Price analysis 3/22: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, SHIB

cointelegraph.com:

Bitcoin (BTC) has been sustaining above the $25,000 level for the past few days, increasing the likelihood that the bear market may have ended. Generally, in the initial stages of a new bull phase, several analysts remain in a state of disbelief and expect the resumption of the downtrend.

Another group of traders continue to wait for the dip to buy at lower levels but the price does not oblige. Finally, the traders sitting on the fence throw in the towel and buy and that is when the correction is likely to happen. Such a pullback shakes out the weak hands and transfers the asset into the hands of investors with conviction.

When a new trend is getting established, certain events tend to cause a knee-jerk reaction but it is unlikely that the trend is reversed. In Bitcoin’s case too, a drop to trap the aggressive bears is possible but there is a low possibility that the bear market will resume.

What are the important levels to watch out for on the upside and the downside in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.

After a two-day consolidation, Bitcoin has risen above the $28,500 overhead resistance on March 22. This suggests that the bulls have asserted their dominance.

The upsloping 20-day exponential moving average ($25,180) and the relative strength index (RSI) in the overbought zone indicate the path of least resistance is to the upside. A break above $28,500 will clear the path for a possible rally to the $30,000 to $32,500 resistance zone.

In case of a correction, the first support to watch on the downside is $25,250. If the price rebounds off this level, it will suggest that the neckline of the head and shoulders (H&S) pattern has flipped into support.

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