Bitcoin and the Crypto with Signs of Recovery
|After two days of corrective action, the crypto sector is back on the green, although mostly with moderate advances. The best performers are Tezos (+13.42%) and Bitcoin Gold(+12.6%), while the top cryptos by capitalization advanced an average of 1.5 percent. Notably, Bitcoin SV drops near 4 percent. Also, Ethereum classic (-1.2%) is receding a bit.
The Ethereum-based tokens are also mostly advancing, with BAT(+4.69%) and ZRX(+9.22%) leading the advances among the top capitalized.
The market cap of the crypto market grew to $255.530 billion (+1.73%), and the last 24H volume was $38.95 billion. Finally, Bitcoin dominance descended slightly to 63.65 percent.
Hot News
UK Financial Conduct Authority accuses BitMEX of providing financial services in the UK without their authorization. The statement also warns investors about scammers and, also, explain investors the benefits of trading in properly registered firms, such as the access to the Financial Ombudsman Service and the Financial Services Compensation Scheme. UK's FCA had also warned about Kracken, but it has retracted it., as Kracken is currently registered with the FCA under the ref 757895.
The next Bank of England governor, Andrew Bailey show his strong view of the crypto sector to the members of the UK Parliament at the Treasury Select Committee hearing that took place yesterday, March 04. "If you want to buy Bitcoin, be prepared to lose all your money… [Bitcoin] has no intrinsic value." (Source: Cointelegraph).
Binance went down again on March 04; thus, its users suffering halts on most of its services, including trading. Binance responded to its users' complaints by publishing an emergency statement in which they just said: "Binance is undergoing temporary system maintenance." Also, Binance's CEO CZ explainedon twitter "System issue, not funds related. Funds are #SAFU."
Technical Analysis - Bitcoin
Bitcoin made a bullish movement that broke the resistance created by the 50-period SMA and is now at the top of the horizontal channel. The price is now above its +1SD Bollinger line as the MACD turned bullish again. The bullish bias is noticeable, but currently is touching the strong resistance of the $8,990 level. Thus, the continuation of this bullish bias requires to break this level and move to the $9k range. A failure to do so would create another selling wave, possibly to the bottom of the channel, at $8,500. Traders would consider long positions at the breakout of the $9,000 level.
|
Support |
Pivot Point |
Resistance |
|
8,674 |
8,800
|
8,900 |
|
8,525 |
9,150 |
|
|
8,300 |
9,280 |
Ethereum
Ethereum still moves inside the horizontal range, but the positive bias is increased by the price surpassing its 50-period SMA line and also moving near the +1SD line. The price action has produced three consecutive bullish candles, but it is finding resistance at the level of $230. A break up above that level could encourage more buyers to step in.
|
Support |
Pivot Point |
Resistance |
|
221 |
225
|
230 |
|
216 |
235 |
|
|
211 |
241 |
Ripple
Ripple also benefited from the push of the overall market and crossed the 50-Period SMA to the upside, but it is still moving inside its horizontal range. The price moves in near the +1SD line, and the MACD tuned to the positive side, which is good news for buyers. The likely continuation is the test of the 0.244 level.
|
Support |
Pivot Point |
Resistance |
|
0.2310 |
0.2360
|
0.2400 |
|
0.2290 |
0.2440 |
|
|
0.2230 |
0.2500 |
Chainlink
Chainlink continues being bullish. Yesterday the action took the price to a momentarily new high, but the sellers stepped in and drove it below the previous $4.88 top. After a slight retracement and a couple of dojis, the impulse is back, and it seems decided to test new territory again. All indicators point to more advances in this interesting asset.
|
Support |
Pivot Point |
Resistance |
|
4.6 |
4.69
|
4.88 |
|
4.4 |
5.1 |
|
|
4.15 |
5.3 |
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