We expect the bears to aggressively defend the $ 337.80 level. If the price falls from this level, the pair will likely remain in a range for a few days.
However, if the pair slipped below the EMA at 20 days and fell below $ 236, it would signal sellers higher levels. Falling below the $ 200 support would be a very negative signal.
LTC / USD
Litecoin (LTC) continued to support the 200-day SMA on March 4. This has attracted some buyers. The bulls will now try to push the resistance above $ 66,146. But we expect the bears to resist at this level.
LTC / USD daily chart. Source: Tradingview
If the LTC / USD pair breaks down from $ 66.1486, it could remain in a range for a few days. Below, a drop below $ 56,243 would send a very negative signal.
However, if the bulls can push the pair above the $ 66.1486 mark, a rally to $ 80.2741 is likely. Traders can buy more than $ 66.1486 in a single closing (UTC) and set the stop loss at $ 56 initially.
EOS / USD
EOS is out of the downtrend line. This indicates that buyers are gradually becoming active again. However, it will not be easy because the bears aggressively defend the resistance at the ceiling at $ 4.
EOS / USD daily chart. Source: Tradingview
If the EOS / USD pair falls by $ 4, it could fall to $ 200 200 SMA days and consolidate between the two levels for a few days. A case under the 200 day SMA would be very negative for the cryptocurrency.
However, if the bulls can push the price above $ 4, a rally to $ 4.4124 and above to $ 4.8719 is possible. Bulls can open long positions at a fence (UTC) above $ 4 and place stops at $ 3.3.
BNB / USD
Binance Coin (BNB) broke out on the downward channel and also on the EMA at 20 days, which is a positive sign. However, we expect the bear to offer strong resistance at $ 21.80 and above at $ 23.5213.
BNB / USD daily chart. Source: Tradingview
If the BNB / USD pair retreats from one of the two aerial resistances, it could consolidate for a few days.
A breakout above $ 23.5213 can bring the price up to $ 27.1905 and above it at $ 32. Falling below the recent low of $ 17.7051 would be a big drawback. We therefore prefer to wait for a purchase constellation to form before recommending an exchange.
XTZ / USD
Tezos (XTZ) broke resistance from $ 3,011 for overhead on March 4 and closed above. This triggered our purchase recommendation from the previous analysis. The bears attempted to drop below $ 3,011 on March 5, but the bulls defended the break levels.
XTZ / USD daily chart. Source: Tradingview
If the bulls can raise the price above $ 3.3367, it can go up to $ 3.585 and above to $ 3.99499. The 20-day EMA gradually tended to increase and the RSI climbed into positive territory, suggesting that the bulls have the upper hand.
Therefore, traders can leave stop loss limits on their remaining long positions at $ 2.70. Our optimistic view will be void if the bears can push the XTZ / USD pair below the critical support at $ 3,011 and keep it below.
LINK / USD
Bulls face strong resistance at the psychologically important level of $ 5. The positive thing, however, is that buyers are not rushing to close their positions. When Chainlink (LINK) consolidates to its historic highs, it increases the possibility of a breakout to new heights.
LINK / USD daily chart. Source: Tradingview
If the bulls catapult the price above $ 5, the next level to watch is $ 5.6934 and higher than $ 7.3101. The EMA at 20 days tends to increase and the RSI is in the positive range. This suggests that the bulls have the upper hand.
However, if the drops lowered the LINK / USD pair below $ 4.50, a 20-day EMA drop to $ 4.16 is possible. We therefore prefer to wait for a purchase constellation to form before recommending an exchange.
The views and opinions presented here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Each stage of investment and negotiation involves a risk. Do some good research before making a decision.
Market data comes from the HitBTC exchange.
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