Ethereum is more Stable than Bitcoin

Crypto assets have become a vivid example of the statement ” What goes up, must come down” and time after time we are convinced of the validity of this phrase. Overcoming the threshold could have opened the way for testing price levels up to $10,500 in the near term, but buyers again lacked the strength. In 7 days Bitcoin shows a decline of almost 4%.

Altcoins moderately follow Bitcoin. The total capitalization in a day decreased by $10 bln. This cannot be called a large-scale sale, but there is a worsening of investor sentiment, which may result in increased sales pressure soon. The Crypto Fear & Greed Index after a 12-point growth over the week showed a daily decline of 3 points, which is a relatively accurate reflection of what is happening in the market.

While all the news was around halving and the likely prospects for Bitcoin after this event, the leading altcoin Ethereum (ETH) demonstrated quiet growth. Since the beginning of the year, Ethereum has grown by 61%, compared to 31% for Bitcoin in the same period. ETH usually follows the increase in Bitcoin, but in the end, it turns out that the coin adds more and loses less.

Favourable prospects for Ethereum are linked to the fact that its network is becoming increasingly active by launching decentralized financial applications (DeFi). ETH holders can block assets in DeFi smart contracts with different purposes, which reduces the circulation of coins, naturally creating an effect that is achieved in the bitcoin network by halving. Bitcoin maximalists do not see Ethereum as a threat, but there is no point in believing that a network after switching to 2.0 cannot be a worthy competitor to bitcoin.

Bitcoins mined at the very beginning of the network’s existence have long been at the centre of attention of the crypto community. The reaction to the transfer of 50 bitcoins, which have been motionless since 2009, has been decisively strong. These coins were received as a reward when the network had less than 100 transactions and only a few people, including Satoshi himself, were mining BTC. Such fund transfers now have a much higher response in the community than transfers of tens of thousands of bitcoins with fees less than a dollar. However, fast and cheap international transfers, bypassing numerous intermediaries, are precisely the direction that still needs to be developed and where the traditional sluggish banking system continues to hold the lead.

by Alex Kuptsikevich, the FxPro senior market analyst.

Bitcoin Grows, Knocking Down Obstacles One by One

bitcoin with us dollars and calculator

There are only 12 days left until the world’s most important crypto event. Halving-FOMO finally got the space to amplify its strength, and the digital currency market showed a rather impressive rally. The whole crypto market was comfortably in the green zone.

In the last 24 hours, the bitcoin grew by 16% or $1,300 and is trading around $9,200. The capitalization of the first cryptocurrency has increased by 16% or $24 billion with almost doubles the trade volumes over the last 24 hours. According to CoinMarketCap, this indicator reached a historical high at $71 billion compared to $20 billion on the price peak in 2017. In terms of investment opportunities, the market has grown dramatically.

Technical analysis is also on the bull’s side. From this point of view, the growth accelerated after reaching a level above the 50-day average. And the day before, the price crossed the 200-day average and fixed above it on Wednesday. The bulls may further target the February highs area at $10,400.

In a week, the first cryptocurrency shows a 30% growth. Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC) rose by 21%, 22%, 16% and 19% in 7 days, respectively. Altcoins always follow the first coin, but this time it is worth noting XRP, which began to grow before the Bitcoin rally. The cryptocurrency has been under severe pressure over the last few years and started to get a boost from buyers because of its deficient historical price level. Although this does not mean that XRP won’t face increased pressure from short-term speculators, as the fundamental basis for growth remains weak.

The approaching halving is mainly causing positive vibrations in the crypto market, but as always, there are supporters and opponents. During the last 24 hours, we have seen the support of the buyers. However, some believe that halving is already in the price. From this point of view, halving is a reason for current buyers to take profit from the rally. At the moment, the cryptocurrency may face selling pressure from short-term speculators who bought it in March after the market crash, as well as from miners to cover operational risks.

by Alex Kuptsikevich, the FxPro senior financial analyst. 

Trading in Turbulence: Why I Lost Touch with Bitcoin

Shiny golden bitcoin in front of trading market data background. Warm glow on bitcoin.

