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Technical analysis on 10/3: BTC, ETH, XRP, BCH, BSV, LTC, EOS, BNB, XTZ, LINK

    On Monday, crude oil prices fell about 30% to the lowest level seen since February 2016. This has caused a sell-off in global stock markets, which has been reeling under the pressure of a decline. decreased due to the outbreak of corona virus. At its lowest, crude oil traders have lost about 55% since the beginning of the year. Similarly, the US market has plummeted about 15% since the beginning of the year.

    Although Bitcoin has dropped about 26% from its high, it has still increased about 7% since the beginning of the year. This shows that it is outperforming both the stock market and the oil market. While it's difficult to pinpoint specific reasons for Bitcoin's decline, it's likely that traders are facing liquidation of their cryptocurrencies when playing Margin.

    As prices began to fall, traders who were on the sidelines watching delayed their buying, and waited for a bottom to form. This leads to a further decline due to lack of demand. Along with other possible reasons, this could also be one of the reasons why the cryptocurrency market plummeted.

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    Overview of the crypto market on 10/3 | Source: Coin360

    Let's study the charts of the major cryptocurrencies to find out the key levels, where buyers can enter.

    BTC technical analysis

    On March 6 and 7, Bitcoin failed to close (UTC time) above the 20-day EMA, and this attracted more sellers.

    The downtrend has increased after the bears pushed the BTC / USD pair below the 200-day SMA at $ 8,670 and the next support at $ 8,400. This shows that recent traders have been liquidating their assets.

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    Daily BTC / USD chart | Source: TradingView

    Currently, the bulls are attempting to defend the support of $ 7,856 and the support line of the descending channel. If successful, a rise to $ 8,400 is possible, now this level will probably act as a stiff resistance after a break.

    If the price drops from $ 8,400, the bears will make another attempt to bring the pair to the next support zone of $ 7,000 – $ 6,435. The 20-day EMA is sloping down and the RSI is near the oversold zone, which shows that the bears have the advantage.

    The first sign of strength will be a breakout above the 200-day SMA and the resistance line of the descending channel. If the price sustains above the channel, we may suggest long positions again. Until then, we suggest traders stay on the sidelines.

    ETH technical analysis

    The price of Ether closed (UTC time) above the resistance of $ 235.70 on March 6, which triggered our buy recommendation made in a previous analysis. However, this is a bull trap, as the price quickly returned from $ 251.78 on March 7.

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    Daily ETH / USD chart | Source: TradingView

    The ETH / USD pair plummeted on March 8, and broke down below the support of $ 209.95, triggering our proposed stop loss at $ 208. Currently, the bulls are attempting to Try to defend the support at $ 197.75. A rebound from this level can cost as much as $ 209.95 and above the 20-day EMA at $ 229.

    However, if the bulls fail to defend the support at $ 197.75, a fall to the 200-day SMA at $ 179 is possible. The 20-day EMA is sloping down and the RSI in the oversold zone shows that the bears have the upper hand. We shall wait for a new buy setup to form before recommending a trade in it again.

    XRP technical analysis

    The XRP price was rejected when it hit the 20-day EMA on March 7. The strong sell on March 8 pulled the price below the critical support at $ 0.2225. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which shows that the bears have an order.

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    Daily XRP / USD chart | Source: TradingView

    Currently, the bulls are trying to defend the psychological support at $ 0.20. If successful, a relief rally to $ 0.2225 is possible. We hope the bears will actively defend this level.

    If the price turns down from $ 0.2225, the bears will attempt to resume the downtrend and pull the price back to $ 0.1746. Our bearish view will be invalidated if the XRP / USD pair breaks down and sustains above the 20-day EMA.

    BCH technical analysis

    Bitcoin Cash fell from the 20-day EMA on March 7. This shows a strong sell by the bears at the overhead resistance. Altcoin broke below the support of $ 306.78 and the 200-day SMA at $ 282 on March 8, which is a huge negative.

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    Daily BCH / USD chart | Source: TradingView

    Currently, the bulls are attempting to defend the support at $ 270.15. If successful, the BCH / USD pair can pull back to $ 306.78 and above it to $ 360.

    However, if the price slides down and sustains below $ 270.15, then the next sell-off will take place. Major support if the price continues to fall to be found at $ 200. We shall wait for the pair to maintain the $ 270.15 rise before giving a positive trend.

