March 7 Technical Analysis: BTC, ETH, BNB Will Russia be completely banned from crypto?

Following the US sanctions, South Korean crypto exchanges immediately banned Russian IPs and froze all assets. However, major exchanges such as coinbase and finance.. only block persons who are listed on the US ban document, those associated with the government and Putin. So what if there are additional documents banning all Russians, a sell-off could happen again like when China banned crypto last September. And his may happen soon under the tightening pressures of the US and EU with Russia.

Let’s take a look at some of the insights that on-chain data has provided over the last week.

Source: Cryptoquant

Bitcoin: Exchange Netflow (Total) – All Exchanges the amount of BTC outflow the exchanges is more than the amount of BTC Inflow this is a good signal from longtime players,  low selling pressure.

Source: Cryptoquant

Bitcoin: Exchange Reserve – All Exchanges Fewer BTC is available in the exchange indicating an increasing scarcity of BTC that are being traded which supports the bullish movement.

Source: Coinglass

Despite the price adjustment and the general public’s anxiety. The ATH of BTC holdings continues to be reached by ETFs in Canada. Shows that the big guys are still actively participating in the long-term game. All on-chain data gives us a nice long-term view, but we have to know where the playing field is in order to keep up with the whales.

BTC Technical Analysis

BTC/USDT weekly & daily chart | Source: TradingView

The weekly candle closed a gravestone Doji with a long upper beard and the opening price was almost the same as the opening price. This shows that the sellers have jumped in and tried to pull the price down strongly. The price is trading in the Kumo cloud and closes below the tenkan lines, kijun also shows a strong downtrend. Besides the opening price ($39,383) and closing price ($38,441) are both below the EMA 34,89 support downtrend, plus negative histogram today is expected to be a Doji candle with weak buying and selling.

ETH Technical Analysis

ETH/USDT daily chart | Source: TradingView

Chart of ETH, some coin big cap will have the chart similar to BTC and they will move when BTC has changed. In this chart, we will see price is trading below EMA 34,89 and a negative histogram. If in today BTC sideway or slight increase ETH can reach ~$2,69x. And as soon as BTC breaks down $34,xxx we will see eth below $2000.

BNB Technical Analysis

BNB/USDT daily chart | Source: TradingView

Both EMA34,89 are sloping down and histogram comes to a negative area, indicating that bears have an edge. As image we have a strong support zone, If the price fails to turn back from here we will have new support at $25x and then we might consider buying for the long term.

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DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.

Alan

Coincu Ventures