But how has Bitcoin become synonymous with the entire digital financial system?

Bitcoin has long been recognised as the king of altcoins, which is no doubt aided by its status as the earliest and most successful of its kind. This digital trendsetter has heralded a new wave of cryptocurrencies based on decentralised P2P networks and has led to numerous emulators and spin-offs. Given that Bitcoin has existed for over a decade now, many of its predecessors have made significant improvements in terms of stability, security and usability.

Can the grand old cryptocurrency keep up with the new kids on the block within an ever-developing landscape?

In Bitcoin’s defence, its cutting-edge infrastructure upon release has situated it in a dominant position in the altcoin world. Bitcoin can boast proven usage as a quantifiable unit of value. Its 10-year lifespan without major failure means Bitcoin has a considerable lead over the rest of the market and has withstood a rigorous test of time while more competitors have flooded the market. However, despite its healthy pedigree, the world’s most popular digital currency appears to be experiencing something of a decline – or at least is failing to expand alongside the rate of the market.

May 2019 saw Bitcoin slump by $1,000. Given its frequent market jitters and wild highs and lows, the seismic decline hardly caused a stir in financial news. Bitcoin is characterised by its ability to turn gigantic profits and losses for investors in a matter of hours.

(Despite large volumes of news coverage over the past 10 years, cryptocurrencies like Bitcoin remain mysterious to many. Image: Statista)

The chart above shows that 63% of respondents in the UK claim that they’re uninterested in using Bitcoin because they “don’t know enough” about the cryptocurrency. As a key player in shaping the crypto landscape and leveraging appeal for newer investors and users of the digital finance markets, Bitcoin has clearly failed in offering prospective buyers a healthy level of understandable and accurate information on the ins and outs of crypto usage.

Today Bitcoin finds itself immersed in an industry that’s evolving alongside newer and more efficient technology and forms of conducting transactions. Rivals in the world of digital currencies are becoming more efficient and technically able to support widespread usage. While in Bitcoin has offered very little in terms of solutions for the relentless volatility that drives the market, investors may be forced to pin their hope on a newer entity to provide a calming influence.

Market speculation typically drives the volatility that we see in cryptocurrency values. Demand spikes for certain coins are fuelled by trades and speculation rather than any external influences. It’s clear when we recognise that in 2018 the market capitalisation of cryptocurrencies hit an all-time high of over $800bn but hit an all-time low of $200bn just one year later.

Efforts to improve the conditions of the crypto market

Here is where the stablecoin enters the fray. Offering a fundamentally different structure to Bitcoin and its lineage, stablecoins have the potential to turn the crypto revolution on its head.

Stablecoins were developed as a means of tackling extreme crypto market volatility head-on. They aim to attain a level of stability by anchoring their values to tangible real-life assets. These assets can include fiat money like the US Dollar, exchange-traded commodities like gold, or even other cryptocurrencies.

While it’s hard to imagine a crypto market that’s free of erratic behaviour, the mass buying and selling of digital currency ultimately weakens the viability of what exists as a niche market.

The stabilising effects of stablecoins are two-fold. Asset-backed stablecoins like Digix Gold Token (DGX) have the ability to mitigate price volatility backed by exchange-traded assets, or by tethering to fiat currencies. While algorithmic stablecoins rely on computing logic to monitor the supply of currency to attain stability through mimicking the mechanisms of central banks.

Stablecoins are experiencing an exponential rise in popularity worldwide. CryptoCompare reports that the biggest market cap for a stablecoin already stands at $4bn.

The same report acknowledges that Bitcoin has pledged to develop a stablecoin solution within the coming years. However, their actions may prove too little too late, and with so much ground to make up on this side of the market we could be witnessing the first cases of Bitcoin losing key market territory to emerging rivals.

Some stablecoins like Tether (USDT), a digital currency that’s anchored to units of US Dollars, are often used to trade Bitcoins. One unit of Tether is designed to equate to $1 and should never deviate from this value – so far the cryptocurrency has delivered on this purpose.

