Bitcoin and Ether Market Update: March 26, 2020
Total crypto market cap added $17.6 billion to its value since Monday morning and now stands at $184.2 billion. Top ten coins are all in red for the last 24 hours with Litecoin (LTC) and Ethereum (ETH) being the worst performers with 2.8 and 2.7 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $6,620 on the Bitstamp daily chart, while ether (ETH) moved up to $135 and Ripple’s XRP is hovering around $0.161.
Bitcoin suffered a drop to $5,812 on Sunday, March 22 after it was rejected at $6,400 once again. It closed the seven-day period 8.2 percent up.
The BTC/USD pair started trading on Monday by drawing a huge green candle to $6,500 on the daily chart. The coin added 12 percent to its value and successfully closed above the important $6,400 S/R line after four consecutive failed attempts.
On Tuesday, March 24, the most popular cryptocurrency continued with its good performance and climbed further to $6,774. Naturally, the next target for buyers was to move above the $6,900-$7,000 zone on its way to $7,700.
The mid-week session on Wednesday was a volatile one. Bitcoin was trading between $7,000 – $6,400 during intraday. The leading cryptocurrency failed to break the $7,000 line and was forced to close with a loss to $6,684.
Buyers successfully confirmed their position $6,400 after a second straight close there, but a proper consolidation is still required, which will set the ground for yet another attack of $7,000.
In terms of 24h trading volumes, they started to puck up on Monday evening reaching $44-$46 billion on Tuesday and Wednesday.
The Ethereum Project token ETH made a step back to $120 on Sunday, March 22, erasing 9 percent of its value. The coin remained flat for the week.
What we saw on Monday, March 23 was a confirmation of the current short-term uptrend, started on March 16. The ETH/USD pair rebounded from the horizontal support at $120 and preserved the upward movement by climbing up to $136.
On Tuesday, March 24, the ether continued with its good performance and moved up to $139 after trading in the $144-$132 range during the day.
The third day of the workweek came with the exact same candle being formed on the daily chart, however, in the opposite direction as the ETH token erased all gains from the previous session and moved back down to $136.
The next target for bulls is to make an attempt to climb above the $150 S/R line, which can be followed by a potential continuation to $175. Down, it is the current support at $120, then the last visited low at $108 that is supposed to react to bears pressure.