On March 24, Tesla CEO Elon Musk announced that American buyers can now buy Tesla vehicles for bitcoins (BTC). Musk also tweeted that Tesla would not transfer BTC payments to Fiat, but would add approximately 48,000 bitcoins to its existing treasury.
Wedbush Securities analyst Dan Ives expects bitcoins to account for less than 5% of Tesla’s transactions, but the percentage may move up as cryptocurrency uptake increases. The analyst said Tesla’s move could be a turning point for bitcoins from a transactional perspective.
This week, CNBC host Jim Cramer thanked Anthony Pompliano in the Pomp Podcast for convincing him to invest $ 500,000 in bitcoins (BTC) in September 2020. Cramer stated that his bitcoin investment had made him a hrom pile of money ’.
At the same time, however, Cramer said his investment in gold “disappointed” him. For this reason, Cramer changed its age-old board to allocate 10% of its portfolio to gold. It now recommends that investors invest 5% of their portfolio allocation in gold and 5% in bitcoin.
Could bitcoins and major altcoins continue their upward trend when positive news acts as a windbreak? Let’s analyze the graphs of the top 10 cryptocurrencies to find out.
BTC / USD
Bitcoins broke and closed under the flag and a 20-day exponential moving average ($ 55,212) on March 22. However, the bears could not take advantage of the weakness and dropped the price to a 50-day simple moving average ($ 50,752). This indicates a lack of vendors at lower levels.
The bulls aggressively bought the decline and today pushed the price back above the 20-day EMA. Another obstacle is the downward trend line. If buyers can raise the price above this resistance, the BTC / USD pair can test their historic high again at $ 61,825.84.
Escape and closing above this level will open the rally door for $ 72,112 and then $ 74,512.78.
However, it is unlikely that the bears would give up without a fight. He will try to stop the current relief rally on the descending line. If the price drops from this resistance, the bears will try again to sink the pair below the 50-day SMA. If they could, the pair could drop to $ 43,006.77.
ETH / USD
After failing to bounce off a 20-day EMA ($ 1742) for several days, Ether (ETH) succumbed to selling pressure and fell below moving averages on 22 March. The bulls are currently trying to push the price back above moving averages.
If buyers succeed in their efforts, the ETH / USD pair may try again to reach an all-time high of $ 2,040.77. A breakout and close above this resistance could restore an uptrend that has a target of $ 2,614.
Conversely, if the price falls from moving averages, it will indicate that sentiment has turned negative and traders are selling at the 20-day EMA rally.
If the price falls and falls below $ 1,647, the pair could extend their decline to $ 1,500 and then to $ 1,289.
BNB / USD
Binance Coin (BNB) trades widely in the range of $ 189 to $ 309.50. The bulls are trying to keep the price above the 20-day EMA ($ 254.66). If they are able to drive the price above $ 280, altcoin can increase to $ 309.50. Leakage of this resistance could signal an advantage for the bulls.
On the other hand, if the price falls from $ 280, it will indicate that traders are reserving profits for the rally. The bears will then try to exploit this weakness and reduce the price below the 20-day EMA.
If they do, the BNB / USD pair could gradually adjust to $ 220 and then to $ 189. An interruption under this support could start a deeper correction.
Currently, the flat moving average and RSI above 55 signal the balance between supply and demand, which results in several more days of consolidation.
ADA / USD
Cardano (HERE IS) broke below the 20-day EMA ($ 1.14) and the price plunged close to $ 1.03 on March 22. The bulls have bought the decline and are currently trying to push the price back above the 20-day EMA.
If they succeed, the ADA / USD pair can begin their journey toward a resistance range of $ 1.48. The flat 20-day EMA and RSI just above Wednesday also suggest several days of consolidation.
Contrary to this assumption, if the price falls from the current level and falls below $ 1.03, it could attract more sales from bears. This could lead to a drop to $ 0.80 and then $ 0.70.
DOT / USD
Failure to maintain Polkadot (DOT) above the resistance line of the symmetrical triangle on March 20, aggressive bulls could get stuck, which led to a correction and the price fell on the support line of the triangle on March 23.
