Bitcoin losing its 6K level, cryptocurrencies retracing from last week highs
|On this weekend, cryptocurrencies have been showing weakness; its bullish impulse halted, and, finally broke their immediate supports. Dash(-13.17%), Tezos (-10.36%), Tron (-9.37%), Bitcoin SV(-9.65%), and Binance Coin (-9.24%), Bitcoin Cash(8.52%), and Ethereum (-7.17%) lead the drops. Also, Bitcoin (-6.32%) has lost its $6K level, while Ethereum(-7.21%) and Ripple (-5.42%) are having large drops. The Ethereum-based tokens are also receding, with Link (-12.74%), BAT(-9.08%), MKR(-8.57%), and others leading the drops. Worth mentioning NMR(+47.4%), BOA(+46.9%), and FSN(+37.74%), which are moving strongly against the overall market flow.
The market capitalization has lost 4.48 percent and is now worth $165.204 billion. The 24h traded volume is $42.797 billion, which is also 4.32% less than 24 hours earlier. Finally, Bitcoin dominance is currently 65.49 percent.
Hot News
Bitfinex has announced the removal of 87 pairs from its trading platform effective March 26, according to an official tweet, due to low levels of liquidity.
James Bullard, president of the St. Louis US FED branch, stated in a Bloomberg interview on Sunday that the unemployment rate could reach 30 percent in the second quarter, and the US GDP could drop by 50 percent due to the impact of COVID-19. The US unemployment at the peak of the Great Depression occurred in 1933, with 24.5 percent of the citizens unemployed. US Futures are down by over 4 percent, as Wall Street money manager at Guggenheim Partners says he hasn't seen capitulation yet, and it would be premature to buy at the current levels.
Technical Analysis - Bitcoin
Bitcoin's price has been weakening after the evening star formation made on March 20. Now the price has crossed the mid-Bollinger band and is moving below the -1SD line, while the MACD shifted to a bearish phase. That shows BTC has entered a descending leg. The next price support is at 5.500 and then at $5000. The overall mood of the financial markets may also affect it and continue heading lower.
|
Support |
Pivot Point |
Resistance |
|
5,500 |
5,737
|
6,300 |
|
5,000 |
6,650 |
|
|
4,500 |
7,000 |
Ethereum
Ethereum has followed the BTC path, and its price moved in a bearish way, now below its -1SD line and the MACD in a bearish phase. Currently, the $123 support is holding, but the overall trend points for a new visit of the $110 level and, maybe, down to the $100 support.
|
Support |
Pivot Point |
Resistance |
|
110 |
123
|
136 |
|
100 |
148 |
|
|
86 |
158 |
Ripple
We can see that Ripple is currently highly correlated to Bitcoin and Ethereum. The price action is drawing a similar figure to the above charts and is in the same situation: Price below -1SD line and MACD in a bearish phase. We see also that, in this case, the price moves in a sideways channel with $0.13 and $0.17 as its lower and upper limits. We suspect that currently, XRP is moving to a new visit to the lows of this channel.
|
Support |
Pivot Point |
Resistance |
|
0.1400 |
0.1500
|
0.1600 |
|
0.1300 |
0.1700 |
|
|
0.1200 |
0.1860 |
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