Bitcoin bulls showed weakness after the price broke north of $54,114-resistance. Binance Coin was projected to hold on to its newly flipped support-line despite saturated conditions in its market. Lastly, Ethereum Classic recaptured the channel $12.5-$11.6, an area that saw good price oscillation over the last few weeks.
Bitcoin [BTC]
Source: BTC/USD, TradingView
Since retracing from recovery levels, Bitcoin largely traded between the channel $59,568 and $54,114. A dip below this channel led to emergence of another support level at $50,976, a region that was considered undervalued according to RSI. This led to bullish movement over the last few days and at the time of writing, Bitcoin traded at $56,022 with a market cap of a little over $1 Trillion.
However, on-chain metrics showed that the bulls were actually losing grip of the market. Stochastic RSI moved in the overbought region, and a reversal of the same would indicate a minor pullback for BTC. ADX pointed lower from 17 and reflected a weakening trend in the market. Recapturing its previous range could mean another period of consolidation, but a break above $60,000 would likely see BTC snap a new ATH.
Binance Coin [BNB]
Source: BNB/USD, TradingView
A strong bounce back the $230-level saw Binance Coin post gains of 20% in the last three days. Parabolic SAR’s dotted markers moved under the candlesticks and also showed an uptrend from $230. Bullish momentum and healthy volumes allowed the price to flip its upper ceiling of $274.8, but some weakness was noted in the last session of trade.
RSI confirmed the bearish candlestick after the index reversed trajectory from the upper region, and the extent of its pullback could determine whether BNB maintains its newly flipped support mark. If the price does not sustain its current level, the next line of defense resided at $255.5-support.
Ethereum Classic [ETC]
Source: ETC/USD, TradingView
Ethereum Classic regained the channel $12.5-$11.6 on the back of a bullish broader market. The present area showed strong price oscillation during March, and the same was expected in the short-term as well. To rise towards mid-February levels, ETC bulls need to overcome a few hurdles along the way. The first lay at a move above $13.9 resistance – a region that was last seen over a month ago. The second target resided at the $15-mark.
A rising RSI backed a favorable short-term outcome. On the downside, OBV showed muted buying pressure even though it picked up slightly over the last few sessions.