Throughout the week starting on March 18 to March 24th, cryptos have had an overall bearish outlook. They have been in a difficult territory with market sentiments influencing price movements. Normally, price movements are determined by fundamental and technical indicators rather than market feelings.
Bitcoin took a dip below the $4000 mark which was rippled across most other Altcoins. However, Bitcoin Cash (BCH) enjoyed a stellar performance due to its specific variances as was with such other coins.
The BTC/USD pair started off on a Bullish movement, breaking the $4000 Resistance zone on March 19th. As the week wore on however, it dipped into the $3900 zone. In the fundamental news, the dip was attributed to negative news flow stemming from around social media that led to sell offs. This market performance is as indicated by the RSI (A) which moved from the ‘under-bought’ slowly into the middle region.
Despite the sluggish movement, investors are still buying.
At the moment, the 30 day EMA (C) seems set to cross over below the 9 day EMA (B) which indicates an upward price rally in the coming days.
Ethereum has maintained at second place behind Bitcoin. It has a market capitalization of $14 Billion and has moved steadily between $142.7 and $135.86. These figures point to a strong price consolidation at the $137 mark.
In the markets, there was a prolonged period of sell offs on 21st March which was occasioned by Bitcoin’s drop as shown by the RSI (A).
Since then, the ETH/USD pair has been moving upwards with the 9 day Moving Average (C) crossing over above the 30 day EMA (B). Also, the 9 day EMA is acting as price support which signals an impending Bull Run.
Throughout the week, Litecoin has lost negligibly by 0.58%. It started off at $60.28 on March 18 and is now trading at $59.93. The biggest dip was seen on March 21st due to Bitcoin’s negative market sentiments. It currently has a market capitalization of $ 3 Billion with investor feelings (A) slowly turning positive.
An upward price reversal has held since March 21st with the 9 day EMA (B) crossing above the 30 day EMA (C) on March 22nd. This means that we could have a Bull Run in the coming days despite the current sluggishness.
CRYPTO IS COMING!