The globe is in a country of panic due to the coronavirus pandemic. People are fighting over toilet paper, which shows the extent of nervousness. At such a fourth dimension, even investors are likely to bear witness irrational behaviors.

The governments are attempting to calm the markets by supplying enough liquidity, which is likely to run into trillions of dollars. Withal, even later that, the world economy might slip into a global recession.

The head of operations at Genesis Mining Philip Salter said that if the economic crisis does non deepen farther, it "will not have major implications for Bitcoin." Still, if the crunch deepens and skepticism builds up, information technology might be favorable for Bitcoin because then people will see it as a hedge confronting the banking system.

Crypto market data weekly view. Source: Coin360

Crypto market data weekly view. Source: Coin360

CEO of Binance Changpeng Zhao said that the coronavirus pandemic "is just a trigger, not the root cause" for the current economical meltdown. This shows that the economy was on a weak footing considering a potent economy should take withstood a few shocks. Zhao believes that the investors volition terminate hoarding cash at some point in time and will diversify their portfolio and Bitcoin will benefit from it because it is not "cleaved". Nonetheless, it might not happen in a hurry because "changes don't happen immediately when a mass population is involved," Zhao added.

The cryptocurrencies are attempting a recovery from their recent lows. Let's analyze the top five performers of the past seven days to meet whether the recovery volition pick upward steam or fizzle out.

Dash/USD

Dash (DASH) is the best performer of this week with a stellar rally of almost twoscore%. The Dash Core Group announced the release of a new Dash platform v0.11, "which includes a meaning update to Evonet, the testing environment for platform functionality." Tin can Nuance start a sustained recovery from the current levels? Let's study its chart.

DASH USD daily chart. Source: Tradingview​​​​​​​

Nuance USD daily nautical chart. Source: Tradingview

The Dash/USD pair has been trading within a falling wedge for more than a twelvemonth. The positive matter to note is that whenever the price bounces off the support line of the wedge, it manages to motility up to the resistance line of the wedge.

Another positive development on the chart is the RSI, which is showing signs of forming a bullish divergence. All these signs advise that the pair might plow positive in the brusque-term and move up to $150. The moving averages might offering a pocket-sized resistance but we look them to be crossed.

If the momentum tin bear the price above the wedge, information technology will be a huge positive every bit it will indicate the start of a new uptrend. Withal, if the bears defend the resistance line once once more, the pair will extend its stay inside the wedge.

Our bullish view will be invalidated if the price turns down from the moving averages and plummets below the support line of the wedge. Notwithstanding, we give information technology a low probability of occurring.

BSV/USD

Bitcoin SV (BSV) is the second-best performer of the past seven days with a rally of about 29%. In Kleiman v. Wright Lawsuit, the U.Southward. Magistrate Judge Bruce Reinhart ruled that Craig Wright only needs to pay 20% of the legal fees requested by the estate of the belatedly-Dave Kleiman.

BSV USD weekly chart. Source: Tradingview​​​​​​​

BSV USD weekly chart. Source: Tradingview

The BSV/USD pair is attempting to break out of the descending channel. But higher up the channel, information technology is probable to face resistance at the 20-week EMA at $189, which has flattened out. The RSI is also close to the midpoint, which suggests a residuum between the bulls and bears.

If the pair turns downward from $189, it might drop to $78.506 and remain range-bound between these ii levels for the side by side few days.

The advantage volition tilt in favor of the bulls if they can push button the price above the 20-calendar week EMA. Higher up this level, a movement to $279, equal to the depth of the aqueduct is possible. If this level is besides crossed, the next level to picket out for is $337.eighty. Conversely, if the bears sink the pair below $78.506, a drib to $38.528 is possible.

BCH/USD

Bitcoin Cash (BCH), with a gain of about nineteen% in the past seven days turned out to be the third-best performer. The earth's biggest stablecoin Tether (USDT) launched on the Bitcoin Cash network during the week.

BCH USD daily chart. Source: Tradingview​​​​​​​

BCH USD daily chart. Source: Tradingview

The BCH/USD pair has been range-bound between $166.25 and $515.35 for the past many months. Currently, the pair has been falling inside a descending channel, which shows that bears have the upper hand.

Even so, if the bulls can push button the price to a higher place the aqueduct, it will be the first indication of a likely change in tendency. To a higher place the aqueduct, the bulls might face stiff resistance at the moving averages close to $300.

If the toll turns downwardly from the moving averages, the pair might remain range-leap for a few days between $166.25 and $300. On the other hand, if the bulls can scale and sustain the cost above the moving averages, it will open the doors for a motility to $515.35.

Our view will be invalidated if the bears sink and sustain the price beneath the back up at $166.25. If this level cracks, the downtrend tin extend to $100.

BTC/USD

The last financial crisis in 2008 resulted in the nascence of Bitcoin (BTC) and the current crisis due to the coronavirus outbreak is likely to cement its place. After the sharp drop on March 12, many questioned the relevance of Bitcoin as a condom oasis. Yet, after the initial panic, the largest cryptocurrency has come up back smartly in the past few days.

Platinum Account Manager at eToro Simon Peters believes that all the greenbacks that is beingness pumped into the organization will search assets to invest afterwards the virus cases reduce and Bitcoin is likely to exist i of the beneficiaries.

Chief investment officer of Ikigai Asset Management Travis Kling said that Bitcoin "is an insurance policy confronting the largest monetary experiment in man history." While the fundamentals look positive, allow's look at the charts and analyze the technicals.

BTC USD daily chart. Source: Tradingview​​​​​​​

BTC USD daily chart. Source: Tradingview

The BTC/USD pair has been trading within a big symmetrical triangle since 2022. The bulls are currently attempting to defend the support line of the triangle while the bears are attempting to sink the price below it.

If the bulls can push the price above the overhead resistance at $6,435, the rebound is probable to pick up momentum. The side by side level to sentinel on the upside is $10,500, which is just beneath the resistance line of the triangle.

A break above the triangle will be a huge positive as it volition indicate the showtime of a new uptrend. Above the triangle, the first target to watch out for is $14,000 and above it $16,000. Therefore, traders can wait for the price to sustain above $6,435 before buying for the long-term.

Contrary to our supposition, if the pair turns down from $half dozen,435 and breaks below the support of the triangle, information technology volition be a huge negative.

CRO/USD

Crypto.com Coin (CRO) rounded off the listing of the meridian performers with a rally of about 12%. Crypto.com has begun shipping MCO Visa Cards to the United kingdom, which will offering several attractive services to the clients. According to the company, the cards will be shipped to the residual of Europe over the next few weeks.

CRO USD weekly chart. Source: Tradingview

CRO USD weekly chart. Source: Tradingview

The CRO/USD pair has been trading within the $0.025258-$0.080 range for the past few months. Currently, the bulls are attempting to defend the support of the range. The first level to watch on the upside is the 20-week EMA at $0.045.

If the price turns down from this level, the pair might remain range-bound between $0.045-$0.025258 for the side by side few days. A break below the back up of the range will be a huge negative as it will start a new downtrend.

Conversely, if the bulls can push the price above the 20-week EMA, the pair can gradually move up to $0.060 and above it to $0.080. A interruption above $0.080 volition signal the start of a new uptrend that has a target objective of $0.134742.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading motility involves take a chance, you lot should deport your ain research when making a decision.

The market data is provided by the HitBTC exchange.