These five analysts made accurate predictions for the crypto market in the month of March, in particular the Bitcoin (BTC) price, Ethereal (ETH) price and Ripple XRP price.
Predicting the movement of the cryptocurrency market is a difficult task due to its high volatility and sometimes movement uncorrelated with macroeconomic events. However, these five analysts managed to do it perfectly, posting accurate predictions on Twitter for Bitcoin, Ethereum, and XRP.
Bitcoin (BTC) Leads the Crypto Market Movement
Two technical analysts managed to predict the price movement of Bitcoin. @IncomeSharks bought the March 10 lows below $20,000 and is now in a profit of over 30%. The reason for the purchase was CME gap. On the other hand, @XForceGlobal used Elliott wave theory to predict the BTC falls perfectly.
Also, Chain Analyst Will Clemente used open interest to predict that volatility would return just before the March 10 crash. However, he did not specify the direction of the volatility.
From March 13 to 20, Bitcoin price closed the most bullish week in more than three years in March, rising 27%. This confirmed the breakout and retest of the long-term descending resistance line from the all-time high. In addition, it caused the weekly RSI move above 50 decisively.
As a result, the trend remains bullish as long as Bitcoin does not reach a weekly close below $24,800, which could trigger a sharp drop towards $20,000.
As it stands, the most likely price forecast is for a rally towards the next resistance at $32,000.
Ripple XRP Price Begins a Massive Upward Move
cryptocurrency trader @cvotrades used simple resistance lines on both price action and RSI to predict perfectly Ripple price breakdown.
The XRP token price broke out of a long-term decline resistance line in the second week of March, while the weekly RSI moved above 50 (green icon). Both are considered signs of an uptrend.
Over the past 24 hours, the XRP price has reached the $0.565 resistance area. If it breaks out, the price could rise to $0.925. However, if the rally loses momentum, the Ripple price could drop to the nearest support at $0.420.
Ethereum (ETH) falls after bearish divergence
Renowned Cryptanalyst @Coldbloodshill He was the one who predicted the price movement of Ethereum. He used bearish divergences to predict the ethereal drop from March 8 to 10.
The decline was preceded by a nearly month-long bearish divergence (green line) on the daily RSI.
Subsequently, once the indicator broke above this (white) trend line, it indicated that a new bullish move had started, leading to a new yearly high of $1859.
The ETH price is now trading above the $1,700 area and validated it as support. This is another bullish sign, aligning with the breakout of the divergence trend line. As a result, a rally towards $2,000 is likely as long as the price does not close below this support.
However, if it closes below, the digital asset could fall back to the $1400 support level.
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Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
