Bitcoin twinge sends wobble through the crypto market

In Industry News

It's been an interesting week for big cap cryptocurrencies, with Bitcoin suddenly spluttering and Ethereum following suit, while XRP sung to its own tune.

Bitcoin teases

Bitcoin (BTC) spent most of the past week consolidating between 3,830 and 3,870 USD in a 1.25% range.

On March 14, there was a large spike up to 3,899 USD, with a subsequent dump down to 3,870 USD. BTC’s sudden volatile move had an effect on the whole market.

Whatever the cause, BTC resumed its consolidation pattern shortly after.

Trade Bitcoin

Ethereum looks for support

Ethereum (ETH) has a similar chart to BTC over the past week.

After a bullish move up to 134.25 USD, ETH retraced down to the 0.5 Fibonacci level at 130.80 USD, where it found a strong support multiple time before the big spike.

Over the course of the week, ETH formed a bullish divergence between price action and RSI – a continuous retest of the 130.80 USD support level with an ascending RSI.

As a result, ETH has broken to the upside and is eyeing a retest of 134.25 USD resistance level.

On the 4-hour chart, ETH is clearly consolidating into a tight range, which suggests a larger move may be imminent.

Since hitting its local high of 165 USD on the 4-hour chart, ETH has retraced down to the 0.618 Fibonacci level before testing the 0.382 resistance level.

At the moment, ETH is attempting to break both the 200-day moving average (green line) as well as the 0.5 Fibonacci level.

If ETH is unable to find support above these two key levels, we could see a retest of the support level at 125 USD once again.

Trade Ethereum

XRP approaches apex

XRP has been doing it’s own thing lately.

Unlike BTC and ETH, which both saw large bullish candles on March 12, XRP had a delayed reaction and did not flip bullish until the following day.

Compared to BTC and ETH, XRP also retraced a much larger percentage of its initial move up, and ended the week consolidating into a very tight 0.75% range.

XRP has now managed to break out from its market structure with successive bullish candles on the 15-minute chart, so it’ll be interesting to see if XRP can maintain the buy volume going into the weekend.

At the moment, XRP’s 4-hour chart shows that it is still trading within the giant symmetrical triangle that has been forming since late February.

Looking at this market structure, it’s clear that the apex is quickly approaching, and a big move for XRP is on the horizon.

Trade XRP

All guest authors’ opinions are their own. Liquid does not endorse or adopt any such opinions, and we cannot guarantee any claims made in content written by guest authors.

This content is not financial advice and it is not a recommendation to buy or sell any cryptocurrency or engage in any trading or other activities. You must not rely on this content for any financial decisions. Acquiring, trading, and otherwise transacting with cryptocurrency involves significant risks. We strongly advise our readers to conduct their own independent research before engaging in any such activities.

Liquid does not guarantee or imply that any cryptocurrency or activity described in this content is available or legal in any specific reader’s location. It is the reader’s responsibility to know the applicable laws in his or her own country.



Providing liquidity for the crypto economy.