A strong bounce from the supporting line shows that the bulls are accumulating on the dips. Now he will try to drive the price above the triangle again. If they can keep the escape, the DOT / USD pair could move as high as $ 40.10 and then to $ 42.28. The breakout and close to this resistance could start another stage of the uptrend, which could reach $ 55.
Conversely, if the price decreases again from resistance above the head, the couple may extend their stay within the range. The price reached near the top of the triangle. When this happens, the setting is usually canceled.
The flat 20-day EMA ($ 35.39) and RSI just above Wednesday indicate several days of range-based action.
XRP / USD
Long wick XRPThe candlestick on March 22 and 23 indicates that traders are booking profits at higher levels. On the positive side, the bulls continue to buy with each minor dip.
Rising moving averages and RSI above 63 indicate that the bulls have the upper hand. If they can push the price above $ 0.60, the XRP / USD pair may question the stiff resistance at $ 0.65. An escape and closing above this level could attract another purchase, pushing the price to $ 0.78 and then $ 1.
This upward view is invalidated if the price falls and falls below moving averages. Such a move could reduce the price to $ 0.42.
UNI / USD
Uniswap (AT HER) broke over resistance at $ 35.20 on March 22, but the bulls failed to escape. The bulls tried again to overcome the hurdle on March 23, but encountered great selling pressure at higher levels. That pulled the price back to between $ 27.97 and $ 35.20.
The 20-day EMA ($ 30.41) is flattening and the RSI is just above the middle, suggesting that the range-related action may be extended by several days. The longer the time spent to a certain extent, the stronger its possible escape.
An escape and closing above $ 35.20 could start another stretch of uptrend, which could lead the UNI / USD pair to $ 42.43 and then to $ 46. Conversely, a break and closing below $ 27.97 may begin a deeper correction to $ 20.74.
THETA / USD
THETA has a strong upward trend, but the long wick on the candlestick of March 23 showed a reservation of profit at higher levels. However, this did not deter the bulls from moving the altcoin to a new all-time high today.
The inability to maintain higher levels today created the pattern of a shooting star candle. This increases the possibility of repair or consolidation in the next few days. RSI above 90 also shows that the THETA / USD pair is overbought for a short time and may cool down.
The first support disadvantage is the 38.2% Fibonacci retracement level at $ 10.31. If a few bounce back from this support, it will indicate that the trend will remain strong, as the bulls do not wait for a deeper correction of the purchase. Conversely, a break below $ 10.31 could sink the pair into a 20-day EMA ($ 8).
LTC / USD
Litecoin (LTC) created a pattern of Doji candles on March 23, indicating indecision between bulls and bears. This uncertainty has been resolved today and the bulls are trying to push the price above the 20-day EMA ($ 196).
If they succeed, the price could rise to $ 208.10 and then to the resistance line of a symmetrical triangle. The escape over this resistance suggests that the bulls may be in the lead again. The LTC / USD pair could then rally to $ 246.96 and then $ 300.
Alternatively, if the price drops from resistance above the head, the bears will try again to sink the pair under the triangle. If they succeed, sales could intensify, which could reduce the price to $ 152.94 and then to $ 120.
LINK / USD
Chain (LINK) sank below the moving averages and the trend line of the ascending triangle on 22 March. The inability of the bears to capitalize on the weakness and drop the price to $ 24 indicates a lack of sellers at lower levels.
The bulls are trying to push the price back above moving averages, but are likely to face stiff resistance from bears.
If the price falls from moving averages and breaks the support of $ 26.20, the LINK / USD pair could fall to $ 24 and then to $ 20.11. The 20-day EMA ($ 28.63) has started to decline and the RSI is in negative territory, indicating that the bears are trying to gain the upper hand.
Contrary to this assumption, if the bulls pushed the price above the moving averages, the pair could gather at $ 32. A failure of this resistance could increase to $ 36.93.
The views and opinions expressed herein are the sole views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and business move involves risk. You should do your own research when making your decision.
It provides market data HitBTC exchange.