Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for 03.16.2020 - Another downside movement is expected, watch for selling opportunities towards the $3.135

Industry news:


Due to the fears surrounding COVID-19, the crypto markets crashed on Thursday and recorded the worst day in their history. Investors are still extremely fearful.Some stablecoins like Paxos Standard (PAX), USD Coin (USDC), and Binance Coin (BUSD) were able to strongly gain liquidity amid these extreme market movements. The latter made issuances for the third time in a row and is now ranked higher than its competitor TrueUSD (TUSD).

Excluding stablecoins, all cryptocurrencies are deep in the red. The least bad performer was UNUS SED LEO, the exchange token for Bitfinex and Ethfinex. Compared to Bitcoin, LEO gained +29,5% to trading at 17,016 satoshis.

By far the worst performer was the payment platform Swipe. This is peculiar, since Swipe was one of the top performers in January, but has lost ground since and dropped out of the CMC100-ranking for now.In the last week, the total market cap of all listed cryptocurrencies dropped -34.4% to $153.7B. The BTC-dominance dropped 0.3 percentage points to 63.7%


Technical analysis:
BTC has been trading to the downside as I expected last week. My downside bias is still active and the downward targets are set at $3.86 and $3.134

The BTC ended the upward correction and I do expect another downside movement. I would watch for selling opportunities on the rallies with the downward targets at $3.800 and $3.135. MACD oscillator is showing new momentum down, which is strong sign of the bearish pressure.

Resitance levels are set at the price of $5.630 and $6.215

Support levels and downward targets are set at the price of $3.800 and $3.135




Performed by Petar Jacimovic
Analytical expert
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