Big Cryptocurrencies Hold Price Support Levels And Then Rally
- Date: 27-Mar-2022
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
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