According to Coinglass, BTC (BTC) rose by about 71% in the first quarter of 2023, the first positive quarter after four consecutive quarters of negative earnings in 2023. This shows that market sentiment has become positive, and Shuangtou is trying to bottom out for BTC.
When the undertide rises, negative news can also lead to shallow adjustments. This is what happened after the American Commodity Futures Trading Federation filed a lawsuit against Binance and CEO Zhao Changpeng on the grounds that buying and selling violated the rules. This information caused the sales market to fall slightly, but did not run a strong decline.
Another thing that happens in a rising environment is that digital currencies rise without special metal catalysts. This happened on March 29, when Bitcoin and several major alternative currencies rose sharply.
Will Bitcoin and carefully selected alternative coins open the next uptrend? However, where is this wave of increase likely to encounter friction? Let's take a look at the data charts of the top ten digital currencies to find out.
In the uptrend, traders generally buy an adjustment to the 20-day index moving average ($26371). The long tail on the candle stand on March 27th and 28th shows this.
The rising 20-day moving average and relative strength index (RSI) are higher than 63, indicating that the duo is in manipulation. The customer will try to further consolidate his dominance by pushing the price above $28868.
If they succeed, the BTC/USDT pair is likely to soar to $30000 and then to the important pressure level of $32500. Short orders will try to stem the rise in the region, and a rebound above $32500 could clear the way for a sharp rebound to $40000.
Time is running out for a bear market. He will be forced to first reduce the price below the 20-day moving average, and then retest the $25250 increase. If this level is not maintained, the pair could plunge to a 200-day easy moving average ($20281).
Medical ether (ETH) rebounded from its support line of $1680 on March 28th, suggesting that relatively low levels have attracted customers. This also keeps the price between $1680 and $1857.
The rising 20-day moving average ($1720) and the RSI around 58 suggest that the duo has an advantage. If customers push the price above $1857, ETH/USDT rates could rebound to $2000 and then soar to $2200.
Conversely, if the merchant wants to stop this kind of rise, he will be forced to immediately reduce the price to below the support line of $1680. If that happens, the price of gold could fall to $1600 and then plummet to $1461.
On March 26th, BNB fell below its 20-day moving average ($316), but empty orders couldn't keep up the pressure of selling. Double buying fell and pushed prices above the 20-day moving average on March 29.
The customer's next step is to try to overcome the problem that sits on the downward trend line. If they can achieve this, the BNB/USDT pair could soar to the head resistance zone between $338 and $346. It is expected that short orders will do their best to defend the area, and if the region abdicates, the currency pair is likely to soar to $400.
Conversely, if the price reverses from the current level or the downward trend line, it will show that market sentiment is still negative and short orders are sold in the rebound. Subsequently, the pair is likely to collapse to its 200-day daily moving average ($290).
XRP (XRP) gained momentum on March 27th and rose above the swap friction resistance area of US $0.49-0.51 on March 28th.
On March 29th, double heads risked their lives to buy again, promoting the XRP/USDT to fly above 56 cents at a certain pressure level. If Shuangtou keeps the price above $0.56, it will mean the gradual rise of a new round of prices. The pair is likely to rebound to $0.65 and then to $0.80.
The long light in the candlestick on March 29th showed an increase in sales of empty orders above $0.56. If the price of gold turns down and falls below $0.49, it will indicate that the rally at this stage may be a big bull market trap. Subsequently, the pair is likely to fall to $0.43.
On March 27th, Cardano (ADA) fell below its 20-day daily average (35 cents), but the truth is that this is a bear market trap. On March 28th, the price of gold rose and soared above the moving average.
The double head has already solved the timely friction resistance of $0.39, wiping out the road surface for the hidden rebound and the road surface for the head-shoulder flip (head-shoulder) resistance level. If the double heads continue to maintain the trend and send the price above the neckline, the upside setting will be completed. It may open a new uptrend in the market, with the shape of $0.60.
On the harmful side, falling through and closing below $0.33 is undoubtedly a warning data signal for the return of empty orders to the game. This could push ADA/USDT rates down to the important support line of $0.30.
Dogecoin (Doge) is still struggling between 200-day SMA ($0.08) and $0.07. This kind of fusion can be used as a transmitting tower for the next step.
The promotion and closing above the 200-day daily moving average is undoubtedly the first sign of double digestion, absorption and sale. It is likely to attract more stock buying and push the price up to the area of head friction between $0.10 and $0.11.
Another possibility is that the price of gold would turn down from its 200-day daily moving average and break through the support line of $0.07. If such a thing happens, it will show that the empty order has already run over both ends. Subsequently, the Doge/USDT pair is likely to fall to $0.060.
On March 28th, POLYGON rebounded from the strong support line of $1.05, indicating that double heads have vigorously maintained this level.
On March 29, gainers pushed the price of gold above the 20-day average ($1.12), inheriting the momentum of the rebound in gold prices. If customers maintain this improvement, it will also clear the way for areas of head friction that are likely to rebound to between $1.25 and $1.30.
Conversely, if the price of gold falls and falls below the support line of $1.05, it will imply that short orders are sold in a rebound. The Majic / USD pair is likely to slide into the 200-day moving average (US $0.97). This is an important basis that deserves a lot of attention, and if it falls through, the next stop could be $0.69.
SOL has been trading halfway between the trend line and the horizontal support line of $18.70 over the past few days.
Double heads have been buying stocks that have fallen to $18.70 a barrel, but they have failed to push gold prices up and down the trend line. This shows that the empty order is active at the leading level. Such uncertainties are unlikely to last long.
If customers drive prices higher than the downward trend line, this will imply an implicit shift in the trend. The SOL/USDT pair is likely to rise to $27.12 first and then try to rebound to $39 later. Conversely, falling below $18.70 is likely to widen the decline to $15.28.
DOT fell below its 200-day daily average on March 27th, but short orders could not take advantage of that and lowered the price below $5.70.
The duo bought at the medium level and pushed the price back above the 200-day daily moving average on March 28. Customers further improve their ability to kick the price above the 20-day daily average ($6.11). DOT/USDT is likely to soar to $6.70 in the next step. This is also the main short-term friction resistance that double heads can overcome.
If they succeed in achieving the extreme, the pair may try to bounce back to the opposite Hans resistance level. If gold falls below the support point of $5.70 to $5.15, this good news will be denied.
Litecoin (LTC) fell below its 20-day daily average ($87) on March 28th, but the long tail on the candlestick showed solid buying at the medium level.
Duanlong bought again on March 29th in an attempt to push the price above the just-in-time pressure level of $96. If they succeed in ensuring this, the LTC/USDT pair is likely to soar to a strong head pressure level of $106m. The rising daily moving average of 20 days and the RSI around 55 show that customers have a slight advantage.
If the short order needs to prevail, he will be forced to drag the price below the upward trend line. If that happens, the pair could fall to a strong support line of $75.
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