Smart Crypto Trades in March

Smart Crypto Trades in March

2024-06-11 • Updated

This year started with a beautiful bullish price action from the crypto markets. However, the current bearish movement is already causing many investors and traders to panic is interesting. This piece reviews a few trading opportunities I have spotted today in the crypto market. Let's go!

BTCUSD

BTCUSDDaily-0603.png

Here is the daily timeframe chart of Bitcoin. We can see that price has recently broken above the previous high marked by the horizontal arrow. As a result, BTCUSD created a demand area highlighted by the rectangle. This demand zone falls within 88% of the Fibonacci retracement, increasing my bullish sentiment on BTCUSD. The 50-Day moving average trading above the 200-Day MA is also a considerable confluence.

Analysts’ Expectations: 

Direction: Bullish

Target: $24400

Invalidation: $21277

ETHUSD

ETHUSDDaily-0603.png

Similar to the arrangement on BTCUSD, the price action on ETHUSD is also setting up a bullish continuation. ETHUSD's bullish sentiment is based on the confluence of the demand zone, the 50 and 100-period moving averages crossing above the 200-MA, and the 88% of the Fibonacci retracement overlapping the demand zone.

Analysts’ Expectations:

Direction: Bullish

Target: $1683

Invalidation: $1450

LTCUSD

LTCUSDDaily-0603.png

Litecoin is setting up to resume its bullish momentum. The current price action indicates a break of a structure with the demand zone has not yet been mitigated. As a result of the confluence of the demand zone, the 100-Day moving average support, and the 88% Fibonacci retracement are my confluences for this position.

Analysts’ Expectations:

Direction: Bullish

Target: $99

Invalidation: $81.3

XRPUSD

XRPUSDDaily-0603.png

XRPUSD (Ripple) on the Daily timeframe has recently broken out of a wedge pattern. Right below the trendline support of the wedge is a convenient demand zone from the break of structure marked by the horizontal arrow and is yet to be mitigated. As a result, I expect the price to make a run for the demand zone before returning to resume the trend. My confluences are the demand zone and 76% of the Fibonacci retracement zone.Analysts’ Expectations: Direction: BullishTarget: 0.44491Invalidation: 0.33110

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

TRY TRADING NOW

You can access more of such trade ideas and prompt market updates on the telegram channel.

Similar

BTCUSD: Rich Dad Says Buy
BTCUSD: Rich Dad Says Buy

Robert Kiyosaki, the author of "Rich Dad Poor Dad," has updated his bitcoin price forecast, now projecting the cryptocurrency to hit $100,000 by September. He plans to acquire more bitcoin before April, attributing his decision to the upcoming halving event. Kiyosaki advises investors to consider adding bitcoin to their portfolios and suggests...

CAD: Markets Await GDP Release
CAD: Markets Await GDP Release

During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...

Latest news

USD: Powell Speaks on Cutting Interest Rates
USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera