CRYPTO TRADE OPPORTUNITIES

BITCOIN - BTC/USD

may have tempted some short-term bulls to book profits and aggressive bears to establish short positions.

Continued selling pulled the price below the 20-day exponential moving average (EMA) on February 24 but a minor solace for the bulls is that the 50-day SMA did not break down.

The 20-day EMA has flattened out and the relative strength index (RSI) is near the midpoint, indicating a balance between supply and demand.

We warned traders in the previous analysis that bears are unlikely to give up and Bitcoin may plummet to the 50-day simple moving average (SMA) and that is how it played out.

The bulls pushed the price above $25,000 on February 21 but they could not sustain the higher levels. That

ETHEREUM - ETH/USD

If the price breaks below the 50-day SMA, the pair could plummet to $21,500. This level is likely to attract strong buying by the bulls. If that happens, the BTC/ USD pair may swing between $21,500 and $25,000 for a few days.

A break above $25,000 or below $21,500 could start a trending move. Until then, the price action is likely to remain random and volatile.

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The flattish 20-day EMA and the RSI near the midpoint also do not give a clear advantage either to the bulls or the bears.

If the price turns down and breaks below the 50-day SMA, the ETH/USD pair could slide to $1,462. The bulls will try to defend this level but if it cracks, the correction may extend to $1,352. However, we give this a low probability of occurring.

On the upside, the bulls will have to achieve a close above $1,700 to gain the upper hand. That could start a new up-move to the psychological level of $2,000. There is a solid resistance at $1,800 but that is likely to be crossed.

Ether remains sandwiched between the 50-day SMA and the overhead resistance of $1,700. This tight-range trading indicates indecision among the bulls and the bears. The longer the price trades inside a narrow range, the stronger will be the breakout from it.

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Binance Coin continues to trade inside the range between $280 and $318. The moving averages are on the verge of a bearish crossover, where the 20-day EMA is about to fall below the 50-day SMA.

This will signal a minor advantage to the bears. If the price turns down and breaks below $295, the pair could tumble to $280.

Buyers are expected to defend this level with all their might because if this support collapses, the BNB/ USD pair will complete a bearish Head and Shoulders pattern. This negative setup has a pattern target of $220.

This negative view could invalidate in the near term if the price turns up from the current level and rises above $318. Such a move will suggest that bulls are back in the driver’s seat.

That will increase the possibility of a break above $338. If that happens, the bearish H&S setup will be negated which is a bullish sign. The pair could then soar to $360 and later reach $400.

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This suggests an absence of aggressive buying at the current level. The 20-day EMA has started to turn down and the RSI is in the negative territory, indicating that the path of least resistance is to the downside.

If the price dives below $0.36, the selling could accelerate and the XRP/USD pair may tumble toward $0.33. The zone between $0.33 to $0.30 is likely to act as solid support.

Contrary to this assumption, if the price turns up from the current level and rises above the 20-day EMA, the bulls may breathe a sigh of relief.

XRP broke below the moving averages on February 24 and reached the support line of the symmetrical triangle pattern. Though the bulls have held this level, they failed to achieve a strong rebound off it.

The short-term advantage will turn in favor of the buyers after they push and sustain the pair above the triangle.

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buyers have been attempting to push the price back above the moving averages but the bears have held their ground.

The moving averages are close to completing a bearish crossover and the RSI has slipped below 50, signaling that bears are attempting a comeback. If the price turns down from the current level and breaks below $0.34, the selling could pick up and the ADA/USD pair may drop to $0.32 and thereafter to $0.30.

We cautioned traders in the previous analysis that the negative divergence on the RSI indicates that the bullish momentum could be weakening.

Cardano broke below the 20-day EMA on February 23 and the 50-day SMA on February 24. Since then,

Conversely, if buyers propel the price above the moving averages, short-term bears may get trapped. That could open the doors for a possible rally to $0.44.

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