Joe Biden has signed an executive order “to establish the first-ever comprehensive federal digital assets strategy for the United States,” the White House has confirmed Bitcoin Up 9.98% moved toward a key resistance level yesterday ( 03/09/2022). Data from coincu.com and TradingView shows that, after trading near the ~$39,000 mark for the past few days, the price of Bitcoin spiked 9.98% to an intraday high of $42,596 as cautious traders flooded back into the market.
BTC Daily Technical Analysis
Daily Technical Analysis BTC/USDT day chart. Source: TradingView
Daily Technical Analysis: After the news, the bulls came in and pushed the price through the $40,000 resistance, broke through the 34 EMA and closed below the 89 EMA (Short term downtrend). To can see uptrend returns we need BTC closing price above $43,000 and can retest resistance to be able to go up from here.
If the next few days’ price closing cant break $43,000 BTC can adjust to ~$38,000 again, the price can drop beard down to ~$35,000. What we are waiting for is a large enough buying force to be able to break through the strong resistance area ~$45,000, however, with the current information it is very unlikely that the bulls will enter to push the price up at an unknown stage. Obviously, the bulls and the bears will take turns pushing the price until one side prevails.
Signal 4h: Sell
BTC/USDT day chart. Source: TradingView
ETH Daily Technical Analysis
As we predicted, ETH has reached ~ $2790.47 with the support of BTC with medium volume. Then ETH returns to restest sport ~$2500. Looking at the daily chart price is still trading below EMA34 and 89 however considering the 4h frame price is trading within these two moving averages exponentials plus the MACD(12,26) is in the negative territory ETH likely to retest the support around ~$2490.
Signal 4h: Sell
ETH/USDT 4H chart. Source: TradingView
BNB Daily Technical Analysis
BNB has reached ~$400 as our plan, 4h candle dropped the beard to the upper edge of the triangle, and closed below the EMA89 supporting the downtrend. Plan today BNB will return retest support around ~$360. The bulls and the bears will compete with each other for the advantage of this position, if the bulls are enough strong and have the support of BTC then it is possible to return to the test EMA 34 ~$389.
Signal 4h: Sell
BNB/USDT day chart. Source: TradingView
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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.
Alan
Coincu Ventures
