Bitcoin (BTC) bulls bought the lows to $24,000 on March 15, pushing BTC price above the overhead resistance of $25,250 on March 17. This completes the reverse head and shoulders (H&S) pattern.
Since there is no significant resistance between the current levels and $32,000, the bulls will find it easy to cover this gap in a short period of time. The bears may offer a strong resistance at $32,000, but if the bulls fend off it, BTC/USDT can extend the uptrend to the pattern target of $35,024.
The rising 20-day exponential moving average ($23,298) and the Relative Strength Index (RSI) close to the overbought zone show that the bulls are in control.
If the bears want to regain control, they need to reverse the trend and sink the price below the moving averages. Until then, the bulls will view the downside as a buying opportunity.
Ether (ETH) bounced off the moving averages on March 16, indicating that traders are buying on the downside.
The bulls will try to push the price above the $1,743-$1,780 resistance zone and hold it there. If successful, the ETH/USDT pair will accelerate towards the psychologically important levels of $2,000. This is the final hurdle for ETH to signal the start of a potential uptrend.
The bears may have other ideas. They will try to pull the pair back below the moving averages by stopping the rally in the upper zone. If so, the aggressive bulls could be caught in a trap and the pair could collapse to $1,461.
XRP is staying in a tight range between the 50-day simple moving average ($0.38) and the support at $0.36.
In general, volatility increases after a tight range action. The bulls will try to push the price above the 50-day SMA. If it succeeds, it will signal the start of a strong recovery to $0.42. This level may again act as a strong resistance, but if it breaks out, the rally could reach $0.51.
This positive view will be invalidated in the short term if the XRP price turns down and plummets below $0.36. Afterwards, the pair can turn down to the strong support zone between $0.32 and $0.30.
Translation/Editing Cointelegraph Japan
The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph. All investing and trading involves risk and you should conduct your own research before making any decision.
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