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      Cryptocurrency Market Weekly update #8

      Hitesh Malviya by Hitesh Malviya
      March 10, 2020
      in Crypto Market, Trade Signal
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      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

      BTCUSD -1W(Bitstamp)
      • 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

      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

      ETHUSD -1D(Bitstamp)
      • 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

      BTC.D – 1D
      • 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

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