BTC, ETH, XRP, CRV, ANT, NEAR & ZEC: Technical Analysis for March 12, 2021

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In Brief
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Bitcoin (BTC) is trading inside a parallel ascending channel, having just bounced in the middle of it.

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Ethereum (ETH) has been rejected by a Fib resistance area. Currently, it is trying to find support and create a higher low.

Curve Dao Token (CRV) has bounced at an important Fib support level. It is possible that it just begun the final wave of its bullish impulse.

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Aragon (ANT) has reclaimed an important support level at $4.90. It is aiming to reach the Aug. 2020 highs near $10.80.

Near Protocol (NEAR) has broken above its Feb. high and is gradually moving towards $10.

Zcash (ZEC) has been rejected by the $158 resistance area. However, it is attempting to validate the $135 area as support.

Bitcoin (BTC)

BTC has been increasing inside a parallel ascending channel since Feb. 28. 

Today, it was rejected by the resistance line of the channel and has been moving downwards since. 

However, it is still trading above the middle of the channel, being in an ongoing bounce. 

Nevertheless, parallel channels usually contain corrective movements. Therefore, if BTC were to break down below the middle of the channel, it would be a considerable show of weakness. 

This would also cause the RSI to drop below 50. It has been above this line since the channel began, with two slight deviations on March 6 & 7. 

In any case, the long-term analysis is still bullish, and will be considered so unless BTC breaks down from the channel.

Ethereum (ETH)

ETH has been moving upwards since Feb. 28.

It increased until it reached a high of $1879 on March 10, but has fallen slightly since. The decrease has been gradual.

The rejection occurred right at the 0.786 Fib retracement level (white). Despite the rejection, the preceding structure, which led to the high, looks bullish (outlined in green).

Therefore, the most likely scenario would have ETH finding support and creating a higher low. This could occur around the $1586-$1655 area, between the 0.382-0.5 Fib retracement levels (black).

The decreasing MACD supports the fall towards this support level.

XRP (XRP)

On Feb. 22, XRP began a sharp drop and rapidly decreased by 44%. The next day, it reached a low of $0.365 before bouncing. This created a very long lower wick.

However, unlike ETH, the bounce was weak. XRP reversed the trend between the 0.382-0.5 Fib retracement levels and has been falling since. 

The MACD & RSI are bearish, the latter having fallen below 50. 

Therefore, the most likely scenario would have XRP falling to the $0.36 support level.

Curve Dao Token (CRV)

CRV has been decreasing since Feb. 6, when a high of $3.66 was attained.

The downward movement continued until CRV reached the 0.618 Fib retracement of the previous upward movement, found at $1.63. This occurred on Feb. 28, and CRV has been moving upwards since.

Despite the RSI being <50, both the MACD and Stochastic oscillator are bullish. The latter is in the process of making a bullish cross. 

The movement resembles a five-wave bullish formation, in which CRV is in the fifth and final wave. 

A potential target for the top of the movement is found at $4.92-$4.99, using both an external retracement and Fib projection.

Aragon (ANT)

ANT was subject to a significant decrease from Feb. 14 to Feb. 28. 

However, it bounced almost immediately afterward and reclaimed the $4.90 area, a critical bullish development.

Similarly to CRV, indicators are bullish. Furthermore, the RSI is above 50, making the ANT readings more bullish than those for CRV.

This may be the beginning of a new bullish impulse. If so, the closest resistance area would be found at the Aug. 2020 highs near $10.80.

Afterwards, the next resistance can be found at $14.31.

Near Protocol (NEAR)

While NEAR was also the subject of a significant decrease in the middle of February, it has already broken out well above the yearly high. 

Currently, it is trading near $7. 

Technical indicators are bullish. The Stochastic oscillator has made a bullish cross, and the RSI & MACD have both invalidated bearish divergences. 

NEAR has already reached the first potential reversal area at $7.30. The area is found by using an external Fib retracement on sub-wave two (orange).

The next most likely target for a reversal is found near $10.30. This is the 4.61 external Fib retracement of the same sub-wave. Besides, it is the 2.61 external Fib retracement of wave two (white).

Zcash (ZEC)

ZEC has been bouncing since Feb. 23, when it reached a low of $103. The bounce continued until yesterday, when the $158 resistance area rejected ZEC.

This is the 0.618 Fib retracement level of the entire decrease. Until ZEC manages to clear it, we cannot consider the trend bullish. 

However, the MACD & RSI are both bullish, and ZEC is trading well above the previous resistance area at $135. 

If it manages to validate it as support, it would be expected to continue moving upwards.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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