March Bitcoin Futures Flat Near $3800
Shain Vernier • 1 min read
It has been a rough open to the trading week for cryptocurrencies, featuring 24-hour drops in each of the five major coins. Bitcoin (-1.7%), Bitcoin Cash (-2.78%), Ethereum (-2.25%), Litecoin (-2.81%), and Ripple (-1.25%) are all in the red as bearish sentiment dominates today’s action.
Perhaps the largest issue facing cryptos is the lack of a fundamental capable of driving these markets north. However, we are beginning to see positive signs of mainstream financial adoption. Recent announcements of the Swiss Stock Exchange (SIX) listing a Ripple-backed exchange traded product (ETP) has breathed a bit of life into the cryptosphere. There is no arguing that cryptocurrency values remain severely depressed in comparison to the highs of December 2017. However, the three cryptocurrency-based ETPs offered by SIX are a certainly a positive for crypto bulls.
March Bitcoin Futures Remain Technically Bearish
Late 2018 brought on a brutal bear market for March Bitcoin futures. Values fell rapidly from above $6000 to nearly $3000, with buyers offering only modest resistance at the key $5000 level. BTC bulls were hung out to dry in the face of a steep daily downtrend that gained steam as December came on.
From a strictly technical perspective, there are two levels to keep a close eye on in this market:
- Resistance(1): 38% Retracement Of Late-2018 Sell-Off, $4398
- Support(1): Psyche Level, $3000
Overview: For the time being, BTC remains in a daily downtrend. Although values have stabilized above $3750, this market must establish itself above $4400 before the current intermediate-term sell-off may be deemed over. At press time (1:00 PM EST), this area is still about $500 per BTC away, supporting a “bearish-until-proven-otherwise” bias.