Big Cryptocurrencies Hold Price Support Levels And Then Rally

Big Cryptocurrencies Hold Price Support Levels And Then Rally

Bitcoin, Ethereum and XRP managed to hold above key price support levels during March and have rallied semi-vigorously. Price chart analysts identify areas where buyers come back in and take over from sellers. That's what happened this month with the leading cryptos. You can see the beginnings of a positive divergence between the price low of early December and that of late January on the MACD chart. Note that the Bitcoin price is now back above the 50-day moving average (the blue line) and that this moving average is now turning back upward. The cryptocurrency still has a ways to go before a kind of bottom could be confirmed. A couple of prices above that 200-day moving average (the red line) would be more convincing. For a slightly different perspective, take a look at the Bitcoin point-and-figure chart: Those who are bullish would want to see a 48-hour period where the crypto makes it above — and stays above — that 45500 level. That's where sellers took over from buyers last time around. On the other side, note that a 48-hour period below 34500 would be a break of support and bearish. This price range between the 2 levels is