Price analysis 3/3: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC
Bitcoin (BTC) is leading the cryptocurrency markets lower and the matter is being exacerbated by Silvergate Banks' ongoing issues. This week the cryptocurrency-focused bank said that it needed additional time to file its annual 10-K report and warned that it may not be able to operate for another 12 months. Reacting to this news, several cryptocurrency companies announced that they were reducing or canceling their partnerships with Silvergate Bank.
The uncertainty regarding the future of the bank and its overall impact on the cryptocurrency sector may have caused a knee-jerk reaction. However, if the contagion does not spread, the downside may be limited.
Another positive for the cryptocurrency markets is that the United States equities markets are attempting to start a recovery. This suggests that traders continue to add risk to their portfolios at lower levels. This risk-on sentiment may limit the downside in Bitcoin and select altcoins.
What are the important levels on the downside that may act as a support and start a recovery in Bitcoin and the major altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
The failure to rise above the $24,000 level may have tempted traders to book profits. The selling accelerated on March 3 and the bears pulled the price below the immediate support at $22,800.
The 20-day exponential moving average ($23,332) is still flat but the relative strength index (RSI) has plunged below 44, indicating that the short-term momentum has turned bearish. The next crucial support to watch on the downside is $21,480.
Buyers are expected to defend this level with all their might because a break and close below it could open the doors for a retest of the psychologically important level
Read more on cointelegraph.com
