On March 7th Jerome, the current chairman of the Federal Reserve, warned that annual interest rates were likely to remain high for longer than previously thought. This will push up expectations of a 50 percentage point rate hike at the Fed's March meeting to about 70 per cent, up from 30 per cent a week ago, according to FedWatch Tool.
After Jerome's post on March 7th, the dollar soared and the S & P 500 plummeted, but a small subjective factor beneficial to digital currency investors was the relative serenity of BTC (BTC). The next possible trigger for the market is the February jobs report, which will be released on March 10th.
Although the macroeconomic situation is not good for risky assets, BTC shows corresponding malleability. This suggests that Bitcoin investors will not panic to sell their positions because of short-term variability.
Will Bitcoin and key alternative currencies continue to fall or rebound? Let's take a look at the data charts of the top ten digital currencies to find out.
Rising bitcoins are finding it hard to push BTC back below the $22800 level. This shows that there is a lack of proactive stock buying at the current level. It could reduce the price of oil to an important support level of $21480. This is also the hurdle of success and failure recently.
The moving average has completed the bullish crossover, and the relative strength index (RSI) is in a negative area, indicating that the bears are dominant.
If gold falls below $21480, bears may guess his chances. He will then try to bring the price down to the critical mental state level of $20,000. Customers are expected to do their best to protect the $21480 to $20000 range, which could lead to aggressive sales.
If the duo needs to stop falling, he will be forced to push the price back above the moving average immediately. This may mean that there may be ups and downs between $21480 and $25250.
Customers are trying to maintain the $1550 level of ETH, but a small negative factor is that they can't make a strong rebound. This shows that every time a small recovery, short sellers are selling.
The 20-day index moving average ($1599) has begun to fall, with RSI in a negative area, indicating that bears have the upper hand. If the $1550 support level breaks, ETH/USDT is likely to fall to $1461.
This level is likely to once again attract strong double-headed stock buying. If the price of gold rebounds strongly from this level, it will indicate that the currency pair is likely to trade sideways between $1461 and $1743 for some time. Conversely, falling below $1461 will open the door to a fall to $1352. This level is likely to once again attract strong double-headed stock buying.
BNB rebounded from support of $280 on March 6 and March 7, but bears were strongly critical at higher levels. This shows that the hot plate is still negative, and every small recovery is sold.
If $280is abdicated, the BNB/USDT pair will look at the head and shoulder shape. This negative setting may gradually move down to $245, and customers will try to stop the decline.
Another possibility is for the duo to maintain the rebound at this stage. Such a move will show that customers have fiercely defended the $280 support level. It may run a pick-up of the 20-day moving average ($299).
Bears are expected to sell the gains to the 20-day moving average. If that happens, the pair could fall to $280 again. Conversely, raising the 20-day moving average is undoubtedly the first sign that bears are likely to be out of control.
XRP (XRP) rebounded sharply from the 36-dollar support level and surged above the downtrend resistance line on March 8, a sign that double heads are going all out to buy.
If the customer keeps the price above the 50-day easy moving average (US $0.39), it will indicate that there may be a recent shift in the trend. The XRP/USDT pair is likely to gradually move towards $0.43, and the bears are likely to create a strong defense there again. If the price goes down at this level, the currency pair is likely to fluctuate between $0.36 and $0.43 for some time.
Conversely, if the price turns down from the current level, it will show that the bears are not willing to let the duo be unscrupulous. The merchant will then try again to pull the currency pair below $0.36 and clear the way for a possible fall to $0.33.
Cardano (ADA) rebounded from 32 cents on March 7, but the double head can't be built on this kind of tough. This shows that there is a lack of stock buying at a relatively high level.
Bears tried again to drive and keep the price below $0.32 on March 8. If they succeed, there will be another support point at the 61.8% Fibonacci backstop of $0.30. If it falls below that level, the selling order is likely to increase, and the ADA/USDT pair is likely to fall to 78.6% Fibonacci to block $0.27.
Contrary to this assumption, if gold prices recover from current levels or $0.30, the pair may try to rebound again. The duo will gain the upper hand after the promotion price is higher than the moving average.
Dogecoin (Doge) has been moving closer to the strong support around $0.07, but a secondary subjective factor is that the relatively low level has attracted customers, as can be seen from the long tails on the candle stand on March 6 and March 7.
Duo is trying to lead the price to the penetration level of $0.08. This level is likely to attract tough sales of short sellers. If the price turns down at $0. 08, the Doge/USDT pair may fall to $0. 07 and wander between the two levels for a while.
Bears will also find it difficult to raise support around $0.07, so if they do, the pair could fall to the next key support around $0.06. The big news is that rising and closing above the downward trend line will mean that it is likely to gradually pick up towards $0.10.
Polygon has been trading in a small range over the past few days, which has long been resolved as a decline on March 8. The inability to run a rebound suggests that double heads may be cautious about buying at current levels.
Ma Jiqi / USD pair is likely to slip into the strong support level of US $1.05, and the duo will try to maintain that level. If the price rebounds at this support level, the currency pair is likely to adjust to the moving average.
This is a major level worth paying close attention to, as the promotion and reception above is likely to imply that the adjustment is likely to be over. The two currency pairs may not be in a hurry to make a new rise, but will maintain their ups and downs for a few days.
On the other hand, if the price goes down at the moving average, it will indicate that the short will continue to be sold when it rebounds. The bears will then try again to lower the price to less than $1.05. If successful, the pair is likely to fall to $0.90.
Sokali (Sol) still has a tight grip on the bear market in the stock market. Unable to gradually rebound from the important support level of $19.68, indicating that customers should not buy right away.
Bulls pushed the price of gold below $19.68 on March 8. This means the beginning of the next round of adjustment. The bears will try to further strengthen their position by pulling the SOL/USDT currency pair to the next key support level around $15.
If Shuangtou needs to stop such a sharp fall, he will be forced to immediately push the price back above the 20-day moving average ($21.80). It could open a rebound towards the resistance line, and bears could once again form a strong test.
DOT made a U-turn and fell below its support level of $5.73 on March 8th. This suggests that bears are trying to further consolidate their position.
There is a strong support point at $5.56, so if that level breaks, the DOT/USDT pair is likely to enter a downward spiral. The next support level is much lower, at $4.80.
Contrary to this assumption, if the price rebounds at $5.56, the pair will reach the 20-day moving average ($6.30). During the downtrend period, bears try to sell to the 20-day moving average during the rebound. If the price of gold falls from this level, the probability of falling below $5.56 will also increase.
If double heads need to feel their presence, he will be forced to push prices above the moving average.
Litecoin (LTC) turned around on March 7th, falling below the just-in-time support level of $85. This shows that the adjustment of the market situation starts from scratch.
The LTC/USDT pair is likely to fall to the support level of $81 first. A rebound from this level will face sales around the 20-day moving average ($92). If the price falls at the 20-day moving average, the next stop is likely to be an important support level of $75. This level is likely to attract solid stock buying from both heads.
Gold prices are getting farther and farther away from the local top of $106, the longer it will take the currency to repair the upward trend. After product prices remain above the moving average, the recovery is likely to accelerate the trend.
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