Bitcoin and Ether Market Update: March 19, 2020
Total crypto market cap added $0.4 billion to its value since Monday morning and now stands at $151.9 billion. Top ten coins are all in green for the last 24 hours with OKB (OKB) and Binance Coin (BNB) being the best performers with 8.5 and 7.7 percent of gains respectively. At the time of writing Bitcoin (BTC) is trading at $5,433 on the Bitstamp daily chart, while ether (ETH) moved down to $119 and Ripple’s XRP fell to $0.148.
Bitcoin formed a fresh green candle to $5,337 on Sunday, March 15 and added $180 to its value closing the seven-day period with 33.2 percent loss.
The BTC/USD pair started trading on Monday by once again breaking below the long-term uptrend line we drew last week. The coin dropped as low as $4,441 during intraday, but bulls managed to minimize the losses and ended the session at $5,020.
On Tuesday, March 17, we saw the exact same candle being formed on daily, but in the opposite direction. The most popular cryptocurrency moved up to $5,336, but not before peaking at $5,557 in the early hours of trading.
As mentioned a few times already, the $5,400 – $5,500 zone will be crucial for the short-term recovery. Trading volumes, however, are still not stable enough to trigger a proper uptrend and at the current state neither bulls nor bears are able to take over control and establish a continuous trend.
Bitcoin continued with its good performance on the third day of the week and registered a small increase to $5,408.
The 24-h volume climbed up from $32 billion on Monday morning to $47 billion on Tuesday just to go back down to $34 on Wednesday afternoon.
The Ethereum Project token ETH registered a small increase to $123 on Sunday, March 15 after peaking at $134 during intraday. It closed the week with a 38.5 percent loss.
The leading altcoin opened the new trading period on Monday by dropping below the $120 line. It suffered a 7.5 percent loss and ended the session at $111. Bears managed to once again push the price to the psychological level of $100 without actually breaking it.
On Tuesday, March 17, the ether was less volatile and was moving in the $120 – $110 range before closing on positive territory at $116.
The mid-week session on Wednesday was again a good one for bulls as Ethereum continued to rise. It closed at $118 right after testing down the $110 line.
The negative scenario we are looking at is a fall below the short-term support lines at $110 and $100. Buyers will be aiming for consolidation around $120 in order to trigger an upward movement to the $147-$150 zone.
In terms of trading volumes, they remained stable in the $11-13 billion range for the first two days of the week then dropped to $9-$10 billion on Wednesday.