Bitcoin (BTC) Witnessed Solid Buying Over the Weekend
Bitcoin Price Analysis
Bitcoin has reached the 20-day exponential moving average ($92,366), indicating aggressive buying at lower levels. Sellers will try to stall the relief rally at the 20-day EMA. If the price turns down from the 20-day EMA, the BTC/USDT pair could drop to $85,000, which is a crucial support to watch out for. If the price rebounds off $85,000, the pair could rise above the 20-day EMA. The pair may then rally to the 50-day simple moving average ($97,704). Such a move will signal that the pair may have bottomed out in the near term.
If bears want to retain the advantage, they will have to swiftly pull the price below $83,000. If they manage to do that, the pair could retest the critical $78,258 support.
Hedera Price Analysis
Hedera (HBAR) rose above the 20-day EMA ($0.22) and reached the 50-day SMA ($0.26) on March 1. The 20-day EMA is the critical support to watch out for on the downside. If the price rebounds off the 20-day EMA, it will signal a change in sentiment from selling on rallies to buying on dips. The bulls will again try to propel the HBAR/USDT pair above the 50-day SMA. If they can pull it off, the pair may rise to $0.32.
Litecoin Price Analysis
Litecoin (LTC) has been trading inside a symmetrical triangle pattern, indicating indecision between the buyers and sellers. The flattish 20-day EMA ($122) and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears. If the price rises and sustains above the 20-day EMA, the bulls will try to push the LTC/USDT pair above the resistance line. If they succeed, the pair may rise to $147.
Monero Price Analysis
Monero (XMR) bounced off the $205 level and rose above the moving averages, signaling solid buying on dips. The flattish 20-day EMA ($224) and the RSI near the midpoint suggest that the XMR/USDT pair may swing between $205 and $245 for a few days. If the price stays above the 20-day EMA, the pair could retest the $245 resistance.
Celestia Price Analysis
Celestia (TIA) has risen above the moving averages, and the bulls are trying to sustain the price above the breakdown level of $4.14. If they manage to do that, it will signal that the markets have rejected the breakdown. There is minor resistance at $4.50, but if the level is crossed, the TIA/USDT pair could climb to $5.50. Sellers are expected to defend the $5.50 level aggressively.
Conclusion
In conclusion, the selected cryptocurrencies look strong on the charts, with Bitcoin, Hedera, Litecoin, Monero, and Celestia displaying positive trends. While Bitcoin may face some short-term pain, the other coins may continue to rally if they can maintain their momentum.
FAQs
- What is the current price of Bitcoin?
Bitcoin is trading at $92,366. - Which altcoins have been selected for the crypto strategic reserve?
Bitcoin, Ether, XRP, Solana, and Cardano. - What is the impact of BlackRock’s addition of the iShares Bitcoin ETF Trust (IBIT) to its model portfolio?
It creates new demand for Bitcoin and potentially other cryptocurrencies. - What is the RSI on the 4-hour chart of Bitcoin?
The RSI is in the overbought zone, indicating that the bulls are on a comeback.