So here we can see clear evidence that shows it’s possible for stablecoins to compliment Bitcoin as well as compete. In fact, they’re so versatile that they can provide a form of infrastructure from within the crypto market. As of yet, Bitcoin has been sluggish in its foray into the realm of the stablecoin – where its popularity would surely help to turn any entry onto the market into a pack leader – but emerging alternatives are continuing to thrive without such disruption.

Stablecoin developments are potentially vital for the future of the crypto market. Considering that currency is essentially a store of value, it should’ve been speculative so much as predictive and stable as a means of reaffirming investor confidence and establishing the ecosystem necessary to enter mainstream usage. The total stablecoin market value share has more than doubled over the past year and is only continuing to grow. Time will tell whether or not we could be about to witness the crypto-giant surrender its monopoly on a market that it’s ruled over the past decade.

Crypto Demand has Increased but Fear is Still Here

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Bitcoin’s dominance index has dropped by almost a percent in the last 7 days. This indicates the interest of crypto market participants not only in the benchmark cryptocurrency but also in altcoins. Declining interest in Bitcoin also indicates growing demand for risk.

The RSI index is in a neutral zone, which indicates that the market can turn either side at any time. The Crypto Fear & Greed Index has been in the “extreme fear” zone for more than a month. Low index values often precede price reversals towards growth. But now we can say that this is only partially true.

The total capitalization of the crypto market has grown by $17 billion over the last 7 days. If you take the price statistics of the cryptocurrencies for the week, the indicators seem to be quite optimistic. Bitcoin grew by more than 6% over the week, almost doubling against a low of March 13. The leading altcoin Ethereum (ETH) jumped more than 19% over the week. Tezos (XTZ) was also among the record-breakers, climbing more than 20%. The largest anonymous coins DASH, Monero (XMR) and ZCash (ZEC) rose by 13%, 10% and 35% over the week, respectively.

The epidemic has opened up unprecedented opportunities to control all spheres of life, from independent reports of citizens on their movements to their actual place of residence and financial flows. There are fears that it will be very difficult for the authorities to give up such control after the epidemic is over. Under these conditions, anonymous cryptocurrencies may get their growth impulse, as the Bitcoin in the market is too closely monitored.

The epidemic will also make its own adjustments in the global labor market. There is already an unprecedented increase in layoffs. Some of the remaining workers are facing pay cuts, or are likely to face them in the future. Some of them will never leave the remote work, as it will be unprofitable for employers, as part of cost control, to maintain offices.

The impending crisis may prove to be something really new to the global economy, as leading central banks are close to depleting stimulus instruments. Anonymous cryptocurrencies have been in formation for 10 years since the last crisis, and a new financial meltdown may help them reach their potential in the coming years.

by Alex Kuptsikevich, the FxPro senior financial analyst.

Bitcoin Continues its Fight for Price and Place Under the Sun

Cryptomania

Strengthening of the first cryptocurrency is accompanied by increased trading volumes, confirming the strength of the positive dynamics. The altcoins at first repeated the decline after the bitcoin, now they have switched to growth. Ethereum (ETH) and EOS show the most optimistic picture with an increase of 6% and 7% respectively. The total capitalization of the crypto market has also fluctuated sharply over the last 24 hours, stabilizing near $200bn.

The Crypto Fear & Greed Index saw a deeper dive into the area of “extreme fear” on the back of increased market volatility. If we rely on the index data, now is the best investment opportunity. However, sharp price swings suggest that investors prefer short-term positioning. The decline to $6,600 was immediately repurchased, bringing prices back to the levels at the start of the week.

The short-term round level of $7,000 attracts traders’ attention. The mid-term technical picture is more tilted in favour of bears. On the daily charts, BTCUSD remains markedly below the 50 and 200-day averages (a sign of a downward trend), with the RSI out of the oversold zone, giving no buy signals.

