Bitcoin and the altcoins have broken into the bullish trend zone as the cryptos resumed up trending. Further upward moves of the cryptos are expected as bulls break the recent highs. The bull markets will be range-bound if the recent highs remain unbroken
BTC/USD Major Trend: Bullish
Bitcoin’s (BTC) price is above the moving averages as buyers pushed the largest cryptocurrency to retest the $45,400 overhead résistance. Yesterday, BTC price was repelled at the resistance zone as Bitcoin resumed fluctuations below the $45,000 high. Presently, BTC price is making a series of higher highs and higher lows. On the upside, if the bullish pattern is sustained, buyers will break the $45,400 overhead resistance. A break above the overhead resistance will propel Bitcoin to reach the $50,000 psychological price level.
The market will continue to rise to the previous highs. Bitcoin will trade above the $50,000 and becomes range-bound between $50,000 and $52,000 price levels. Conversely, if the bullish pattern is broken and Bitcoin turns from the resistance zone, the market will decline.BTC will fall but will be in a range-bound move between $41,000 and $45,000 price levels.
XRP/USD Major Trend: Bullish
Ripple’s (XRP) price is trading above the moving averages since March 9. Buyers broke above the $0.75 support but the uptrend has been characterized by small body candlesticks which are called Doji.
The candlesticks indicate that buyers and sellers are undecided about the direction of the market. The bulls have broken the initial resistance at $0.80 but are yet to break above the resistance at $0.90. A break above the resistance at $0.90 will propel XRP to $1.01 overhead resistance. Today, XRP/USD is trading at $0.83 at the time of writing.
DOT/USD Major Trend: Bullish
Today, Polkadot’s (DOT) price has broken above the moving averages as the market reached the high of $21.49. The cryptocurrency is resuming upward after a minor retracement.
The bulls have broken the resistance levels of $19 and $20 as the market continues its upward move. Meanwhile, on March 24 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that DOT will rise to level 1.618 Fibonacci extension or $23.23. From the price action, the market is rising as it reaches the high of $20.92.
LTC /USD Major Trend: Bullish
Litecoin’s (LTC) price is trading in the bullish trend zone as the market reaches the high of $127.78. The cryptocurrency is trading in the overbought region of the market.
The altcoin’s further upward move is doubtful as the market reaches the overbought region. On the upside, the LTC price is retesting the $130 high. A break above the $130 high will propel the altcoin to reach the highs of either $140 or $150 price level. Conversely, if the altcoin faces rejection at the recent high, the market will decline above the moving averages. However, if the bears break below the moving averages, the altcoin will fall and resume downward correction.
LINK /USD Major Trend: Bullish
Chainlink’s (LINK) price is trading in the bullish trend zone as the altcoin rallied to the high of $16. The bulls broke the resistance at $15 but pulled back to retest it.
Chainlink is resuming upward after the rejection at the recent high. Presently, the altcoin is trading in the overbought region of the market. Further upward of the coin is doubtful as the market reaches the overbought region. Nonetheless, in a strong trending market, the overbought condition may not hold. Chainlink will rally to a $19 high if the resistance at $16 is breached. The bullish momentum will extend to the previous highs. However, if the $16 resistance remains unbroken, the altcoin will fall and become range-bound above the moving averages.