Altcoins are slow behind BTC and a bigger drop could re-shake the market.
Jake
TOP Trader
BTC:
INTRO: BTC pushing into 65k resistance.
Technical analysis for the BTC/USDT chart:
Key Levels:
• Resistance: $65,000
• Support: $50,000, $48,200
Strategy:
• Long: Buy at $60,100 with a stop loss below $59,000 and a target price of $63,000.
• Short: Sell at $63,000 with a stop loss above $63,500 and a target price of $60,000.
Range Description:
BTC/USDT is currently trading in a range between $60,000 and $63,000. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, BTC/USDT is facing resistance at $50,000. And 50,000$ level has been tested today and if the price is above on daily close it will be confirmed as support. A break above $50,000 would signal a bullish breakout and could send the pair higher to $52,000.
On the downside, BTC/USDT is facing support at $48,500. This level is a previous resistance for the day and now holds as support. A break below $48,500 would signal a bearish breakdown and could send the pair lower to $45,000 or even $42,000.
BTC chart TW link: https://www.tradingview.com/x/yH7zHnmn/
ETH:
INTRO: ETH pushing to 3500$.
Here is a technical analysis of the ETH/USDT chart:
Key Levels:
• Resistance: $3550, $3300
• Support: $3350, $3300
Strategy:
• Long: Buy at $3300 with a stop loss below $3000 and a target price of $3500.
• Short: Sell at $3500 with a stop loss above $3600 and a target price of $3300.
Range Description:
ETH/USDT is currently trading in a range between $3300 and $3500. The pair has broken into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, ETH/USDT is facing resistance at $3500. This level hasn’t been tested today and if the price holds above the daily close it will be confirmed as support. A break above $3500 would signal a bullish breakout and could send the pair higher to $3600.
On the downside, ETH/USDT is facing support at $3300. This level is a previous swing low and has been tested multiple times in recent weeks as resistance. A break below $3300 would signal a bearish breakdown and could send the pair lower to $3000 or even $2900.
ETH chart TW link: https://www.tradingview.com/x/IpMSuzH8/
XRP:
INTRO: XRP pushing into 0.67$
Here is a technical analysis of the XRP/USDT chart:
Key Levels:
• Resistance: $0.50, $0.52
• Support: $0.48, $0.46
Strategy:
• Long: Buy at $0.48 with a stop loss below $0.46 and a target price of $0.58.
• Short: Sell at $0.50 with a stop loss above $0.52 and a target price of $0.46.
Range Description:
XRP/USDT is currently trading in a range between $0.48 and $0.52. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with possible retest of support.
On the upside, XRP/USDT is facing resistance at $0.50. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $0.50 would signal a bullish breakout and could send the pair higher to $0.52.
On the downside, XRP/USDT is facing support at $0.48. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $0.48 would signal a bearish breakdown and could send the pair lower to $0.46 or even $0.44.
XRP chart TW link: https://www.tradingview.com/x/mUU2Lwte/
LINK:
INTRO: LINK pushing into 20$.
Here is a technical analysis for the LINK/USDT chart:
Key Levels:
• Resistance: $20
• Support: $17.6
Strategy:
• Long: Buy at $17.6 with a stop loss below $17 and a target price of $20.
• Short: Sell at $20 with a stop loss above $21 and a target price of $17.6.
Range Description:
LINK/USDT is currently trading in a range between $17 and $20. The pair has shifted into range during the day. However, there are signs that the pair is ready to make a move with a possible retest of support.
On the upside, LINK/USDT is facing resistance at $20. This level has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $20 would signal a bullish breakout and could send the pair higher to $22.
On the downside, LINK/USDT is facing support at $17.6. This level is a previous swing low and has been tested multiple times in recent weeks as big resistance. A break below $17.6 would signal a bearish breakdown and could send the pair lower to $17 or even $16.
