Price analysis 3/29: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, SOL, DOT, LTC

cointelegraph.com:

Bitcoin (BTC) is up about 71% in Q1 2023, which is the first positive quarter after four consecutive quarters of negative returns in 2023, according to data from Coinglass. This shows that the sentiment has turned positive and the bulls are trying to put a bottom in Bitcoin.

When the undercurrent is bullish, negative news results in shallow corrections. That is what happened after the United States Commodity Futures Trading Commission slapped a lawsuit against Binance and its CEO Changpeng Zhao for trading violations. This news pulled the markets marginally lower but did not start a strong down move.

Another thing that happens in a bullish environment is that cryptocurrencies move up without any specific catalyst. That happened on March 29 when Bitcoin and several major altcoins turned up sharply.

Could Bitcoin and select altcoins start the next leg of the uptrend and where is the rally likely to face resistance? Let’s study the charts of the top-10 cryptocurrencies to find out.

In an uptrend, traders typically buy the pullbacks to the 20-day exponential moving average ($26,371). The long tails on the March 27 and 28 candlestick show just that.

The rising 20-day EMA and the RSI above 63 indicate that bulls are in control. The buyers will try to cement their dominance further by thrusting the price above $28,868.

If they succeed, the BTC/USDT pair is likely to soar to $30,000 and then continue the rally to the critical resistance at $32,500. The bears will try to halt the up-move in this zone because a rally above $32,500 could clear the path for a sharp rally to $40,000.

Time is running out for the bears. They will have to first pull the price below the 20-day EMA and then retest the breakout level of $25,250. If this level