The overall crypto market has been trending upward for the past 34 days. BTC came to erase 95% of the recent abrupt drop. However, the bears are beginning to regain control to move prices. So will this trend continue in the short term?
BTC, ETH and BNB technical analysis
BTC short-term trend analysis
Last March 12 was a terrible day for the crypto ecosystem. Bitcoin fell more than 40% in less than 24 hours, and was followed by most market participants.
That strong bearish momentum was neutralized after the price hit a neighboring support zone at $ 4,000. From there, a strong rejection of low prices could be observed.
This sharp drop in BTC resumed a weekly downtrend, observed with increasingly lower clear highs. It also caused the downward crossover of the EMA of 8 and SMA of 18, this being a sign of a bear market that can last for several weeks.
Today we observe the price receding, managing to eliminate 95% of the previous fall. However, that imminent bear force is still there and it seems that there is less and less time to resume.
Despite the fact that BTC’s short-term trend is clearly bearish, there is less and less room for sales, since all the falls we have seen in recent months, can be taken as a setback if we look at the long-term uptrend.
Analysis of the short-term trend of ETH
The same drop seen in Bitcoin affected ETH quite a bit as well. However, the situation is slightly different.
The steep drop led Ethereum to a historical support zone. But even so, the bears were not able to effectively break the previous low, as a consequence, today we observe a bullish divergence.
The short-term trend of this cryptocurrency is bearish. Today we see the price receding and using the 8-week EMA and 18-week SMA as dynamic resistances.
The most probable is a new fall, but just as it happens in Bitcoin, there is less and less space for sellers, since the important nearby support area can encourage strong purchases. Also, we already saw the bears’ weakness in creating new effective minima.
Analysis of BNB’s short-term trend
On the BNB weekly chart, history repeats itself, lower highs are observed, the main characteristic of a downtrend. In the short term, there is no doubt that the next boost will look for the closest major support area, at least.
The 8-EMA and 18-week SMA are crossed to the downside, and possibly functioning as dynamic resistances amid the pullback the price is currently making.
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