LINK chart TW link: https://www.tradingview.com/x/AMKQjEqs/
SOL:
INTRO: SOL pushing 135$.
Here is a technical analysis of the SOL/USDT chart:
Key Levels:
• Resistance: $135, $126
• Support: $120, 107$
Strategy:
• Long: Buy at $120 with a stop loss below $100 and a target price of $130.
• Short: Sell at $100 with a stop loss above $107 and a target price of $90.
Range Description:
SOL/USDT is currently trading in a range between 120$ and 140$. However, there are signs that the pair is ready to make a move to push strong resistance at 150$.
On the upside, SOL/USDT is facing resistance at $135. This level it has been tested today and if the price holds above on the daily close it will be confirmed as support. A break above $135 would signal a bullish breakout and could send the pair higher to $150.
On the downside, SOL/USDT is facing support at $120. This level is a previous swing low and has been tested multiple times in recent weeks as big support. A break below $120 would signal a bearish breakdown and could send the pair lower to $100 or even $90.
SOL chart TW link: https://www.tradingview.com/x/GK5RdnHx/
CRYPTO NEWS:
THINGS TO WATCH THIS MONTH
March is here! Which means 2 things…
1. Millions of sports nerds will call themselves “bracketologists” (my buddy just added it to his LinkedIn) as they try to perfectly guess the results for the big college basketball tournament.
This is a yearly phenomenon known as March Madness.
2. BTC and ETH usually see positive monthly returns in March…
• BTC has an average return of +12.19% and has been “green” for 4 of the last 5 years.
• ETH has an average return of +22.07% and has been “green” for 7 of the last 9 years.
So, will March’s green streak continue this year? As much as I wish I could predict the future (like Nicholas Cage in the movie “Next”)… I can’t.
But here are a few big events that could make or break the month:
1. Ethereum’s Dencun upgrade is scheduled to go live on the main network on March 13.
2. The Federal Open Market Committee (FOMC) will meet March 19-20 to decide whether to raise, lower, or keep interest rates the same in the U.S.
According to the CME FedWatch Tool, there’s a 97% chance for “no change”.
3. NVIDIA’s AI Conference begins on March 18.
AI-related cryptocurrencies generally tend to rally around events like this.
4. Token unlocks. 32 projects are expected to unlock tokens worth $2.9B this month.
Here are the biggest ones:
APT will unlock ~$290M on March 12.
ARB will unlock ~$1.1B on March 16. (This is the big kahuna of the month!)
OP will unlock ~$91.56M on March 29.
FAST NEWS:
Michael Saylor’s personal BTC holdings are estimated to be worth over $1B. Back in 2020, Saylor said he personally owned 17,732 BTC – if he’s still holding, that’s now worth ~$1.1B at today’s prices.
Bitcoin ETFs now hold nearly 4% of all BTC. The spot Bitcoin ETFs hold 776,464 BTC worth $47.7B (!!)
Nigeria is demanding $10B from Binance. Nigeria alleges that the crypto exchange’s illegal transactions “harmed the country’s economy.”
A U.S. government survey to get data on cryptocurrency mining companies’ electricity usage has been tabled. The Texas Blockchain Council and bitcoin mining company Riot Platforms then sued the Department of Energy last week and said the survey was a product of a “sloppy government process.”
Bitcoin futures open interest hit an all-time high. According to CoinGlass, the aggregated open interest for bitcoin futures reached over $26 billion on Friday, higher than the final quarter of 2021, when open interest peaked at $24 billion.
Final words:
Watch out for altcoins to catch up with BTC price.
GROW BOT UPDATE:
Copy trade GROW 0.1->10k$ since 18.03.23 we got +219.0% PROFIT!
GROW CURRENTLY:
TRADING COIN: BTC/USDT
SETUP: SHORT
TAKE PROFIT: /
SAFETY ORDERS: /
Liquidation: /
Not Financial Advice!
Good luck with trades,
JAKE
