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Bitcoin price turns $28,000 for support, opening door for ETH, MATIC, HBAR and EOS

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The market experienced a major banking crisis in March when Silicon Valley Bank and Signature Bank went bankrupt and Silvergate Bank went into liquidation following serious financial difficulties. In Europe, the government negotiated a forced takeover of Credit Suisse by UBS. Yet US stocks markets and the European stock markets ended the month on a positive note.

The cryptocurrency market was also rocked by volatility, but Bitcoin (BTC) gained around 23% in March. Looking ahead, things look encouraging for Bitcoin bulls in April, and data from Coinglass suggests that the month was largely in favor of buyers.

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Daily view of crypto market data. Source: Coin360

Although altcoins reacted positively to Bitcoin’s rise, the rally was not equal across the board. This suggests that market participants have been selective in their purchases. As a result, traders could focus on movers rather than laggards.

Let’s study the charts of five cryptocurrencies that look positive in the short term. If they break through their resistance levels, they may offer short-term trading opportunities.

bitcoin price analysis

Bitcoin is facing strong resistance at the $29,000 level, but the bulls have not allowed the price to lose ground. This suggests that the bulls are showing patience as they anticipate an upward move.

BTC/USDT daily chart. Source: Trading View

The 20-day exponential moving average ($27,012) is trending higher and the Relative Strength Index (RSI) is above 61, indicating that the buyers are in control. The bullish momentum should pick up after the buyers clear the hurdle at $29,200. This could trigger a rally to $30,000 and then to $32,500.

Conversely, if the price drops sharply from the current level, it will suggest that short-term traders are selling. The BTC/USDT pair could drop to the 20-day EMA, which is an important level to watch.

If this support gives way, the pair could slide down to the breakout level of $25,250. This is a decisive level for the pair because if it breaks down, the selling could intensify and the decline could extend to the 200-day simple moving average ($20,424).

BTC/USDT 4 hour chart. Source: Trading View

The buyers pushed the price above the overhead resistance at $28,868 but were unable to sustain the higher levels. This suggests that the bears are trying to keep the price below $28,868. If the bears keep the price below the 20-EMA, the pair could start its slide towards $27,500 and then towards $26,500.

On the upside, a breakout and close above $28,868 will indicate that the bulls have mastered the bears. This could signal the start of the next leg of the upward movement. The target objective from the break above the $26,500-$28,868 range is $31,236.

Ether Price Analysis

Ether (ETH) turned down overhead resistance at $1,857 on April 1, but the bulls aren’t giving much ground. This suggests buyers are not rushing out.

ETH/USDT daily chart. Source: Trading View

The upward sloping 20-day EMA ($1,748) and the RSI in the positive zone suggest that the path of least resistance is to the upside. If the bulls push the price above $1,857, the ETH/USDT pair could hit the psychologically important level of $2,000.

The bears are likely to mount a strong defense at this level, but if the bulls overcome this barrier, the next stop could be $2,200. This positive view will be invalidated in the short term if the price dips below the 20-day EMA and horizontal support at $1,680.

ETH/USDT 4 hour chart. Source: Trading View

The 4-hour chart shows that the pair declined from the broad resistance at $1,857 and the bears pulled the price below the 20-EMA. This suggests that the short-term bulls might close their positions. The pair could then fall to $1,743 and then to $1,680.

On the contrary, if the price moves back up and back above the 20-EMA, it will suggest that the breakout may have been a bear trap. A strong rebound from the current level could improve the outlook for a rally above overhead resistance.

Polygon Price Analysis

Polygon (MATIC) has been trading near the 20-day EMA ($1.11) for the past few days. Typically, a tight consolidation near overhead resistance resolves to the upside.

MATIC/USDT daily chart. Source: Trading View

If the buyers push the price above the 20-day EMA, the MATIC/USDT pair will attempt a rally to $1.25 and then to $1.30. The bears are expected to vigorously guard this zone as if they fail, the pair could rise to $1.57.

Alternatively, if the price declines from the current level and breaks below $1.05, this will suggest that the bears are back in the driver’s seat. The pair can then fall to the 200-day SMA ($0.97), which is an important level to watch. If this support cracks, the pair could drop towards $0.69.

MATIC/USDT 4 hour chart. Source: Trading View

The bears are trying to keep the price below the 20-EMA. If successful, the pair could slide to $1.05 and then $1.02. This is an important area for bulls to defend because if it gives way, the pair could continue lower to $0.94.

On the other hand, if the price is rising from the current level, it will suggest that every minor dip is being bought. This will increase the likelihood of a break above the minor resistance at $1.15. The pair can then rise to $1.25.

Related: Bitcoin copying ‘familiar’ price trend in 2023, two more metrics show

Hedera price analysis

The buyers foiled several attempts by the bears to sink and hold Hedera (HBAR) below the 200-day SMA ($0.06) between March 9 and March 28.

HBAR/USDT daily chart. Source: Trading View

The 20-day EMA ($0.06) has started to rise and the RSI is in positive territory indicating that the buyers have the upper hand. HBAR/USDT is likely to continue its march north towards the $0.10-$0.11 resistance zone. Sellers will likely defend this area with all their might, but if buyers bulldoze their way in, the pair could start a new uptrend.

Contrary to this assumption, if the price declines and breaks below the 20-day EMA, it will suggest that the bears are selling on relief rallies. The pair can then retest the crucial support at the 200-day SMA. A break below this level will open the doors for a possible decline to $0.04.

HBAR/USDT 4 hour chart. Source: Trading View

The bulls started a strong rally from the support near $0.06, but the relief rally is facing strong resistance in the area between the $0.07 50% Fibonacci retracement level and the $0.07 level. 61.8% retracement of $0.08.

On the downside, the bulls try to defend the support at the 20-EMA. If the price rebounds, the pair may rally to $0.09 and then to $0.10. Conversely, if the price drops below the 20-EMA, it will suggest that the bears are still in play. The pair could then drop towards the support near $0.06.

EOS Price Analysis

EOS (EOS) is attempting to complete a bullish cup and handle formation. The buyers pushed the price above the 20-day EMA ($1.15) on March 29, initiating a rally.

EOS/USDT daily chart. Source: Trading View

The 20-day EMA has started to gradually rise and the RSI is in positive territory indicating a minor upside for the bulls. ETH/USDT is likely to hit the overhead resistance zone between $1.26 and $1.34.

Sellers are likely to defend this zone aggressively, but if the bulls outweigh the bears, the pair could start a new uptrend. The pattern target of the reversal setup is $1.74.

On the contrary, if the price drops from the overhead zone, it will indicate that the bears are selling on rallies. The pair might then slide towards the 20-day EMA and later towards the 200-day SMA ($1.05). A break below this level will suggest the bears are back in control.

EOS/USDT 4 hour chart. Source: Trading View

The 4-hour chart shows the bears protecting the $1.22 level with vigor, but a small silver lining is that the bulls haven’t allowed the price to dip below the 20-EMA. This shows strong demand at lower levels.

The upward sloping 20-EMA and the RSI in positive territory indicate that the bulls have a slight advantage. If the buyers propel the price above $1.22, the pair could rise to $1.26 and then to $1.34.

On the contrary, if the price drops below the 20-EMA, it will suggest that short-term traders might register profits. The pair could then fall to $1.14 and later to $1.06.