Bitcoin has experienced significant volatility in recent months as a result of the geopolitical conflict between Russia and Ukraine. The coin price swings between $45,000 and $33,000, signaling a short-term range-bound gain. Despite the negative cloud that has fallen on the crypto market, a Swiss city-Lugano has made Bitcoin, Tether, and LVGA tokens legal tender.
Bitcoin (BTC)- Buyers missed their fourth attempt to break the $45,000 barrier in the previous two months on March 1st. The sellers continue to defend this level with all their power, according to an evening star pattern at this resistance.
The succeeding plunge has surpassed the $40,000 psychological threshold, accelerating the selling pressure. The coin price has turned red today, swapping hands at $38,211, after spending a day retesting this flipped barrier.
According to the BTC chart, the currency has dropped 18% in the previous four days. The massive volume activity on the seller’s side indicates that the currency will soon reach the $36,000 monthly support. Bitcoin traders should expect another 8.5% drop if sellers breach this support level, retesting the January low of $33,000.
On the other hand, if the shared support of $36,000 and the typical pivot level support the buyers, the bulls will reclaim control. The coin’s value would then skyrocket, attempting to breach the $45,000 barrier once more. For buyers to begin a genuine recovery, they must overcome this strong resistance. The latest pullback has sent the price of Bitcoin below the (20, 50, and 100) EMAs. Furthermore, a bearish correlation of these EMAs implies a sharp decline.
The RSI indicator gradient, which fluctuates above and below the neutral line, emphasizes a sideways movement in price activity. Moreover, the fact that the slope is gradually sliding below the midline shows that the bears are in control.
Ethereum (ETH)- The chart has shown a short-term range bound gain over the last two months. The latest reversal from the downward trendline has reduced the altcoin’s value by 13.5 %, putting it to $2,600 in local support. Will buyers be able to halt the current sell-off, or will we be forced to return to the January low support level of $2,300?
After failing to conquer the falling resistance, the cryptocurrency fell to the weekly support of $2600 on March 1st. The second-largest cryptocurrency is now trading at $2,619, representing a 13.5 % decline in the previous four days. Traders are seeking to drive the cryptocurrency below the $2,600 support level. If they are correct, the price will return to the bottom support trendline $2,245 level.
If the bulls re-establish themselves on the rising trendline, the ETH price will remain range-bound for a few days. A bearish series of dropping DMAs (20, 50, 100, and 200) demonstrates traders’ aggressive selling. Additionally, the latest reversal has resulted in a drop underneath the 20 and 50 day moving averages, giving sellers an added advantage. A bearish crossover below the neutral zone is shown on the MACD indicator lines, indicating a sell signal.
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The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose.
You should be aware of all the risks associated with cryptocurrency trading, and seek advice from an independent financial advisor.
DISCLAIMER:
Any opinions, news, research, analyses, prices, or other information discussed in this presentation or linked to from this presentation are provided as general market commentary and do not constitute investment advice.
MX Global Team does not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information.