Market Analysis: Bitcoin, Ethereum, and Polkadot Bulls Are Cautious

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The overall crypto marketcap has bumped by 0.4% in the past 24 hours and is currently trending at $2.77 trillion. Here is an overview of how BTC, ETH, and DOT are doing before we get into the technical analysis:

BTC: $70,252 (-1.4%)

ETH:  $3,618 (+1.4%)

DOT: $8.87 (-0.1%)

Bitcoin Price Analysis

The Bitcoin price is trending upward. This Monday, BTC returned to $72,000 before retracing to below $70,000. As per the Fibonacci retracement lines, the price has dropped below the 84.6%, 76.4%, and 70.6% lines. The 61.8% retracement line offers a strong support wall for the price to stay up. The relative strength index (RSI) is trending around 55, giving the buyers enough room to take over and push the price up. 

Ethereum Price Analysis

Ethereum bears took hold of the market following 3 straight bullish sessions. Between Saturday and Monday, the buyers managed to push ETH From $3,310 to $3,700. During this jump, the bulls managed to flip both the 20-day and 50-day simple moving averages (SMA) from resistance to support. 

The moving average convergence/divergence (MACD) indicates that the market momentum has shifted from bearish to bullish. Expect the buyers to take advantage of this and push ETH to the $4,000 psychological level.

Polkadot Price Analysis

The DOT/USD daily price chart shows that Polkadot has been trending in the lower half of the 20-day Bollinger Band since March 18. The lower Bollinger Band provided strong support to the price as DOT rebounded from $8.34 to $9 between Saturday and Monday. However, the 20-day SMA has blocked further upward movement, and DOT has since retracted to $8.85. 

The MACD shows that the market momentum is still bearish. However, if it flips from red to green, expect DOT to break past the 20-day SMA and reach the upper Bollinger Band, which roughly coincides with the $10 psychological level.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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