The entire crypto market has seen an upward trend in the past 34 days. BTC cleared 95% of the recent sudden drop. However, the bears are beginning to regain control to move prices. So will this trend continue in the short term?
Technical analysis by BTC, ETH and BNB
BTC short-term trend analysis
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.
This strong bearish momentum was neutralized after the price reached a neighboring support area at $ 4,000. From there, a strong rejection of low prices was observed.
This sharp decline in BTC continued a weekly downward trendobserved with increasingly lower clear highs. It also caused EMA of 8 and SMA of 18 to cross down, which is a sign of a bear market that can last for several weeks.
Today we are seeing a price drop that manages to eliminate 95% of the previous drop. However, this impending bear power 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 as all of the declines we’ve seen in the past few months can be seen as a setback if we look at the long-term uptrend.
Analysis of the short-term trend of the ETH
The same decline in Bitcoin also affected ETH. However, the situation is somewhat different.
The steep drop led Ethereum to a historic support zone. Nevertheless, the bears were unable to effectively break the previous low, with the result that we are seeing a bullish divergence today.
The short-term trend of this cryptocurrency is bearish. Today we see that the price is falling and the 8 week EMA and 18 week SMA are used as dynamic resistors.
A new decline is most likely, but just like Bitcoin, there is less and less space for sellers as the important nearby support area can lead to strong purchases. We have already seen the weakness of the bears in creating new effective minima.
Analysis of the short-term trend of the BNB
History repeats itself on the BNB weekly chart, with lower highs being observed, the main feature of a downtrend. In the short term, there is no doubt that the next boost will at least affect the closest major support area.
The 8-EMA and 18-week SMA are crossed down and may act as dynamic resistances amid the retreat the price is currently making.
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