Daily Technical Analysis On March 14: BTC, ETH, LUNA – Plan BTC In This Week?
BTC/USDT weekly chart | Source: TradingView
After a week of trading with a struggle between the bulls and the bears with no difference from the previous week, the weekly candle also closed with a strong Inverted Hammer and create a wide sideway: ~$33,00 – $45,000. So plan this week will pump lightly, dump hard for fear, and then pump hard. Let’s take a look at some of the insights that on-chain data has provided over the last week.
This clearly shows that the supply of BTC continues to below, with no sign of a massive increase. BTC price moved sideways continuously for the past few days, the number of BTC withdrawn from the floor suddenly increased sharply, the supply decreased suddenly. Up to 36.6K BTC equivalent to 1.5 billion USD was withdrawn from the exchange.
The amount of BTC put on the exchange in the past few days compared to the amount withdrawn is still less. This shows the common spirit is still to buy goods as soon as there is a good price. Still believe in long-term growth.
If we look at historical trends, the miner position index (MPI) shows that miners in general are very good at timing their profit-taking, usually when they sell at wave crests, when the market is most active. And will accumulate when the market is in a phase where the trend is not clearly defined. Right now the index is negative, which means that the miners have no plans to sell right now.
BTC Technical Analysis
BTC/USDT daily chart | Source: TradingView
If we look at the daily frame, the price is still closed below EMA 34,89 for a short-term trend. However, with the news that Joe Biden and some country in the EU is expanding the legal corridor for cryptocurrencies in the coming days, there will be slight pumps and then strong dumps to liquidate futures orders.
BTC/USDT 4h chart | Source: TradingView
Considering the 4h frame, we have 20 bars in the sideways area and the volume is decreasing, then there is a high possibility that the price will reverse. Together with the RSI in the positive area, the price is expected to rise to touch the level of around ~$39,000.
Signal chart 4h: Buy
ETH Technical Analysis
ETH/USDT daily & 4h chart | Source: TradingView
ETH closing weekly candle with Inverted Hammer like BTC, shows that the bears and the bulls were strong competition for the price zone but the sellers had the upper hand. However today with the support of BTC and The Relative Strength Index (RSI), ETH will have slight pumps. ETH will test EMA 34 first at the price: ~$2,720 and then can sideway between EMA 34, 89. But all the plans need the support of BTC, if BTC returns a retest support zone around $36,000 we will see ETH at ~$2,300 again.
Signal chart 4h: Buy
LUNA Technical Analysis
We’ve seen the massive growth of Luna over time, along with the evolution of the puzzle pieces in the ecosystem. Luna has become one of the top 10 coins with the largest market capitalization. Since it has grown a lot, Luna needs more time to accumulate while BTC needs time to clearly identify the trend.
LUNA/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.