- Bitcoin prices will be completely reversed in the Asian PAC session as the relief rally turns into a dead cat bounce.
- Ethereum’s price fell further from $ 3,018 after Powell’s speech before Congress discussed cryptocurrency regulation.
- Prices for XRP are flat, waiting for catalysts to move in either direction.
Bitcoin prices, Ethereum and other cryptocurrencies are lagging behind this morning. European traders were unaware of the speed of the reversal during the Asian PAC season. Most EU and US traders want to roll back long deficits, so selling pressure is expected to increase throughout the day. This only adds to the bearish pressure on cryptocurrencies, causing dips to lower levels from the beginning of the week and returning everything this week to a square.
Bitcoin Price: The Bulls see efforts being curtailed as they haven’t suffered yet in the US session
Bitcoin (BTC) prices will strain investors as a lot of money was poured into BTC Long yesterday through several trading sessions from Asia to Closing Bell in the US. However, as the ASIA PAC session took over again, Bitcoin’s pricing behavior stumbled overnight. Asian investors who first embraced Long were awakening with a very good profit of almost 10% from the entry level. This caused a complete profit taking as Russia refused to comment on Ukraine’s compromise efforts.
BTC prices appear to be set to fall towards the entry level of $ 38,073 during yesterday’s Asian trading session. As European and American investors open trading days, position turmoil is expected to bring further waves of selling pressure below $ 38,073 to $ 36,709. So the $ 37,200 double bottom from Tuesday will be removed and the tone will be set so that the BTC price ends in the negative territory of the trading week.
BTC / USD4H-Chart
Meanwhile, with Putin reaching out to Ukraine and the troops starting to withdraw from Ukraine and accepting their offer, positive headlines could come from Russia. Expect to see the whip saw return to the top with a double-top target of $ 42,185 from yesterday evening. Expect follow-through towards $ 44,088, depending on the formalism of the source or comment.
Ethereum prices bounce back, but bearish pressure as investors await comments from Russia
Ethereum (ETH) prices have wiped out the profits earned from yesterday as Asian traders triggered a sale this morning. This did not give their European counterparts the best start of the day and was surprised as yesterday’s global sentiment was looking forward to a positive outlook. At the time of writing, Price Action found a floor of $ 2,574, allowing for the perfect technical bounce from that level. It is no coincidence that the level coincides with the March 5 lows reached during the Asian session.
The price of ETH seems to be set in a range trade a bit and may even jump towards $ 2,682. This could be the level the bear wants to defend as a logical entry point, setting the stop loss to over $ 2,695 or $ 2,700 and providing a double hill to hide the stop from daytime hits. .. The Relative Strength Index has returned significantly to the center of the range, so the bear may still be in the driver’s seat, squeezing $ 2,574, dropping highs and dropping prices after several bounces from the aforementioned price levels. – Probably after the 3rd or 4th bounce. This opens room for an accelerating decline towards $ 2,440 by testing this week’s lows.
ETH / USD4H-Chart
In range trading scenarios, a quick rally in a short cover rally is expected to be higher if the bull can trigger a bear stop over $ 2,695. These stops activate so many buy orders and price action. This will quickly bring ETH’s pricing action to $ 2,760, with the potential for follow-through towards $ 2,800. In this case, the bull faces a 55-day simple moving average (SMA). A small test and fade of $ 2,840 is the maximum expected rise for today’s session.
XRP price is below 55 days SMA and is set to return corrections to the table
The price of Ripple (XRP) was this yesterday as XRP saw a large inflow of cash when Ukraine spread the olive branch to Russia, but did not see any confirmation or positive signal from Moscow. The by-the-dip investor, which did not exist until, is back powerfully. We welcome their efforts to continue the dialogue. After yesterday’s relief rally, silence has become a cold shower for investors, eliminating the possibility of a quick resolution of the situation. It is becoming clear to the market that Putin is really keen to squeeze out the situation in his favor.
The price of XRP is technically down a bit to $ 0.73. Expect this level to drop as the US session begins and another wave of investor selling is seen, as the two tests are already negative. Punching the floor at $ 0.73 will drop towards $ 0.70, this week’s lows and even this month’s lows of $ 0.69.
XRP / USD4H-Chart
As sanctions begin to hurt the Russian economy and the deadline for some Russian banks from the SWIFT approaches, Putin’s hands could be compromised and well received in the global market. In such a scenario, the bailout rally from yesterday appears to be a rehearsal that punches through to $ 0.80 and even $ 1.00 after the XRP price rehearsal returns to $ 0.78. This is when a permanent solution to the conflict is found.
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