Cryptocurrencies advance as Bitcoin was rejected at the $7.200 level

Cryptocurrencies continue advancing, although investors are still nervous, so sales trigger every time a long bullish candlestick appears. That's what has happened with Bitcoin(+2.65%) when a large bullish candle on high volume drove its price close to $7,300. Sellers came in and pushed it back to $6,800, where it currently stands. The same has happened to Ethereum (+4.19%) and Ripple (+1.65%), all pushed back to their resistance levels.

Among the top capitalized, Bitcoin SV(+6.52%), Bitcoin Cash(+5.16%), and Monero(+6.51%) are the best performers.  Our notable performance goes to EDC Blockchain(EDC) with a 74.58% raise.

In the Ethereum-based sector, MKR (+8,.86%) continues moving strong. SNX(+9.1%), QNT(+8.51%), and MB(+5.8%) also had a great day, although the token of the day goes to SXP with an 11.7% gain.

The market capitalization of the crypto sector went 2% up and now is valued at $189.434 billion that was achieved with 20% more volume, $45.193 billion in the last 24 hours. The dominance of Bitcoin continues stable at 65.42 percent.

Hot News

On March 02, we knew that the number of U.S. workers who applied for unemployment benefits last week skyrocket to 6.6 million, and a total of 10 million lost jobs in the last half of March.

On the same day, economists of the Bank of America estimate that unemployment could reach from 16 to 20 million job losses and drive the unemployment rate from its 3.5% February figure to 15.6%. 

The analysts' team of the Bank of America have anticipated three-quarters of consecutive contraction in the GDP. They estimate an annualized 7% drop in the economic activity, 30% in Q1, and 1% in Q2 and Q3.

Top health official, Dr. Anthony Fauci says that a federal mandated Stay-at-home order is urgently needed to stop the SARS-CoV-2 spread. He doesn't want to get into discussions between federal powers versus state rights, but he does not understand why a stay-at-home order is not sent, considering the situation of the COVID-19 spread. Currently, almost 40 states have given orders to restrict movement and businesses. Meanwhile, leading organizations of doctors, nurses, and hospitals released a joint open letter to urge people to stay at home an apply physical distancing as the main factors to slowing the spread of the coronavirus.

"Physical distancing and staying at home are the key to slowing the spread of 2019 novel coronavirus (COVID-19) to give physicians, nurses and everyone on the front lines a fighting chance at having the equipment, time and resources necessary to take on this immense challenge. Those contracting COVID-19 are your family, friends, and loved ones."

The cryptocurrency trading app of the Boerse of Stuttgart, Bison, surpassed 100,000 users on March 30. Bison was launched on January 31, 2019, but it has experienced a 40% growth in 2020. Bison supports Bitcoin, Ethereum, Litecoin, and Ripple, and is planning to support Bitcoin Cash, and also the release of a desktop application.

Technical Analysis - Bitcoin

Bitcoin is making a base around $6,800 after being rejected from the 7,280 area. The price still moves above its +1SD Bollinger line, and its MACD continues bullish, but the volume has dried up, and there is no strength to push it upwards.  We still think the continuation will be to the upside, because, after the large candlestick that touched the $7,280 level was faded, creating a shooting star figure (and making an engulfing candle in the 1H and 2H timeframe), the price has been held at the $6,800 level instead of a continuation of the drops. That shows, buyers still have a say and that this upward leg has not ended.

Ethereum

Ethereum has made a large candle to $150 that was rejected, but the following candles have kept the same path. Thus, the upward leg is intact, and it will likely challenge the $150 level for a second time. All our technical indicators point to a bullish trend, and also, the Bollinger bands expanding confirm this direction.

Ripple

Ripple continues its slow ascent inside the, also, ascending wedge. The price has broken out above the upper line that was shaping a triangular formation and is now struggling to regain the $0.18 after it was rejected yesterday at the $0.187 level. We still see the overall sector moving up, and we estimate that Ripple will benefit from this bullishness and overcome the $0.18 resistance level to continue its path to $0.19 as its next target. Our technical levels remain the same.

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