The stock markets in the United States experienced a significant drop on March 15 after Saudi National Bank, the largest investor in the Swiss Bank Credit Suisse, announced that it could not provide further funding to Credit Suisse due to regulatory constraints.
Investors are concerned because Credit Suisse, with substantial U.S. and global operations, disclosed on March 14 that it had identified “certain material weaknesses” in its financial reporting processes for 2021 and 2022. This led to Credit Suisse’s shares hitting an all-time low on March 15.
Following these recent events, the S&P 500 has given up all its gains for the year and is currently trading flat. On the other hand, Bitcoin (BTC) has managed to retain a significant portion of its gains and is up nearly 47% in 2023.
Trezor Bitcoin analyst Josef Tětek believes that the banking crisis could potentially benefit Bitcoin by positioning it as a safe haven asset.
Charles Edwards, the CEO, and founder of Capriole, mentioned that Bitcoin has formed a “bump and run reversal pattern,” with a target price objective of $100,000 and beyond. However, Edwards cautioned traders that this pattern could fail, advising against using it as the sole basis for a trading or investment strategy.
Amidst the unfolding scenario, could Bitcoin and other alternative cryptocurrencies surpass their resistance levels and initiate the next phase of their upward movement? Let’s examine the charts of the top-10 cryptocurrencies to gain insights.
Bitcoin price analysis
The bulls managed to push Bitcoin above the key resistance level of $25,250 on March 14. However, the presence of a long wick on the candlestick indicates that bears are putting up a fight. Heavy selling pressure caused the price to retreat below $25,250. The 20-day exponential moving average ($23,012) is showing an upward trend, and the relative strength index (RSI) is in the positive zone, signaling an advantage for buyers.
If the bulls maintain their position from the current level, the likelihood of a breakout above $25,250 increases. This could lead to the completion of a bullish inverse head and shoulders (H&S) pattern, marking a potential shift in the trend. Subsequently, the BTC/USDT pair may aim for $32,000.
To curb the bullish momentum, the bears would need to swiftly drive the price below the moving averages.
Ether price analysis
Ether (ETH) surged above the resistance level at $1,743 on March 14 but struggled to sustain these higher levels, hinting at bearish resistance. If the price consolidates within the range of $1,743 and the 20-day EMA ($1,588), it may indicate a positive sentiment with traders buying on dips. This could improve the chances of a breakout above $1,743, setting the stage for a strong rally towards the $2,000 mark.
Alternatively, a downward price movement breaking below the moving averages would suggest a potential consolidation phase between $1,743 and $1,352 for some time.
BNB price analysis
BNB (BNB) faced a rejection near the substantial resistance zone around $318, signaling bearish defense between $318 and $338. While buyers have prevented the price from dropping below the 50-day simple moving average ($306), a shallow pullback indicates consistent buying on minor dips.
Buyers are expected to make another push to propel the price above the resistance zone. If successful, the BNB/USDT pair could surge towards $400. However, a breakdown below the 50-day SMA would likely lead to a decline towards the 20-day EMA ($296), further signaling bearish control.
XRP price analysis
XRP (XRP) encountered resistance at the 50-day SMA ($0.38) and formed a Doji candlestick pattern on March 14, reflecting uncertainty between buyers and sellers. The subsequent downward movement on March 15 brought the price back to the strong support level at $0.36. A breach of this support level could trigger a decline towards the channel support near $0.32.
Conversely, if the price remains above $0.36, buyers may attempt to surpass the obstacles at the 50-day SMA and $0.40. A successful breakthrough could fuel upward momentum, potentially driving the pair to $0.43.
Cardano price analysis
Cardano (ADA) surged on March 14 to reach the 50-day SMA ($0.36), but a long wick on the candlestick signals strong selling pressure from bears. The drop below the 20-day EMA ($0.34) on March 15 suggests a possible retest of $0.30, a critical support level that buyers are likely to defend vigorously. Failure to hold this support could lead to a further decline towards $0.27.
Alternatively, a bounce from the current level or $0.30 would indicate buying interest, maintaining the ADA/USDT pair in a range-bound state between the 50-day SMA and $0.50 for a certain period.
Dogecoin price analysis
Dogecoin (DOGE) is currently within a descending channel pattern, facing strong resistance from bears near the downtrend line. The downsloping 20-day EMA ($0.07) and RSI in the negative territory indicate bearish control, with sellers aiming to breach the immediate support at $0.07. A breakdown of this support level could drag the DOGE/USDT pair towards $0.06.
Conversely, a rebound from the current level may suggest buyer interest. The downtrend line remains a crucial level to watch, as a breakthrough could trigger a relief rally towards $0.10.
Polygon price analysis
Polygon (MATIC) is encountering substantial resistance at the 50-day SMA ($1.22), causing a dip below the 20-day EMA ($1.16) on March 15. A potential drop towards the strong support level at $1.05 is possible. Breaching this level may lead to a retest of the $0.94 support, with a further decline potentially targeting $0.69.
Alternatively, a rebound from the $1.05 support could prompt buyers to attempt surpassing the 50-day SMA. A successful breakthrough could enhance the chances of a rally above $1.30.
Solana price analysis
Solana (SOL) is currently confronting bearish resistance at the 50-day SMA ($22.40), with buyers striving to hold above the immediate support at $19.68. A potential push towards the downtrend line is on the horizon, a critical level that, if breached, could signal a trend reversal. Minor resistance at $28 may follow before a potential surge towards $39.
Conversely, a drop below $19.68 would indicate ongoing bearish pressure, potentially leading to a decline towards the substantial support level at $15.28.
Polkadot price analysis
Polkadot (DOT) saw buyers attempting to breach the 50-day SMA ($6.42) on March 14, met with resistance from sellers. With both moving averages appearing flat and the RSI hovering below the midpoint, equilibrium between buyers and sellers is evident. Failure to sustain above the 20-day EMA ($6.07) could result in sideways movement between the 50-day SMA and $5 for some time.
On the flip side, breaking above the 50-day SMA could spark upward momentum, potentially driving the pair towards the neckline of the inverse H&S pattern. To regain control, bears would need to push the price below $5.
Shiba Inu price analysis
Shiba Inu (SHIB) remains within a descending channel pattern, with buyers attempting to breach the channel but facing strong opposition from bears. The challenge lies in maintaining support above the psychological level at $0.000010, as failure could lead to a decline towards the support line of the channel. Buyers are likely to defend the $0.000008 to $0.000007 zone.
A rebound from this support level would suggest potential consolidation within the broader range between $0.000018 and $0.000007. Breaking above the 50-day SMA ($0.000012) in the short term could favor the bulls, potentially leading to a rally towards $0.000014 and $0.000016.
This article does not offer investment advice or recommendations. All investment and trading decisions involve risks, and readers should conduct their research before making any decisions.
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