Bitcoin price found buyers at $67,700 about 30 minutes before the daily close and rebounded strongly from the bottom. ETH returned to $3,500, with a daily increase of more than 10%. For investors who have braved the decline experienced over the past few days, these times serve as a reminder of the cryptocurrency’s rapid growth. 4 must-buy cryptocurrencies as the bull market is about to explode!
BTC
If you were depressed during the last dip and prices were rising around you, you might be left with crypto for the next few hours and your balance has reached/will cost you. Cryptocurrency markets do not consistently rise or fall and are fraught with risk. The trend is there, and cryptocurrencies have been on an upward trend for months. Still, we're seeing losses of over 20%, and that's likely to continue for the rest of the year.
Although this can be difficult for new investors, cryptocurrencies are known for their high volatility and they need to get used to it. Of course, it’s also possible that you wake up one morning and find that all cryptocurrencies have lost over 90% of their value (global cryptocurrency ban, internet outage affecting large areas, alien invasion, World War III, etc.).
Back today, GBTC outflows have subsided and in a few hours we may see inflows into ETFs on March 20, particularly BlackRock and Fidelity. The upcoming Federal Reserve meeting has led cautious investors to once again increase their risk appetite. In fact, the DOGE price exceeding 20% is the best proof.
On March 18, Bitcoin declined from the support line of the ascending channel, indicating that bears were trying to turn this area into resistance. But they failed to do this. The 20-day EMA ($65,271) is a key area, above which price targets currently sit at $69,000 and $73,777. A close above this level would put the $76,000 and $80,000 targets back on the agenda.
ETC
The SEC took action against the altcoin king, indicating that the chances of the ETF being approved on May 23 have weakened significantly. Maybe BlackRock’s final decision in July will change that? It’s hard to know this today, but the fact that the SEC that declared war on XRP, Binance, Coinbase, etc. also launched an attack on Ethereum doesn’t matter because we’ve already experienced these shocks in the past.
ETH is on the verge of a close above $3,550, and if this is achieved, the price could once again cross $4,000.
SHIB
After breaking below the $0.000029 support on March 16, the bears managed to hold on to a retest on March 17. This suggests that the bears are trying to move $0.000029 into resistance.
The SHIB/USDT currency pair fell to the 61.8% Fibonacci retracement level at $0.000023 on March 20, which was the last bastion of support. If this level breaks, the pair could plummet towards the 50-day moving average ($0.000017). The deeper the decline, the longer it will take for a new uptick to begin.
Bulls must push the price higher and sustain it above the resistance line to signal that the correction may be over. The pair may then move towards the overhead resistance at $0.000035 and eventually towards $0.000039.
DOGE
The sell-off continued on March 19, with the DOGE/USDT pair plunging to strong support at $0.12 on March 20. Buyers are expected to hold the 50-day moving average ($0.11), but they may find it difficult to push the price above $0.16.
The 20-day EMA has started to turn downwards, and the RSI is just below the midpoint, indicating that bears have a slight advantage. Once $0.16 is broken, bulls will regain control. This could clear the way for a rally to $0.19.