While the participants of the crypto market are trying to assess the degree of the possible impact of halving on the bitcoin prospects, the creator of Silk Road Ross Ulbricht, currently serving several life sentences, continues to forecast bitcoin. Ulbricht is very optimistic about the prospects of the crypto market, expecting that the highs of December 2017 in the future will look like “low hills”. However, even he does not rule out a downfall to $3K before this.

Investors need an extraordinary firmness to enter the market at this price level, given the news of Chinese digital yuan testing. Of course, all this news is far from official releases. However, everybody understands that the planet is rapidly moving towards “digital”, and the appearance of such currency is a logical step.

While Western economies are struggling with the virus and 5G tower arsonists, China is using this leeway to gain a leading position in the digital economic field. The paper yuan won’t be able to compete with the dollar or the euro. Still, in the new digital world, which will become particularly relevant after the end of the epidemic, it will rightfully take its place.

So what will happen to Bitcoin, Ethereum, Litecoin, and other major digital coins after the launch of national digital currencies? The optimistic scenario suggests that all these projects will find their place in the new world. After all, we have a lot of currencies in developed and emerging economies. The main feature of the digital global economy will be de-anonymization. Therefore, at least partial anonymity of digital currencies that are not tied to central banks will be valued at a new level.

 by Alex Kuptsikevich, the FxPro senior financial analyst.

Can Stablecoins Consolidate your Crypto Holdings amid Coronavirus Uncertainty?

crypto

Bitcoin, trading near $10,000 in mid-February has dropped below the $4,000 mark just one month on.

One of the most significant factors behind the ailing market stems from the fact that China is among the world’s top crypto investment hubs – possessing most of the crypto exchanges of the Asia-Pacific region. Considering the origins of Coronavirus, its outbreak has caused severe economic ramifications to China as a whole. As a result, business in both traditional and crypto markets is struggling.

Market jitters have been further compounded by COVID-19 being formally recognised as a pandemic by the World Health Organisation. The news sent Asian and European stock markets tumbling. Bitcoin and the wider world of cryptocurrencies have been caught up in the turmoil, but does Coronavirus mean for investors? Could there still be investment opportunities out there? Does the current state of the market offer the opportunity for some sound value investments?

Given the highly speculative nature of the biggest cryptocurrency players, it will be a matter of months before we’re likely to see much confidence in the market surrounding the likes of Bitcoin and Ethereum. Facing up to this reality, investors have been seeking solace in stablecoin markets until the signs of a bear market have been banished.

The dangers posed by Coronavirus

China is a major player when it comes to cryptocurrencies. 65% of current miners are based in China, and most of the largest manufacturers hail from the nation too. This points towards some severe long-term problems when it comes to production.

Coindesk reporter, David Pan, and DeFiner CEO, Jason Wu have forecast a bear market in the immediate future of both Bitcoin and cryptocurrencies alike.

In terms of hash demand, Bitmain, Canaan, MicroBT and InnoSilicon have all been reporting delays in production as a result of COVID-19. The pressure on the aforementioned organisations had already been increasing in the build-up to Bitcoin’s much anticipated halving event – reportedly due around May this year.

Furthermore, the most prominent crypto market in China is retail-based. Currencies like Bitcoin and Ethereum gives Chinese sellers the opportunity to trade with the world without governmental restrictions.

With these retailers closing their doors, coupled with the ever-increasing number of nations going into lockdown in order to limit the spread of Coronavirus, the practical application of these cryptocurrencies are severely limited.

The state of play

Bitcoin’s current state of play may make for bleak reading. With the Bitcoin worth presented at slightly under $5,200, the world’s favourite cryptocurrency is depicted in the image above to have fallen by 27% in the space of 24 hours.

The panic caused by Coronavirus and its implications has caused Bitcoin to fall almost 45% within a week, with other altcoins following suit. Bitcoin’s dominance remains at around 66%, with the cryptocurrency’s market cap standing slightly below $91 billion. Accordingly, around $60 billion has been offered since the week commencing March 9th 2020 as investors liquidate their crypto positions in a bit to mitigate their losses.

