Digital Asset Insights #58 Updated: What Your Relationship with Bitcoin Says About You

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This post was originally published on Trademakers

courtesy of trademakers

BITCOIN (BTC)

Bitcoins opened the week trading above $37,793 which is a slight climb from where it had been trading in the previous week. The following day, BTC attempted a fresh increase above $39,500 against the US Dollar, though it faced strong resistance near $39,500 and $40,000. There was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair. On 15 March, Bitcoin started a recovery wave above the $38,200 resistance level and spiked above the $38,500 resistance level but faced strong resistance.

During the recovery, there was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USD pair. The pair climbed above the $39,800 level and the 100 hourly simple moving average.

On March 16, Bitcoin started a major increase above the $40,000 resistance against the US Dollar. The price traded above $40,500 and the hourly simple moving average. There was a key bullish trend line formed with support near $39,250 on the hourly chart of the BTC/USD pair. It rallied 5%. The asset traded close to the aforementioned level before it suddenly skyrocketed by nearly $3,000 to almost $42,000, but it dumped quickly and returned to $39,000, resulting in over $200 million worth of liquidation for over-leveraged traders.

Moreover, on 17 March, Bitcoin reclaimed $40,000 after the enhanced volatility prompted by Fed’s interest hike.  The bulls returned to the scene and pushed BTC upwards to above $40,000. The cryptocurrency remained north of the level for most of the day.

BTC price holds above $40k as Bitcoin struggles below $42k on March 19. Bitcoin continued to trade in the bullish trend zone as Bitcoin struggled below 42k. Since March 16 price rebound, buyers have been finding it difficult to break above the $42,000 resistance zone. The largest cryptocurrency retraced below the $42,000 resistance zone.

At the close of the week, BTC/USD market activities went down after moving in the range-bound zones of $45,000 and $40,000. The crypto trade eventually found support around $37,500 which has been the baseline of a rallying motion.

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ETHEREUM (ETH)

On March 16, Ethereum’s price traded at $2,560. Over the week, Ethereum’s price posted 8% as the altcoin continued its uptrend. On March 18, 8.56% of Ethereum’s circulating supply was staked in the ETH2 deposit contract, reducing the altcoin’s circulation. Nearly 10% of the altcoin’s supply was pulled out of circulation through staking in the ETH2 contract.

At the close of the week, the Ethereum price struggle seemed to be coming to an end after a flip of the 50-day SMA at $2,791. Investors can expect ETH to plow through the $2,927 to $3,413 supply zone, but slow down around the 100-day SMA at $3,129. Ethereum price followed the big crypto closely, as a result, its price action is tightly wound and stuck between two crucial barriers. Despite the lack of momentum and limited upside, ETH has managed to flip through a vital hurdle and looks ready for more gains.

Ethereum price, like Bitcoin price, is stuck between the weekly supply zone, extending from $2,927 to $3,413, and the weekly support level at $2,413. These barriers have constrained the movement of ETH and therefore its upside potential.

After failing to breach the 50-day Simple Moving Average (SMA) three times over the past month, ETH flipped it on March 16. Since then, Ethereum’s price has also plowed through the aid supply zone and is making its way higher.

Going forward, investors can expect the smart contract token to retest the 100-day SMA at $3,129 and, in some cases, hit the $3,200 whole number.

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RIPPLE (XRP)

At the beginning of the week, Ripple price action bounced in a pennant for a fourth consecutive week. Ripple (XRP) sees its price action further respecting a longer-term pennant that has been there for over a month. Since December of last year, XRP is still under siege of the technical death cross.

On March 14, Ethereum’s price slid below a symmetrical triangle, hinting at a move below $2,000. Ripple price maintains its bullish momentum as it traversed a bull flag continuation pattern, a breakout from which hints at a continuation of the uptrend. A daily candlestick close below the immediate demand zone, ranging from $0.689 to $0.705

On March 15, XRP looked bullish despite the previous day’s failure to stay above the weekly consolidation line. XRP failed once again to close below the weekly trend line on the 12-hour chart. The price consolidated below last week’s breakout level at $0.80 which has investors playing it safe.

At the close of the week, the Ripple price prediction shows that XRP is rising with a gain of 2.87% as the market price rises above $0.80. Evident on the daily chart, the Ripple price is hovering around $0.82 with a slight bullish movement towards the upper boundary of the channel.

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CARDANO (ADA)

Cardano price (ADA) starts the week with negative signals flashing as bears have pushed it lower during the New York session. The chart suggests that bulls are beginning to lose faith in the relief rally which occurred based on fundamentals. Bears managed to print an up bar on Sunday’s late-night Japan session, but unfortunately, the bullish engulfing candle has some mixed signals attached to it on the 12-hour chart. The bullish engulfing support at $0.7761, which is the lowest low Cardano price traded at all month. The bears flexed their power on ADA price, establishing a down bar during the New York session.

On March 16, Cardano’s price slipped into a sideways movement, evidencing a lack of volatility. Cardano’s price set up a swing low at $0.776 as it takes a breather before the next major move to $1. Towards the end of the week, Cardano’s price was not only on track to close its green/white weekly candlestick in six weeks, but ADA may close the weekly candlestick as a Bullish Engulfing candlestick.

Cardano’s price is out of its range-bound movement as it breached the upper limit on March 18. This uptrend signals that ADA is bound for more gains in the near future. Investors can expect Cardano’s price to retest the $1 psychological level after a 12% ascent from the current position of $0.901. A resurgence of buying pressure around this level is necessary for ADA to flip the $1 hurdle in a support level and make its way to the next target at $1.20.

ALTCOINS

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SOLANA (SOL)

Solana prices plummeted nearly 5% over the past week, hitting the lowest price in the last 6 months. Solana price plunged consistently for six months after hitting an all-time high four months ago.

However, on Monday, Solana’s price neared the end of a falling wedge, hinting at a 24% ascent to $112. Solana price action continues to tighten as it approaches the end of a converging setup. At mid-week, Solana’s price was still coiling inside a triangle consolidation. At the close of the week, Solana’s price was on track to hit the $90 target, posting 2% gains over the past week. Solana price prepares for a breakout following news of wallet support by the United States’ largest cryptocurrency exchange Coinbase.

Proponents believe there has been a surge in interest in Solana over the past 12 months as investors consider low-cost Ethereum alternatives. Analysts believe Solana’s market structure has remained unchanged; however, crossing $80, Solana’s price could break into an uptrend.

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AVALANCHE (AVAX)

Avax leads with a 10% surge during the week. Avalanche is the most substantial gainer from the larger-cap alts with a 9.5% increase. As a result, AVAX has neared $80. In the past 7 days, the price of Avalanche has risen by 33.03%. it increased by 5.01% on the last day of the week but shrunk by 0.95% coming into the new week. The current price is $91.16 per AVAX.

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TETHER (USDT)

The price of Tether has risen by 0.04% in the just concluded week. It is currently exchanging hands at $1.0005 per USDT as it is still 17.99% below the all-time high of $1.22.

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PLUTON (PLU)

In the past 7 days, the price of Pluton has risen by 39.48%. The price increased by 21.29% on the last day of the week but shrunk by 3.27% in the first few hours of the new week. The current price is $9.47 per Plu which is 91.46% below the all-time high of $110.89.

The post

Digital Asset Insights #58

Updated: What Your Relationship with Bitcoin Says About You

appeared first on JP Fund Services.

The post Digital Asset Insights #58 Updated: What Your Relationship with Bitcoin Says About You first appeared on trademakers.

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