- Bitcoin and Ethereum have seen a deeper retracement than Solana.
- SOL bulls might have to wait for sentiment to shift in their favor once more before going long.
Bitcoin [BTC] and Ethereum [ETH] saw some of their gains from earlier this month retraced. As the halving approaches, we could see a short-term “sell the event” type of drop in prices before bulls pick up the pieces once more.
On the other hand, Solana [SOL] maintained its bullish strength, although it has also slowed down over the past ten days. AMBCrypto assessed their price charts against one another to understand where prices could be headed next.
Bitcoin bulls might have to wait for some more retracement
Source: BTC/USDT on TradingView
The one-day market structure of BTC was bullish. A move below $50.5k would flip it bearishly, while a move above $73.7k would signal a bullish continuation. At press time, the $59.4k and $55.5k Fibonacci retracement levels (pale yellow) were important support levels.
AMBCrypto expects that one of these levels would likely be tested in search of liquidity before the uptrend can resume. This retest could occur quickly, in the form of a liquidation cascade, or it could be a protracted move.
The RSI showed momentum was neutral and buyers have lost their advantage recently. The OBV also approached a support level in early March. Together, it signaled that buyers might not be able to hold prices above the $60k mark.
Source: Hyblock
Examining the liquidation levels showed where BTC could be attracted to next. The $50k psychological level was bright on the heatmap, but such a drop was unlikely based on the evidence at hand.
Closer to current market prices, the $60.8k, $57.2k, and $55k levels were more attainable targets for the bears. A sweep of these liquidity pockets could pave the way for Bitcoin to resume its uptrend in earnest.
Ethereum had a perfect retest but faced rejection anyway
Source: ETH/USDT on TradingView
Unlike Bitcoin, Ethereum already tested its 78.6% retracement level based plotted based on a recent rally. The drop to the $3160 level saw a strong, quick bullish reaction that drove prices to $3580.
Yet it was not enough and the bulls faced rejection just below $3600. The OBV also sank to a local high it had made on the 21st of February when the $3000 mark was a resistance zone.
The RSI has been below neutral 50 for the past ten days and showed bearish momentum was strong. Together, the indicators and price action showed that the retracement was not necessarily over. We could see ETH drop to $3160 or lower once more.
There was a significant pocket of liquidity at $3000 that prices could test shortly.
Source: Santiment
The on-chain metrics were slightly more encouraging. The MVRV ratio remained positive and showed holders were at a profit. The daily active addresses metric has been trending higher since the 10th of February.
The dormant circulation metric has been successful in recent months in marking a local top. Surges in this metric can also indicate panic selling near the bottom. Therefore, swing traders would want to see a sharp drop in prices to key demand zones highlighted earlier.
A spike in dormant circulation alongside this could well mark the local bottom and a good buying opportunity.
Solana to $130 or $260 next?
Source: SOL/USDT on TradingView
While BTC and Ethereum saw notable retracements, SOL maintained its upward trajectory. It hasn’t closed in on the 50% retracement level yet from the previous swing low. Although the bulls were unable to climb above the psychological $200, it still suggested bulls had strength.
This was further reinforced by the OBV staying well above a resistance level it broke after much effort late in February. Meanwhile, the RSI continued to move above neutral 50 to show bullish momentum was dominant.
The $106.9 and $128.8 support levels could still be retested if Bitcoin falls below the $60k mark. However, the indicators do not suggest that such a deep retracement was likely in the coming days.
Source: Coinalyze
The spot CVD has moved sideways over the past two days, but was in an uptrend earlier. The spot demand slowed down alongside the Open Interest as prices remained below $200 over the past week.
This suggested that bullish conviction was not strong yet, but also that selling pressure has not been remarkable in the spot markets. The bulls could pull off a recovery, provided sentiment behind BTC could shift bullishly as well.
Is your portfolio green? Check the Bitcoin Profit Calculator
Overall, all three markets had a long-term bullish bias. A Bitcoin move back above the $73k level appears to be a question of when, not if, given the recent demand.
Over the coming months, the losses of the past two weeks could be just a blip.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- Bitcoin and Ethereum have seen a deeper retracement than Solana.
- SOL bulls might have to wait for sentiment to shift in their favor once more before going long.
Bitcoin [BTC] and Ethereum [ETH] saw some of their gains from earlier this month retraced. As the halving approaches, we could see a short-term “sell the event” type of drop in prices before bulls pick up the pieces once more.
On the other hand, Solana [SOL] maintained its bullish strength, although it has also slowed down over the past ten days. AMBCrypto assessed their price charts against one another to understand where prices could be headed next.
Bitcoin bulls might have to wait for some more retracement
Source: BTC/USDT on TradingView
The one-day market structure of BTC was bullish. A move below $50.5k would flip it bearishly, while a move above $73.7k would signal a bullish continuation. At press time, the $59.4k and $55.5k Fibonacci retracement levels (pale yellow) were important support levels.
