Cryptocurrency Market Weekly update #8

According to our last weekly update:

• Bitcoin retested 9200$, price got rejected from there and reached below 7700$.
• Ethereum retested 250$, price got rejected from there and reached below 200$.

Now, let’s discuss what to expect from this week.

Bitcoin Technical Analysis – BTCUSD

BTCUSD – 1W

• Bitcoin has lost 21 and 50MA support on the weekly timeframe, that’s a bearish sign.
• There is a possibility of an upcoming bearish crossover on weekly MACD, Bitcoin needs to close the current week above 8500$ to avoid that.

BTCUSD – 1D

• Bitcoin has lost 50,100 and 200MA support. These moving averages should act as resistance levels now.
• Bitcoin is currently holding horizontal support at 7700$, 8400-8500$ should act as a strong resistance level now. Bitcoin needs to reclaim 8500$ to remain bullish on long term.

In our opinion, Bitcoin price could reach 8400-8500$ again. Price could reach above 9200$ on successful break of 8500$. But In case of rejection from 8400-8500$ area, Bitcoin could reach below 7200$ this week.

Ethereum Technical Analysis – ETHUSD

ETHUSD – 1D

• Ethereum price action looks much better than bitcoin, ETHUSD is still holding a bullish structure.
• Ethereum is trading above 100 and 200MA on daily timeframe, Ethereum needs to hold these support to remain bullish.

In our opinion, Ethereum needs to claim 220$ as support for bullish continuation, if ethereum price rejects at 220$ than, we could see ethereum price below 180$ this week.

Top 3 Altcoins to trade this week

• Bitcoin dominance manages to break out from symmetric triangle last week, and reached at 66.5%.
• Bitcoin dominance is currently trading inside a rising wedge structure, where 65% level is holding as support.

We can expect a relief run from altcoins and here are our top 3 altcoins recommendations for this week.

MATICBTC

Entries : 0.00000230 – 0.00000260 BTC

Exit : 0.00000310 – 0.00000340 BTC

Stop: 0.00000200 BTC

RENBTC

Entries : 0.00000750 – 0.00000850 BTC

Exit : 0.00001050 – 0.00001150 BTC

Stop : 0.00000650 BTC

LOOMBTC

Entries : 0.00000200 – 0.00000250 BTC

Exit : 0.00000300 – 0.00000350 BTC

Stop : 0.00000170 BTC

Also Check out: Top 5 altcoins to buy in March