Crypto traders reduced risk and moved their coins as news of the CFTC suing Binance and CZ emerged, but is this another chance for bulls to buy the dip?
If the banking crisis is contained, it may lead to a short-term correction in Bitcoin and altcoins but any further problems in the legacy banking system may continue to attract investments into Bitcoin. Let’s study the charts to find out the critical support and resistance levels in Bitcoin and altcoins.The S&P 500 index is trading inside a descending broadening wedge pattern. The bulls tried to push the price above the wedge on March 22 but the bears held their ground.
Contrarily, if bulls defend the moving averages, it will suggest demand at lower levels. The bullish momentum could pick up after buyers thrust the price above the resistance line of the wedge. The index could then skyrocket to 4,200.Buyers pushed the U.S. dollar index above the 20-day exponential moving average on March 15 but could not build upon the breakout. This shows that bears are selling on rallies.The index could drop to the strong support at 100.
A break below the 100.82 level will be a huge negative as that will complete a bearish head and shoulders pattern. The index could then plummet to 95. On the upside, a break above the 200-day SMA could push the price to the 61.8% Fibonacci retracement level of 108.43.Bitcoin has failed to rise above $29,000 in the past few days but the bulls continue to hold strong. They have not allowed the price to even dip to the breakout level of $25,250.
If bulls drive the price above $29,000, the BTC/USDT pair may quickly climb to $32,500. This level may witness aggressive selling by the bears but if buyers overcome this barrier, the pair could soar to $40,000. This positive view could invalidate in the near term if the price breaks below $25,250. The emboldened bears will then try to sink the pair to the 200-day SMA .
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