    BSV technical analysis

    The bulls' repeated failure to push Bitcoin SV above the 20-day EMA has attracted selling. Altcoin turned around on March 7 and broke below the most recent low of $ 204.31 on March 8. This is a huge negative.

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    Daily BSV / USD chart | Source: TradingView

    If the bears can sustain the price below the psychological support of $ 200, then the BSV / USD pair can drop to the 200-day SMA at $ 159 and below this to $ 120.

    The pair is currently trading inside a descending channel. The first sign of strength will be a breakout above the 20-day EMA at $ 246, just above the channel. However, since the pair has become one of the least performing coins in the past few days, we will wait for a new buying setup to form before turning positive.

    LTC technical analysis

    The bears have been actively defending the 20-day EMA. The strong sell on March 8 caused Litecoin to drop below the 200-day SMA, and this is a huge negative. Currently, the bulls are trying to defend the psychological support at $ 50.

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    Daily LTC / USD chart | Source: TradingView

    If this support breaks, the LTC / USD pair can fall to $ 40 and below this to $ 35.85. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which shows that the bears have the upper hand.

    However, if the bulls can defend the support at $ 50, then the pair can again move up to $ 66.14 and maintain the limited range between these two levels. We shall wait for a new buy setup to form before recommending a trade in it.

    EOS technical analysis

    EOS plummeted from the 20-day EMA on March 7 and fell below the 200-day SMA on March 8. The failure of the bulls to defend the 200-day SMA at $ 3.35 is a big negative as it indicates a low buyer shortage.

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    Daily EOS / USD chart | Source: TradingView

    Currently, the bulls are trying to defend the psychological support at $ 3, but if the price doesn't recover strongly at this level, it will attract more selling. If the EOS / USD pair slides below $ 3, a fall to $ 2.40 is possible. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which shows that the bears have the upper hand.

    Also, if the pair rebounds from $ 3, then the bulls will attempt to push the price back above the 200-day SMA. If successful, a relief rally to the 20-day EMA and up to $ 4 is possible. We shall wait for a new buy setup to form before recommending a trade in it.

    BNB technical analysis

    The bulls could not push Binance Coin above the overhead resistance at $ 21.8. This attracted selling power, and dropped the altcoin below the 20-day EMA at $ 20 and the 200-day SMA at $ 18.50.

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    Daily BNB / USD chart | Source: TradingView

    There is a minor support at $ 16, however if this level is conquered then the fall can extend to $ 14. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which shows that the bears are in command.

    However, if the BNB pair bounces back from the current support of $ 16, it can move up to the 200-day SMA and above it to the 20-day EMA. We do not find any buy setups at current levels, so we advise traders to stay on the sidelines.

    XTZ technical analysis

    Although Tezos has sustained above $ 3,011 for three days, the bulls cannot accumulate on the breakout. This shows the lack of buyers at a higher level. Altcoin reversed direction on March 7 and plummeted below the support of $ 2.52.

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    Daily XTZ / USD chart | Source: TradingView

    This triggered the proposed stop loss in our previous analysis. Currently, the bulls are attempting to defend the support at $ 2.28, which is the Fib retracement 61.8% of the most recent rally. Below this level, the fall can extend down to the support line of the descending channel at $ 2.

    Our bearish view will be invalidated if the bulls can push the XTZ / USD pair above the channel. Such a move will increase the likelihood of resuming the uptrend.

    LINK technical analysis

    Chainlink has broken below the 20-day EMA and the trendline support line. However, the bulls have stepped in to defend the uptrend line, which is a bullish sign. If altcoin breaks out of the trend line, the bulls will again attempt to bring the price to a recent high of $ 4.97.

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    Daily LINK / USD chart | Source: TradingView

    Conversely, if the bears sink and sustain the LINK / USD pair below the uptrend line, a fall to $ 3.31 is possible. An incident below this support level will complete a two-peak pattern, and this will be a huge negative as it is also given with the bearish divergence of the RSI.

    The 20-day EMA is flattening out and the RSI is just below the midpoint, which shows an action that limits the range for a few days. We shall wait for a range to form before proposing a trade in it.

    Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

    Sn_Nour

    According to Cointelegraph

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