March 17th Market Analysis from LBank Perpetual Contracts
Bitcoin(BTCUSD) continues trading within a range between $34000 and $45500. There was a strong resistance near $398000 and $40000. However, Bitcoin spiked above $41000 now and is aiming back up at the $45,500+ resistance level. There is a bullish trend line forming with support near $39850 on the hourly chart of the BTC/USD pair. Also, the price is trading above $40,200 and the 100 hourly simple moving average. The next major resistance could be near the recent high of $41600.
Let’s see some macro factors. FED increases interest rates by 25bps as expected, which helps the whole market up in the short term. However, we shall not be too excited as it also forecasts 6 more hikes in 2022.
Based on the daily chart, Ethereum(ETHUSD)’s price is close to the trend line forming with recent highs near $3200 and $3000. There is resistance near $2800 and if we cannot break the trend line, the first support area is around $2550 and the second support area is around $2400. If the price breaks the trend line and the resistance area to the upside, our first target is $2850, the second target is $3000 and the third is $3200.
XRP(XRPUSD) is still moving in the ascending channel, it is still creating higher highs and higher lows on the 2-week time frame. However, the price is below the 21 EMA and there is a major resistance near $0.81. We need a break to have a quick move to the upside. The first support is $0.76 and the first target is $0.9.
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