While uncertainty and panic has infiltrated the market, stablecoins have been identified as a place for investors to seek solace. In mid March, six stablecoins entered the top 50 crypto assets based on their respective capitalisation. Interest in Maker DAO’s flagship stablecoin, the DAI has even seen the organisation add a third asset to its DeFi decentralised platform in a bit to keep the currency floating above its dollar peg.

Reasons for optimism

Despite widespread fears, the Dollar-backed stablecoin market has shown some degree of solidity, with stablecoins like Tether (USDT), Paxos and Timvi (TMV) all seeing strong prices and trading volume in recent days. Notably, stablecoins have surpassed a total market capitalization of $6 billion in the wake of Coronavirus.

Interest in stablecoins has been steadily rising during the coronavirus outbreak due to their relative security based on the real-world assets that they’re pegged to.

Their stability has been a driving force in boosting investor confidence in these digital assets, and increasing numbers of traders are now looking to stablecoins as a method of storing their wealth as well as a useful method of payment outside of the troubled fiat currencies.

How to invest wisely

There’s a growing case to be made that the emerging bear market could make for ample grounds for value investments.

This means that investors could use the falling values of the likes of Bitcoin and Ethereum to make purchases as a way of speculating on an eventual return to form for the digital currencies.

This approach could be seen as a solid option if you’re of the belief that the falling values of Bitcoin and other altcoins is down, in most part, to market jitters and will return to its previous values once concerns over Coronavirus have eased.

However, the danger remains that, while there’s little reason to suggest that the cryptocurrency market won’t recover from this setback, its recovery will likely be linked to a return to productivity within China and its large number of miners. With it looking like a long recovery process for the nation, along with much of Europe and the USA declaring states of emergency, it could take some time before Bitcoin is back to pushing $10,000 in value – meaning that investors may need to look elsewhere to get the better of the bear market.

Herein lies the convenience of stablecoins. With their values pegged to real-world assets like the US Dollar and gold, there’s less chance of investors experiencing the sort of crippling drops that the rest of the crypto market is experiencing due to the levels of volatility associated with this significant event.

In times of unprecedented levels of uncertainty, it’s worth looking away from speculative markets and investing in some short-term stability. To invest wisely in this time of uncertainty, the safest bet available is for investors to hold assets in the stablecoins market. This allows them to remain connected to the crypto markets but secure themselves with pegged currencies. When there’s enough evidence that the bear market has been banished, there could be plenty of opportunities available as share prices recover.

Bitcoin Traders Still Bullish Despite Crypto Market Meltdown

bitcoin

However, evidence shows that traders are committed to maintaining their leveraged long positions in these uncertain times and that the future for bitcoin’s price is optimistic.

Bitcoin experienced a massive sell-off on March 12 that plunged its price to a low of $3600 within eight hours. The coin’s free-fall was led by a 9.9% decline in the Dow Jones Industrial Average on the same day, which hints at the fact that bitcoin is not an uncorrelated safe haven from traditional markets.

However, despite experiencing the largest sell-off in the last seven years, bitcoin is already showing strong signs of recovery. Bitcoin climbed 6.62% over the last 24 hours and traders seem intent on letting those gains continue.

On Bitmex, the world’s largest cryptocurrency exchange by trading volume, bitcoin longs hold a dominant majority of 63.33%. Ethereum, which is highly correlated to the price of bitcoin, was also favoured among traders. Its longs have an overwhelming majority of 92.27%.

In addition, both whales and regular traders agree that bitcoin’s trajectory will be to the upside, with 69% of traders announcing their long positions in Bitmex’s trollbox. These long positions mean that the sentiment among traders is generally positive, which can be seen as a leading indicator for future price gains.

Adding to further buying opportunities, bitcoin remains in a heavily oversold territory on the daily charts. The Relative Strength Index (RSI) gives a reading of 25.44, which is well below the threshold of 30 to be considered oversold. Strong hands and opportunistic investors could see the price dip as an incentive to buy the coin cheaply, which would increase its value further.

The price dip has also stimulated a surge in volume for the coin. Before the price dip on March 12, bitcoin’s daily volume averaged $40 billion dollars. After the dip took place, bitcoin’s average volume surged to $77 billion. Notably, the largest volume spikes occurred when bitcoin increased in value, which shows strong motivation among buyers.