AMBCrypto expects that one of these levels would likely be tested in search of liquidity before the uptrend can resume. This retest could occur quickly, in the form of a liquidation cascade, or it could be a protracted move.
The RSI showed momentum was neutral and buyers have lost their advantage recently. The OBV also approached a support level in early March. Together, it signaled that buyers might not be able to hold prices above the $60k mark.
Source: Hyblock
Examining the liquidation levels showed where BTC could be attracted to next. The $50k psychological level was bright on the heatmap, but such a drop was unlikely based on the evidence at hand.
Closer to current market prices, the $60.8k, $57.2k, and $55k levels were more attainable targets for the bears. A sweep of these liquidity pockets could pave the way for Bitcoin to resume its uptrend in earnest.
Ethereum had a perfect retest but faced rejection anyway
Source: ETH/USDT on TradingView
Unlike Bitcoin, Ethereum already tested its 78.6% retracement level based plotted based on a recent rally. The drop to the $3160 level saw a strong, quick bullish reaction that drove prices to $3580.
Yet it was not enough and the bulls faced rejection just below $3600. The OBV also sank to a local high it had made on the 21st of February when the $3000 mark was a resistance zone.
The RSI has been below neutral 50 for the past ten days and showed bearish momentum was strong. Together, the indicators and price action showed that the retracement was not necessarily over. We could see ETH drop to $3160 or lower once more.
There was a significant pocket of liquidity at $3000 that prices could test shortly.
Source: Santiment
The on-chain metrics were slightly more encouraging. The MVRV ratio remained positive and showed holders were at a profit. The daily active addresses metric has been trending higher since the 10th of February.
The dormant circulation metric has been successful in recent months in marking a local top. Surges in this metric can also indicate panic selling near the bottom. Therefore, swing traders would want to see a sharp drop in prices to key demand zones highlighted earlier.
A spike in dormant circulation alongside this could well mark the local bottom and a good buying opportunity.
Solana to $130 or $260 next?
Source: SOL/USDT on TradingView
While BTC and Ethereum saw notable retracements, SOL maintained its upward trajectory. It hasn’t closed in on the 50% retracement level yet from the previous swing low. Although the bulls were unable to climb above the psychological $200, it still suggested bulls had strength.
This was further reinforced by the OBV staying well above a resistance level it broke after much effort late in February. Meanwhile, the RSI continued to move above neutral 50 to show bullish momentum was dominant.
The $106.9 and $128.8 support levels could still be retested if Bitcoin falls below the $60k mark. However, the indicators do not suggest that such a deep retracement was likely in the coming days.
Source: Coinalyze
The spot CVD has moved sideways over the past two days, but was in an uptrend earlier. The spot demand slowed down alongside the Open Interest as prices remained below $200 over the past week.
This suggested that bullish conviction was not strong yet, but also that selling pressure has not been remarkable in the spot markets. The bulls could pull off a recovery, provided sentiment behind BTC could shift bullishly as well.
Is your portfolio green? Check the Bitcoin Profit Calculator
Overall, all three markets had a long-term bullish bias. A Bitcoin move back above the $73k level appears to be a question of when, not if, given the recent demand.
Over the coming months, the losses of the past two weeks could be just a blip.
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
how can i get generic clomid tablets clomiphene tablete where buy cheap clomid without prescription clomiphene at clicks get clomiphene for sale where to buy cheap clomiphene price order generic clomiphene for sale
The depth in this piece is exceptional.
I am actually thrilled to gleam at this blog posts which consists of tons of profitable facts, thanks for providing such data.
cheap azithromycin – sumycin 500mg cost flagyl 400mg pill
rybelsus for sale – buy rybelsus 14mg for sale cyproheptadine for sale
domperidone where to buy – motilium cheap cyclobenzaprine 15mg pill
buy generic azithromycin 250mg – tinidazole 500mg us nebivolol order online
augmentin sale – atbioinfo buy acillin pill
buy esomeprazole 40mg online cheap – anexa mate buy esomeprazole 40mg sale
order coumadin 5mg sale – https://coumamide.com/ hyzaar for sale online
buy cheap generic meloxicam – https://moboxsin.com/ order mobic 15mg
deltasone 40mg sale – aprep lson buy prednisone generic
buy ed pills without a prescription – https://fastedtotake.com/ buy ed pills generic
buy amoxil cheap – combamoxi cheap amoxil generic
diflucan online buy – https://gpdifluca.com/ order diflucan pill
brand cenforce 50mg – https://cenforcers.com/# buy cenforce without prescription
what to do when cialis stops working – ciltad gn cialis w/dapoxetine
buy zantac 300mg pills – site buy ranitidine medication
how to get cheap viagra – click how old do you have to be to buy viagra
More posts like this would force the blogosphere more useful. purchase nolvadex without prescription
The reconditeness in this tune is exceptional. https://ursxdol.com/get-metformin-pills/
The reconditeness in this serving is exceptional. https://prohnrg.com/product/diltiazem-online/
More articles like this would make the blogosphere richer. https://aranitidine.com/fr/cialis-super-active/