March 11 Daily Technical Analysis: BTC, ETH, BNB – Will We See $34,000 BTC again?

March 11, 2022 - Around 3 mins mins to read

Market overview today:

Top most searched projects in 24h: $SHIB, $SHIBDOGE, $CREAM, $LUNA, $QUANTIC
Top biggest gainers in 24h: $FWC, $BASE, $CBS, $PENTA, $YOU

In the past 24 hours, 61,049 traders were liquidated, the total liquidations come in at $203.23 million. The largest single liquidation order happened on Bybit – BTCUSD value $5.90M. The reason is that in the past 24 hours, BTC formed a bearish candle with the highest price ~$42,059 and the lowest price ~$38,587 around 8.83%, causing many long orders to be liquidated.

Total Liquidations in 24h/ Source: Coinglass.com

BTC Daily Technical Analysis

Daily Technical Analysis: Price BTC and altcoin are trading as our plan, view BTC will decrease around support zone ~$38,000. After the price closing candle above EMA 34, the bears have finished pushing the candle to retest the EMA 34 and then closed below this moving average for the downtrend.

BTC/USDT day chart. Source: TradingView

H4 chart is running a wedge pattern and is trading around the ~$38,000 support area.

H1 large-volume sell shows that bears have the upper hand plus the RSI in the negative territory so today BTC tends to drop around ~$38,000, if BTC continues to have strong sell volume, we will see BTC around ~$36,500.

Signal 4h: Sell

BTC/USDT 4h chart. Source: TradingView

ETH Daily Technical Analysis

Daily Technical Analysis: ETH also inevitable the fate same BTC, bears rushed in and pushed the price to the bottom edge of the triangle, just like we planned if ETH didn’t have BTC support then we would see a new price mark at ~$2400 in today.

Both charts daily, 4h price is trading below EMA34, EMA 89 and the Relative Strength Index (RSI) traded in the sell zone for a downtrend.

Signal 4h: Strong Sell

ETH/USDT daily chart. Source: TradingView

BNB Daily Technical Analysis

Price BNB still running in a wedge pattern with the lowest price of ~$363.4. BTC Dominance currently accounts for more than 43% of the total market, so altcoins are always affected by the price of BTC. The same goes for BNB, without BTC’s support BNB’s price will probably reach ~$350. Every time we trade altcoins, we always have to trade with the trend of BTC except for some special cases.

Signal: Strong Sell

BNB/USDT daily chart. Source: TradingView

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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

Bitcoin, Market, News