Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple Weekly Price Analysis

By — Nirmal Ranga

“The market does not know if you are long or short and could not care less. You are the only one emotionally involved with your position. The market is just reacting to supply and demand and if you are cheering it one way, there is always somebody else cheering it just as hard that it will go the other way” — Marty Schwartz, Pit Bull

The Cryptocurrency Market saw a high of $398 Billion Dollars, and a low of $290 Billion Dollars. Alt-coins continues to bleed out like a giant sack of blood pouring, while Bitcoin soaks up market dominance.

With majority of news fundamentally revolving around the negativity of regulations, ad-bans, couple of exchanges and payment systems shut down- The crypto markets have taken a hit and all major currencies look to have transformed bearish with Bitcoin gaining major interest for Investors for the store of value.

Bitcoin

Bitcoin is trading at $7,880 representing a gain of 1.7% in last 24-hours.

Post 21st March, Bitcoin formed a bearish cross-over when 20DEMA fell below the 200 DEMA giving strength to short-sellers post which BTC has fallen about 15% from top.

At present, Bitcoin is testing a major intra-day support of $7,600-$7,700 where Bulls are trying very hard to defend their levels. At this major support, Bitcoin can have a pull-back upto $8,700- $9,100 if it holds above $7,600 but Bears are holding more strength right now.

Any breach of the above support which is likely will make BTC test the 78.6% Fibonacci Retracement support level of $7,175 of the rally from $5,920-$11,780. If BTC is unable to maintain the second most important support of $7,175, it is likely to open up avenues for Bears ruling the market to test back it’s previous low of $5,900. It is important to keep the allocation size small at current indecisive levels where BTC is on the line of divergence.

Bitcoin strongly is under the influence of aggressive sellers where the break-down of the above level is likely to take the top ranked crypto down.



About Author — Technical/Derivatives Analyst & Crypto-Currency Expert with a decade of Professional Experience having expertise in Equities, Commodities, FOREX & Crypto-Currency Markets. Connect with him on LinkedIn and follow him on Twitter.