Since March 18, BTC/USD has shown weakness as it fails to retest or resume upside momentum above the $60,000 overhead resistance. The king coin risks deeper correction if Bitcoin faces another rejection at the $54,000 high. The other altcoins namely Polkadot and Litecoin are in a downward correction as the markets resume upward movement. However, Chainlink is confined in a range as the altcoin continues its range-bound movement.
BTC/USD Major Trend: Bullish
For the past week, BTC/USD has been stuck below the $60,000 overhead resistance. Bitcoin has lost the crucial $58,000 support level. Bitcoin bulls have one more support to defend. That is the $54,000 price level. On March 24, the BTC price was rejected at the $57,000 high. The crypto encountered a bearish reaction as price plunged to $51,000 low. On March 25, the bulls bought the dips as price corrected upward. The bullish scenario is that if the bullish momentum is sustained above the $58,000 high. The upside momentum is likely to resume on the upside. Conversely, if the crypto faces rejection at the recent high, Bitcoin is likely to fall to $48,000 low.
However, the Fibonacci tool has indicated a further downward movement of price. On March 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC price will fall to level 1.618 Fibonacci extension or the low of $48,143.70.40. The Fibonacci tool will hold if the bullish scenario is invalidated. Meanwhile, BTC price is facing rejection at the $55,000 resistance zone.
DOT/USD Major Trend: Bearish
On March 20, DOT price faced rejection at the $40 overhead resistance as the altcoin slumped to the $28 low. The $28 support was holding as price corrected upward. The price correction was to retest the overhead resistance. Polkadot (DOT) has been in a sideways move below the $40 resistance. Presently, the crypto is range bound between $28 and $40.
The altcoin will trend once the range-bound levels are breached. Meanwhile, the Fibonacci tool has indicated a downward movement of price and a possible reversal. On March 24 downtrend, the altcoin fell to $33 low. The retraced candle body tested the 50% Fibonacci retracement level. This retracement gives the impression that DOT will fall to level 2.0 Fibonacci extensions or the low of $ 29.06. From the price action, the DOT price has reversed at the Fibonacci level. The implication is that the market will continue its range-bound move between $28 and $40.
LTC /USD Major Trend: Bearish
Majorly, Litecoin has been in a downward move since its rejection at the $230 overhead resistance. On March 20, the altcoin faced rejection at the $210 resistance zone as price fell to $170 support. At the recent low, the bulls buy the dips as LTC resume an upward move. The crypto’s price has risen above the 21-day SMA. The altcoin will have accelerated price movement if the crypto’s price breaks above the 50-day SMA. Litecoin is trading at $183.40 at the time of writing. If buyers push price above the $200 support, the altcoin will be out of downward correction.
Meanwhile, the price indicator has signaled the reversal of the bearish trend. On March 15 downtrend, LTC fell to $205 low and the retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that LTC will fall and reverse at the 1.272 Fibonacci extension or the low of $180.90. From the price action, the market has reversed at $170 low. The crypto’s price has resumed an upward move.
LINK /USD Major Trend: Ranging
Chainlink has been range-bound for the past month. Following the breakdown on February 23, the altcoin fell to $24 low and corrected upward. LINK is presently fluctuating between $24 and $32 as bulls fail to retest the $34 overhead resistance. In the previous week, buyers could not break the $32 resistance as the crypto fell back to the range-bound zone. Today, LINK/USD is rising on the upside to retest the $32 high. LINK will resume an uptrend if the resistance is breached. On the upside, if the bulls break the $32 resistance, the market will rally above the $34 overhead resistance. Conversely, if the bears break below the $24 support, the altcoin will sink to the low of $14.