On the four-hourly chart, the combination of price and volume increases has moved the On Balance Volume (OBV) indicator to the upside, meaning that volume and price are converging and this confirms bitcoin’s upward price movement.

In addition, momentum could change in the bull’s favour over the short-term as seen on the MACD. On the 4-hourly chart, the MACD line looks close to crossing over the signal line, which would be a buy signal. The MACD histogram is also close to moving into positive territory.

An interesting thing to note is that within the last 24 hours, the number of shorts has increased by 18%. This could actually be good news for bitcoin bulls, because if the price continues to rise, this may initiate a short squeeze that will propel bitcoin’s price further.

However, in order for bitcoin to be confirmed in a renewed uptrend, the coin must first test its first resistance point at $6,281.78. This resistance point will be close to its 38.2% retracement from its 4 week low. The second resistance point is at $7,143.72, which will put the coin closer to its original performance before the sell-off. At present, the coin is sitting comfortably above its first support level at $4,241.58.

To allay some fears, bitcoin’s dip is unlikely to start a renewed bear cycle but is rather a knee-jerk reaction from the markets crashing, fuelled by the coronavirus hysteria. Accelerating the coin’s descent was $1 billion worth of longs being liquidated on Bitfinex on March 12 and $800 million worth of longs liquidated the following day.

In short, unless the markets drop sharply again as they did on March 12, bitcoin could be on track to recuperate its losses and resume the gains it has made over the last several months.

Altcoins Weekly Analysis – ADA, BNB, and EOS – 31/03/19

Ripple, Dash coin, Bitcoin, Monero and Ethereum

Cardano’s ADA

Cardano’s ADA rallied by 13.58% in the week ending 30th March. Following on from a 23% jump from the previous week, Cardano’s ADA ended the week at $0.073098.

A range-bound start to the week saw Cardano’s ADA ease to an intraweek low $0.05431 on Monday before making a move. Steering clear of the first major support level at $0.0541, Cardano’s ADA rallied to a Friday intraweek high $0.074524.

The week-long rally saw Cardano’s ADA break through the first major resistance level at $0.0703 before easing back. The week’s second major resistance level at $0.0763 capped the upside for the week.

A pullback to sub-$0.070 levels on Saturday was short-lived, with Cardano’s ADA recovering to $0.070 levels late in the day.

For the week ahead,

A hold onto $0.070 levels through the early part of the week would support further gains in the week ahead. A move back through last weeks high $0.074524 would bring the first major resistance level at $0.0793 into play. Support from the broader market would be needed, however, for Cardano’s ADA to hold onto $0.070 levels.

Barring a broad-based crypto rally, we would expect Cardano’s ADA to come up short of the second major resistance level at $0.0854.

Failure to hold onto $0.070 levels could see Cardano’s ADA give up some of the recent gains. A pullback through $0.068 levels would bring the first major support level at $0.0622 into play. Barring a broad-based sell-off, we would expect Cardano’s ADA to steer clear of sub-$0.06 support levels.

At the time of writing, Cardano’s ADA was up 0.38% to $0.073378.

ADA/USD 31/03/19 Weekly Chart

Binance

Binance rose by 12.11% in the week ending 30th March. Reversing a 5.71% slide from the previous week, Binance ended the week at $17.22.

A start of a week rally to an intraweek high and new swing hi $17.81 delivered the week’s gains. Rising from an intraday week low $14.77, Binance broke through the first major resistance level at $16.41. Coming up against the second major resistance level at $17.47, Binance eased back to $15 levels on Tuesday before recovering to $17 levels.

The bullish week saw Binance steer well clear of the major support levels.

For the week ahead,

A hold onto $17 levels through the early part of the week would support another solid week ahead. A break back through to $17.50 levels would bring $18 levels into play before any pullback. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.43. Barring a broad-based rally, we would expect last week’s $17.806 high to cap the upside in the week.

