Bitcoin price hits $28K at support, opening the door for ETH, MATIC, HBAR and EOS to breakout
The market witnessed a major banking crisis in March when Silicon Valley Bank and Signature Bank failed and Silvergate Bank went into liquidation as a result of severe financial distress. In Europe, the government brokered a forced takeover of Credit Suisse by UBS. Nevertheless, the US stock markets and the European stock markets ended the month positively.
The cryptocurrency market was also rocked by volatility, but Bitcoin (BTC) rose around 23% in March. Going forward, the picture looks encouraging for Bitcoin bulls in April, with data from Coinglass suggesting that the month has largely favored the buyers.
Although altcoins reacted positively to Bitcoin’s rise, the rise has not been equal across the board. This suggests that the market players have been selective in their purchases. As a result, traders can focus on the movers rather than the laggards.
Let’s study the charts of five cryptocurrencies that look positive in the short term. If they break above the resistance levels, they may offer short-term trading opportunities.
Bitcoin price analysis
Bitcoin is facing stiff resistance at the $29,000 level, but the bulls have not let the price lose ground. This suggests that the bulls are patient as they expect a move higher.
The 20-day exponential moving average ($27,012) is trending up and the relative strength index (RSI) is above 61, indicating that buyers are in control. The bullish momentum is likely to pick up after buyers overcome the hurdle at $29,200. It could start a rally to $30,000 and then to $32,500.
Conversely, if the price turns sharply down from today’s level, it will indicate that the short-term traders are selling. The BTC/USDT pair may fall to the 20-day EMA, which is an important level to keep an eye on.
If this support gives way, the pair could slide to the breakout level of $25,250. This is a make-or-break level for the pair because if it collapses, selling could intensify and the decline could extend to the 200-day simple moving average ($20,424).
Buyers pushed the price above the overhead resistance at $28,868, but could not sustain the higher levels. This suggests that bears are trying to hold the price below $28,868. If bears sustain the price below the 20-EMA, the pair may start the decline towards $27,500 and then to $26,500.
On the upside, a break and close above $28,868 would indicate that the bulls have overpowered the bears. It may signal the start of the next stage of the up move. The target from the break above $26,500 to $28,868 is $31,236.
Ether price analysis
Ether (ETH) rejected from the $1,857 overhead resistance on April 1, but the bulls are not giving up much ground. This suggests that buyers are not rushing to the exit.
The uptrending 20-day EMA ($1,748) and RSI in the positive range suggest that the path of least resistance is up. If bulls drive the price above $1,857, the ETH/USDT pair could reach the psychologically important $2,000 level.
The bears are likely to mount a strong defense at this level, but if bulls overcome this barrier, the next stop could be $2,200. This bullish view will be invalidated in the short term if the price dips below the 20-day EMA and the horizontal support at $1,680.
The 4-hour chart shows that the pair reversed from the overhead resistance at $1,857 and the bears pulled the price below the 20-EMA. This suggests that the short-term bulls may close their positions. The pair may next fall to $1,743 and then to $1,680.
Conversely, if the price emerges and rises back above the 20-EMA, it would indicate that the break may have been a bear trap. A strong pullback from the current level could improve the prospects for a rally above the overhead resistance.
Polygon price analysis
Polygon (MATIC) has been trading near the 20-day EMA ($1.11) in recent days. Usually, a tight consolidation near an overhead resolves resistance to the upside.
If buyers lift 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 guard this zone vigorously because if they fail, the pair could rise to $1.57.
Alternatively, if the price declines from today’s level and breaks below $1.05, it would indicate that the bears are back in the driver’s seat. The pair could then fall to the 200-day SMA ($0.97), which is an important level to watch out for. If this support breaks, the pair could plunge towards $0.69.
The bears are trying to maintain the price below the 20-EMA. If successful, the pair could slide to $1.05 and then to $1.02. This is an important zone for the bulls to defend because if it gives way, the pair could continue its downward movement to $0.94.
On the other hand, if the price goes up from the current level, it would indicate that every minor dip is being bought. That would increase the likelihood of a break above the minor resistance at $1.15. The pair could then rise to $1.25.
Related: Bitcoin copies ‘known’ price trend in 2023, two more calculations show
Hedera price analysis
Buyers fended off several attempts by the bears to lower and sustain Hedera (HBAR) below the 200-day SMA ($0.06) between March 9-28.
The 20-day EMA ($0.06) has started to emerge and the RSI is in the positive territory, indicating that buyers have the upper hand. The HBAR/USDT pair is likely to continue its northward march to the $0.10 to $0.11 resistance zone. Sellers are likely to defend this zone with all their might, but if buyers push through, the pair could start another uptrend.
Contrary to this assumption, if the price goes down and breaks below the 20-day EMA, it would suggest that bears are selling on the support rally. The pair can then retest the crucial support at the 200-day SMA. A break below this level would open the doors to a possible drop to $0.04.
The bulls started a strong recovery from the support near $0.06, but the relief rally is facing strong resistance in the zone between the 50% Fibonacci retracement level at $0.07 and the 61.8% retracement level at $0.08.
On the downside, the bulls are trying to defend the support at the 20-EMA. If the price reverses, the pair may rise to $0.09 and then to $0.10. Conversely, if the price dips below the 20-EMA, it would indicate that bears are still in play. The pair could then drop to the support near $0.06.
EOS Price Analysis
EOS (EOS) is trying to complete a bullish cup and handle formation. Buyers pushed the price above the 20-day EMA ($1.15) on March 29, starting a comeback.
The 20-day EMA has started to turn up gradually and the RSI is in the positive territory, indicating a minor advantage for the bulls. The ETH/USDT pair is likely to rise to the overhead resistance zone between $1.26 and $1.34.
Sellers will likely defend this zone aggressively, but if bulls overpower the bears, the pair could start another uptrend. The pattern target for the reversal setup is $1.74.
On the contrary, if the price goes down from the overhead zone, it will indicate that bears are selling on the rally. The pair may then slide to the 20-day EMA and later to the 200-day SMA ($1.05). A break below this level would indicate that the bears are back in command.
The 4-hour chart shows that the bears are protecting the $1.22 level with strength, but a minor positive is that the bulls have not allowed the price to fall below the 20-EMA. This shows strong demand at lower levels.
The rising 20-EMA and RSI in the positive territory indicate that bulls have a slight advantage. If buyers drive the price above $1.22, the pair could rise to $1.26 and then to $1.34.
Conversely, if the price drops below the 20-EMA, it would indicate that short-term traders can book profits. The pair could then fall to $1.14 and later to $1.06.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
