Bitcoin (BTC) rebounded off the intraday low on March 7 and is trying to claw back above the $90,000 resistance, indicating buying at lower levels. Bitcoin sold off after the US Strategic Bitcoin Reserve executive order signed by US President Donald Trump fell short of expectations.
However, some analysts consider the reserve formation to be bullish as they expect other nations to follow the US in establishing their own strategic Bitcoin reserves. Additionally, the reserve mitigates the fears some institutional investors have about buying Bitcoin.
Swan Bitcoin CEO Cory Klippsten told Cointelegraph that Bitcoin is in a consolidation phase, but that is not likely to end the bull run. Bitcoin is expected to make a new all-time high above $109,000 before the end of June this year.
Not everyone is positive in the near term. Bitfinex analysts told Cointelegraph that Bitcoin is likely to remain range-bound as the US will not make any new purchases. However, the analysts believe the move was a step in the right direction. They said that Trump’s Bitcoin reserve is a softer approach, which is likely to meet less resistance and could be a good place to start experimenting with Bitcoin as a reserve asset.
Could Bitcoin rise and maintain above $90,000? Will that pull altcoins higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin rebounded off the $85,000 level on March 7, signaling that the bulls are trying to form a higher low.
A break and close above the 20-day exponential moving average ($90,977) will be the first sign that the bulls are back in the game. The BTC/USDT pair could then rise to the 50-day simple moving average ($96,861). Sellers are expected to fiercely defend the zone between the 50-day SMA and $100,000, but if the bulls prevail, the pair could surge toward $109,588.
The bears will gain the upper hand if they sink and maintain the price below $85,000. If that happens, the pair could nosedive to $78,258 and, after that, to $73,777.
Ether price analysis
Ether (ETH) fell to the $2,111 support on March 7, indicating that the bears have kept up the pressure. A minor positive is that the bulls are defending the level, as seen from the long tail on the candlestick.
The bulls will try to push the price to the 20-day EMA ($2,423), which remains the key short-term level to watch out for. If buyers push the price above the 20-day EMA, it will signal that the bears are losing their grip. The bulls will be back in the driver’s seat on a break and close above the downtrend line.
Conversely, if the price turns down from the current level or the overhead resistance and breaks below $2,111, it will indicate the start of the next leg of the downtrend. The ETH/USDT pair may collapse to $1,750.
XRP price analysis
XRP (XRP) closed above the 20-day EMA ($2.49) on March 6, but the bulls could not sustain the momentum and clear the 50-day SMA ($2.68) hurdle.
The flattish 20-day EMA and the RSI near the midpoint suggest a range-bound action in the short term. If the price slips and remains below the 20-day EMA, the XRP/USDT pair could drop to $2.20. Buyers are expected to fiercely defend the $2.20 to $2 zone. A solid bounce off the support zone suggests a range formation between $2.20 and $3.
If buyers kick the price above $3, the pair could pick up momentum and reach $3.40. Sellers will try to defend the $3.40 level with all their might because if they fail in their endeavor, the pair could skyrocket toward $5.
BNB price analysis
BNB (BNB) turned down from the 20-day EMA ($616) on March 6, but a positive sign is that the bulls did not cede much ground to the bears.
That increases the likelihood of a break above the 20-day EMA. The relief rally is expected to face significant resistance at the 50-day SMA ($642), but if the buyers overcome it, the BNB/USDT pair could rally to $686.
This positive view will be invalidated in the near term if the price turns down and breaks below the $546 support. That could sink the pair to $500, which is likely to attract solid buying by the bulls.
Solana price analysis
Solana (SOL) has been taking support at the uptrend line, indicating that the bulls are trying to start a recovery.
The 20-day EMA ($158) is the critical overhead resistance to watch out for. If buyers clear this hurdle, the SOL/USDT pair could jump to $180. Sellers are expected to fiercely defend the $180 level because a break above it suggests the correction may be over. The pair may then ascend to $220.
Contrary to this assumption, if the price turns down and breaks below the uptrend line, it will signal that the bears have maintained their selling pressure. The pair could tumble to $120 and later to $110.
Cardano price analysis
Cardano (ADA) turned down from $1.02 on March 5 and reached the 20-day EMA ($0.82) on March 7.
If the price rebounds off the 20-day EMA with strength, the bulls will again attempt to drive the ADA/USDT pair above $1.02. If they manage to do that, the pair could rally toward the crucial overhead resistance at $1.25.
Contrarily, if the price turns down from $1.02, it will signal that bears are active at higher levels. The pair could then form a range between $1.02 and $0.75. A break and close below $0.75 may sink the pair to $0.60.
Dogecoin price analysis
Buyers attempted to start a recovery in Dogecoin (DOGE) but met with solid selling from the bears at the 20-day EMA ($0.22) on March 6.
Sellers will have to sink the price below $0.18 to signal the start of the next leg of the downtrend. The DOGE/USDT pair could slump to $0.14 and subsequently to $0.10, where the buyers are expected to step in.
This negative view will be invalidated in the near term if the price turns up and breaks above the 20-day EMA. That clears the path for a rise to the 50-day SMA ($0.27). The pair may then remain inside the descending channel for a few more days.
Related: Here’s what happened in crypto today
Pi price analysis
Buyers could not sustain Pi (PI) above the $2 level on March 5, indicating a lack of demand at higher levels.
The bears will try to pull the price down to $1.60 and then to $1.51. If the price rebounds off the $1.51 level, it will suggest that the PI/USDT pair could form a range in the near term. The pair could swing between $1.51 and $2 for a while.
Instead, if buyers drive the price above $2, it will signal that the bulls are back in the game. The pair could climb to $2.35 and then to $2.80. On the downside, a break and close below $1.51 could sink the pair to the 61.8% Fibonacci retracement level of $1.20.
Hedera price analysis
Hedera (HBAR) has been squeezed between the moving averages for some time, increasing the possibility of a range expansion in the next few days.
If buyers propel the price above the 50-day SMA ($0.26), the HBAR/USDT pair could rise to $0.29. This is a critical short-term resistance to watch out for because a break above it suggests that the correction has ended. The pair could then rise to $0.35.
Alternatively, if the price turns down and closes below $0.22, it will indicate that the bears have overpowered the bulls. The pair could plummet to $0.17, where the bulls are expected to mount a solid defense.
Chainlink price analysis
Chainlink (LINK) closed above the 20-day EMA ($16.81) on March 6, indicating solid buying at lower levels.
There is minor resistance at $18, but if the bulls overcome it, the LINK/USDT pair could climb to the 50-day SMA ($19.91). Such a move will suggest that the pair may extend its stay inside the channel for some more time. A trend change will be signaled after buyers push and maintain the price above the resistance line.
Sellers will have to quickly yank the price below $13 to retain their advantage. That could open the doors for a fall to $10.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
