March Bitcoin Futures Flat Near $3800

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.

ABOUT THE AUTHOR See More

Shain Vernier

US Analyst

Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

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