Weekly Crypto Roundup
Konstantin Kaiser • 2 min read
Bulls and bears are being served equally by the cryptocurrencies market at the moment. While the bulls are happy about the incredible gains of some cryptocurrencies, especially the exchange tokens, bears are content that Bitcoin didn’t manage to break the resistance yet.
To find out what the chances of Bitcoin breaking out bullishly are, we will take a look at the technical analysis of Bitcoin and Ethereum as well as the total market capitalization.
BTC/USD WEEKLY CHART
This week’s candle is very bullish, as Bitcoin quickly bounced off the 0.382 fib level after the harsh rejection by the $4200 resistance. The MACD remains bullish and if Bitcoin closes above $4133, the 200-week-EMA is bullishly broken. However, the major resistance between $4200-$4500 needs to be broken in order to confirm a continuation of the uptrend.
BTC/USD DAILY CHART
The daily chart indicates rejection by the major resistance between $4200-$4500 so far. In fact, the last two days were red and Bitcoin has been rejected so far. The RSI shows a bearish divergence which indicates that Bitcoin won’t manage to break the resistance. Thus, Bitcoin might retrace all the way down to the 50-day-EMA at around $4000. If this level doesn’t hold, Bitcoin might fall down to the golden pocket zone at $3739. If this level is broken, the gates are open for a retracement to the major support between $3000-$3300.
ETH/USD DAILY CHART
Ethereum is currently ranging between the resistance at $148 and the 50-day-EMA. While the 50-day-EMA acted successfully as support so far, Ethereum was rejected by the resistance at $148. Thus, it seems likely that Ethereum will fall back to the EMA support. If the EMA support is broken, Ethereum finds its next support at the golden pocket at $116. If this level also breaks, Ethereum will most likely retrace to its major support between $68-$85.
TOTAL MARKET CAPITALIZATION DAILY CHART
The chart for the total market capitalization of the cryptocurrencies market is indeed, very bullish. Since the bullish breakout of the downward channel, the cryptocurrencies market experienced a renewed flourishing. While the 50-day-EMA acts as support so far, the 200-day-EMA seems to be an interesting target for expecting a short-term trend reversal. Thus, the total market capitalization might reach as high as $150b before we can assume a retracement.
The 200-week-EMA acts as additional support since it was bullishly broken last week. As a consequence, the cryptocurrencies market has still a lot of room towards the upside.
Among the top gainers of this week were,
EVX, which rose by 570 percent,
BIX, which surged by another 115 percent, and
KCS, which gained by nearly 70 percent.
Major news this week was that Everex (EVX) received approval from the United States – the State of NJ, to onboard users and perform crypto-crypto domestic and international transactions, which certainly played a significant role for the recent price development of the EVX token.
Also, Thailand’s richest company has reportedly acquired company behind OmiseGo token for more than $100 million.
Furthermore, Tim Draper, a brilliant mind and crypto-visionary, who is part of the Paypal Mafia, sat down at a meeting with Argentina’s President Mauricio Macri on 20 March for the abolition of the National Currency Peso (ARS) in favor of Bitcoin (BTC). This was reported by the daily La Nación, which is published in Buenos Aires and is considered the leading medium in Argentina, on 22 March.