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3/3 technical analysis: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

    After last week's sharp decline, most assets began the new week with a rebound. At the time of writing, the total crypto market capitalization has bounced back from the recent lows of around $ 240.7 billion to $ 251 billion. The strength of the recovery will confirm whether the bottom is reached or not, if this is a dead cat this move to the deeper will continue.

    With the recent decline, Bitcoin's price action has followed the stock-to-flow model designed by PlanB. He expects prices to trade an average of around $ 8,650 until the Bitcoin halving event takes place in May. It will be interesting to see how Bitcoin works in the future as the coronavirus pandemic is still there.

    According to data from Skew, CME's Bitcoin futures volume dropped from $ 1.1 billion on February 18 to $ 204 million on February 28 and open interest rates fell from $ 334 million. to 210 million dollars the same period. This shows that the speculative volume has decreased and the short-term traders are likely to have closed their positions. However, the remaining open interest rates indicate that investors are still holding their positions.

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    Overview of the crypto market on 3/3 | Source: Coin360

    Can the bulls build their position on the relief rally being carried out in most cryptocurrencies? Join us in finding important levels to see if the upward move will continue.

    BTC technical analysis

    Although Bitcoin broke below the 200-day SMA on February 28, the bears have not been able to take advantage of this problem. A failure to pull prices to the next support zone of $ 8,240 – $ 7,856 indicates a lack of sellers at lower levels.

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    Daily BTC / USD chart | Source: TradingView

    Currently, the bulls are attempting to sustain the price above the 200-day SMA. If successful, this will indicate buying at a lower level.

    When the 20-day EMA is sloping down and the RSI is in the negative zone, the advantage rests with the bears. Therefore, we anticipate the relief rally will face resistance at the 20-day EMA. If the price turns down from the 20-day EMA again, the bears will try to push the BTC / USD pair to $ 7,856.

    Conversely, if the bulls can push the price above the 20-day EMA, a move to $ 10,000 is possible. If the price sustains above the 200-day SMA for three days, we may suggest long positions again.

    ETH technical analysis

    Ether is attempting to reverse from $ 210. If the bulls can push the price above the 20-day EMA at $ 237, above the horizontal resistance at $ 235.70, it will indicate buying at lower level.

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    Daily ETH / USD chart | Source: TradingView

    If the ETH / USD pair sustains above the 20-day EMA, a move to $ 288.6 is possible. Therefore, we would suggest long positions after the price rises above $ 237.

    In addition, if the bulls fail to push prices above the 20-day EMA, the bears will make another attempt to lower the price below $ 210. If successful, a fall to $ 197.7 is possible. .

    XRP technical analysis

    The bulls have successfully held the $ 0.22 level for the past few days. This shows the involvement of speculators. XRP is now likely to move up to the moving averages and the neckline of the head and shoulders pattern (H&S). We anticipate the bears to strongly defend $ 0.25- $ 0.26.

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    Daily XRP / USD chart | Source: TradingView

    If altcoin drops from the 20-day EMA, the bears will try to push the price past the support of $ 0.22 again. If successful, a drop to $ 0.18 is possible.

    On the contrary, if the bulls can carry the XRP / USD pair above the moving averages and the H&S neckline at $ 0.263, it will indicate the end of the downtrend. If the price sustains above $ 0.263, then we can suggest long positions again.

    BCH technical analysis

    The bears have failed to sink and maintain Bitcoin Cash below the support of $ 306.78. This is likely to attract speculators who try to trade on relief rallies. If the bulls can push prices above the descending channel, a move to $ 360 is possible.

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    Daily BCH / USD chart | Source: TradingView

    We expect the bears to defend strongly at $ 360. If the BCH / USD pair turns down from $ 360, it can drop back to $ 306.78 again. If this level holds, the pair may remain range bound for a few days.

    However, if the bulls can push the price above $ 360 and sustain it, then the price can move to the next levels at $ 400 and higher at $ 430. If both levels are conquered, the next target will be $ 500. We may suggest long positions when the price closes (UTC time) above $ 360.