Failure to hold onto $17 levels could see Binance give up some of last week’s gains. A fall through $16.60 would bring $15 levels into play before any recovery. Barring a broad-based crypto sell-off, however, we would expect Binance to hold above the first major support level at $15.39.

At the time of writing, Binance was down 0.11% to $17.197.

BNB/USD 31/03/19 Weekly Chart

EOS

EOS rallied by 13.51% in the week ending 30th March. Reversing a 4.09% fall from the previous week, EOS ended the week at $4.2189.

Following a range bound start to the week that saw EOS dip to an intraweek low $3.6198, EOS rallied to an intraweek high $4.4718.

Steering clear of the major support levels on Monday, EOS broke through the week’s major resistance levels.

An early afternoon pullback on Saturday saw EOS fall back to $4.05 levels before breaking back through the second major resistance level at $4.0164. In spite of the solid gains, EOS was unable to break back through the third major resistance level at $4.3045.

For the week ahead,

A hold onto $4.10 levels through the early part of the week would support a move back through last week’s high $4.4718. A broad-based crypto rally would bring the first major resistance level at $4.5872 into play. Barring a crypto rally, we would expect EOS to come up short of $5.00 levels, however. The second major resistance level at $4.9555 will likely to pin EOS back.

Failure to hold onto $4.10 levels could see EOS ease back to sub-$4.00 levels before any recovery. Negative sentiment across the broader market would bring the first major support level at $3.7352 into play. Barring a crypto meltdown, however, we would expect EOS to steer clear of the second major support level at $3.2515.

At the time of writing, EOS was down 0.97% to $4.1779.

EOS/USD 31/03/19 Weekly Chart

Binance Coin Analysis – Resistance Levels in Play – 27/03/19

Crypto00 567

Binance Coin Price Resistance

It’s been a bearish start to the week for Binance Coin. Following last week’s 8.75% rally and new swing hi $17.806, it was 2-consecutive days in the red.

For the current week, Monday – Tuesday, Binance was down 5.65%. Pulling back from Sunday’s new swing hi, Binance fell from a start of a week high $17.59 to a Tuesday low $15.63.

Falling well short of the week’s first major resistance level at $18.70, Binance came within range of the first major support level at $15.07 before finding support. Recovering through the afternoon on Tuesday, Binance moved back through to $16 levels.

The near-term bullish trend, formed at early December’s swing lo $4.17, remained firmly intact. Binance continued to hold well above the 23.6% FIB Retracement Level of $14.6, following Sunday’s swing hi $17.806.

It’s been quite a start to the year for Binance, which has rallied by 158% year-to-date. Of particular significance is the fact that, out of the top-10 cryptos, Binance is the only coin that has managed to form a bullish trend.

At the time of writing, Binance was up 0.92% to $16.504. A choppy start to the day saw Binance slide to a morning low $16.03 before making a move.

Steering clear of the week’s first major support level at $15.07, Binance rallied to a morning high $16.75 before easing back. Binance also came up short of the week’s first major resistance level at $18.7 in the early hours.

BNB/USD 27/03/19 Weekly Chart

For the remainder of the week

A move back through last weeks high $17.806 would support a breakthrough to $18 levels in the week. Support from the broader market would be needed, however, for Binance to take a run at the first major resistance level at $18.70.

In the event of a broad-based crypto rally, Binance could break through to $19 levels before any pullback.

Failure to move back through to last weeks high $17.806 could see Binance slide further back in the week. Following 7-consecutive weeks in the green, a lack of momentum could see profit taking pin back any further gains.

A fall through $16.5 levels could bring $15 levels into play before any recovery. In the event of a broad-based crypto sell-off, we would expect Binance to test the first major support level at $15.07 before any recovery.

We would expect Binance to steer clear of sub-$15 support levels, however, in the event of a sell-off.

Looking at the Technical Indicators

 

Major Support Level: $15.07

Major Resistance Level: $18.70

23.6% FIB Retracement Level: $14.6

38.2% FIB Retracement Level: $12.6

62% FIB Retracement Level: $9.4

Altcoins Weekly Analysis –BNB, ETH and TRX – 24/03/19

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BNB

Binance slid by 5.71% in the week ending 23rd March. Partially reversing a 10.55% rally from the previous week, Binance ended the week at $15.36.

