Bitcoin has stayed within the price range of $26.7k-28.8k for the past week and appears to be forming a distribution pattern with daily charts showing several profit-taking opportunities for traders. On the 1-hour chart, it has fallen below significant levels of 21 EMA and 200 MA. However, the market still seems to be in greed mode, so traders and investors should be cautious, especially as the $28.8k level has been a strong resistance level for Bitcoin since 2020.
On March 27, 2023, Ethereum (ETH) also displayed a distribution pattern, with a bearish engulfing candle on the daily chart. It is presently showing robust support over the 21 daily EMA and the price range of $1705-1715, while facing resistance at the 21 EMA level on the 4h chart. Just like Bitcoin, Ethereum has also witnessed multiple profit-taking candles on the daily chart, with significant profit-taking taking place in the $1800-1860 area for the premier market altcoin.
Litecoin (LTC) fell to the 200 daily MA on March 10, 2023, but held above that level. Two days later, a bullish engulfing candle appeared on the daily chart, and LTC experienced a significant price surge, rising from $68.7 to a local top of $96.1 on March 24, 2023. It broke past the 21 daily EMA and is currently holding it as support. Traders are closely watching to see if the current level will hold, as it also coincides with the 200 MA on the 4h chart and the important $85-87 price zone.
Ripple (XRP) has made considerable gains lately, breaking through important resistance levels and reaching $0.49 twice. The next hurdle is to overcome the historical resistance zone of $0.50-0.53 to reach its highest levels since the spring of 2022. This would complete a double bottom pattern on the weekly chart and mark a successful accumulation period on a larger scale. Traders and investors are keeping an eye out for a monthly bullish engulfing candle, which would be a bullish indicator for Ripple.
Stay tuned for weekly updates on the cryptonews and performance of major tokens and coins.