    BSV technical analysis

    Although Bitcoin SV has remained below the support level of $ 236 for the past four days, the bears have failed to break the psychological support at $ 200. This shows that buying at lower levels. Currently, the bulls are trying to maintain the price above $ 236.

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    Daily BSV / USD chart | Source: TradingView

    If successful, a move to the 20-day EMA is possible, and this line will likely act as a stiff resistance. If the BSV / USD pair turns down from this level, the bears will make another attempt to sink it below $ 200.

    Conversely, if the bulls can push the price above the 20-day EMA, a move to $ 301.43 and above it to $ 337.8 is possible. We shall wait for a new buy setup to form before recommending a trade in it.

    LTC technical analysis

    Litecoin has been trading close to the 200-day SMA for the past few days. The bulls are currently trying to maintain the price above the 200-day SMA. If successful, the price can retrace to $ 66.14.

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    Daily LTC / USD chart | Source: TradingView

    With the 20-day EMA sloping down and the RSI in the negative zone, the advantage is on the bears. Therefore, we expect the bulls to push the price up to the 20-day EMA at $ 67.25. If the price turns down from this level, the bears will make another attempt to sink the LTC / USD pair below the 200-day SMA.

    If successful, a drop to $ 50 is possible. Conversely, if the bulls can rally above the 20-day EMA, the next target will be $ 80.27.

    EOS technical analysis

    The bulls have held the EOS price above the 200-day SMA for the past few days. This is a positive sign as it indicates buying close to this level. If the bulls can sustain the price above the downtrend line, a move to $ 4 is possible.

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    Daily EOS / USD chart | Source: TradingView

    We expect the bears to defend the $ 4 level strongly. If the EOS / USD pair turns down from this level, the bears will again attempt to break below the 200-day SMA.

    Conversely, if the bulls can push prices above $ 4, a move to $ 4.5 and above to $ 4.87 is possible. We might suggest long positions after the price sustains above $ 4 for three days.

    BNB technical analysis

    A fight is taking place between the bulls and the bears at the 200-day SMA. Currently, the bulls are trying to break out of the 200-day SMA. If successful, Binance Coin can move up to the resistance line of the descending channel.

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    Daily BNB / USD chart | Source: TradingView

    A breakout of the descending channel will indicate the end of the downtrend. On the channel, a move to $ 21.80 is possible.

    If the BNB / USD pair rises above $ 21.8, a move to $ 23.52 and above to $ 27,905 is possible. On the other hand, if the price turns down from the resistance line of the channel, the bears will try to lower the price to $ 16.42. We shall wait for the price to sustain above the channel before recommending a trade in it.

    XTZ technical analysis

    The failure of the bears to maintain Tezos below the 50% Fib retracement level of $ 2.60, has shown that investors are not willing to sell at lower levels. If altcoin can rally above $ 3,011, then the uptrend will continue.

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    Daily XTZ / USD chart | Source: TradingView

    The first target is found at $ 3.50 and higher than $ 3.95. If XTZ / USD rises above its all-time highs, a move to $ 5.37 is possible. We suggest traders buy on a close (UTC time) above $ 3,011 with a stop loss set at $ 2.50.

    Contrary to our assumption, if the price goes down from the 20-day EMA at $ 2.88 or from $ 3 and plummets below $ 2.50, the fall will bring the price down to $ 2.28. and lower is $ 1.83.

    LINK technical analysis

    Chainlink dropped from $ 4.35 on February 29 but the bulls bought dip when the price fell to the 20-day EMA at $ 3.88. This is a positive sign that buyers do not wait for prices to plunge further to buy.

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    Daily LINK / USD chart | Source: TradingView

    If the bulls can push the price above $ 4.35, a retest of the high of $ 4.86 is possible. A breakout to new highs will be a big positive as it will open opportunities to rise to $ 5.69.

    Contrary to our assumption, if the bulls fail to push prices above the overhead resistances, the LINK / USD pair may remain range bound for a few days. Although we are very optimistic with this pair, we do not find a buy setup with a good RR, so we do not suggest trading here.

    Sn_Nour

    According to Cointelegraph

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