Off the back of a new swing hi $16.64 on 16th March, Binance fell for 5 consecutive days to a Thursday intraweek low $14.18.

A start of a week intraweek high $16.35 fell well short of the first major resistance level at $17.27 on Monday. The reversal saw Binance fall through the first major support level at $14.69 on Thursday.

Binance managed to see green on Friday. A move back through to $15 levels and limited the losses for the week. 6-days out of 7 in the red could have weighed far more heavily.

For the week ahead,

A move back through to $15.30 levels in the early part of the week would support a bounce back from last week’s losses.

A breakout would bring $16 levels and last week’s high $16.35 into play. Support from the broader market would be needed, however, for Binance to break through the first major resistance level at $16.41.

Barring a broad-based crypto rally, we would expect Binance to continue to come up short of the 16th march swing hi $16.44.

Failure to move back through to $15.30 levels could see Binance see more losses in the week ahead. A pullback would likely see Binance slide through to $14 levels before any recovery. Barring a mass crypto sell-off, however, we would expect Binance to steer clear of the first major support level at $14.24.

In the event of a sell-off, Binance could touch sub-$14 levels before any recovery.

At the time of writing, Binance was down by 0.6% to $15.27.

BNB/USD 24/03/19 Weekly Chart

Ethereum

Ethereum fell by 2.83% in the week ending 23rd March. Reversing a 2.98% rise from the previous week, Ethereum ended the week at $136.52.

A mixed start to the week saw Ethereum rise to an intraweek high $141.3 before hitting reverse. The week’s high on Monday came in spite of 2 consecutive days in the red. A range-bound middle of the week provided little support, with Ethereum sliding to an intraweek low $132.21 on Thursday.

Moves through the week left the major support and resistance levels untested.

For the week ahead,

A hold onto $136 levels through the early part of the week would support a move back through to $140 levels.

Following last week’s sell-off, a material shift in sentiment across the broader market would be needed, however.

A broad-based crypto rebound would give Ethereum a run at the first major resistance level at $141.14 before any pullback. Barring a crypto rally, we would expect last week’s high $141.3 to pin Ethereum back from a breakout to $145 levels in the week.

Failure to hold onto $136 levels could see Ethereum slide back through to $132 levels touched last week. Barring a broad-based crypto sell-off, however, we would expect the first major support level at $132.05 to prevent heavier losses in the week.

In the event of a crypto sell-off, the second major support level at $127.59 could come into play before any recovery.

At the time of writing, Ethereum was down by 0.34% to $136.05.

ETH/USD 24/03/19 Weekly Chart

Tron’s TRX

Tron’s TRX gained 4.24% in the week ending 23rd March. Following on from a 2.04% rise from the previous week, Tron ended the week at $0.02463.

Bearish through much of the week, Tron tumbled from $0.023 levels to a Thursday intraweek low $0.02215.

Falling short of the first major resistance level at $0.0244 early on, Tron fell through the first major support level at $0.0225.

Tron reversed the week’s losses on Saturday, rallying to an intraday week high $0.0248. The rebound saw Tron break through and hold above the first major resistance level at $0.0244 at the end of the week.

For the week ahead,

A hold onto $0.024 levels through the early part of the week would signal further upside for the week ahead. A breakthrough last week’s high $0.0248 would bring $0.025 levels into play before any pullback.

Support from the broader market would be needed, however, for Tron to take a run at the first major resistance level at $0.0256.

Failure to hold onto $0.024 levels could see Tron give up some of its recent gains. A pullback through to $0.0235 levels would bring the first major support level at $0.0229 into play before any recovery.

Barring a broad-based crypto sell-off, however, we would expect Tron to avoid sub-$0.022 support levels in the week.

At the time of writing, Tron was down by 0.63% to $0.02448.

TRX/USD 24/03/19 Weekly Chart