[ad_1]
5,778 total views, 4,052 views today
Bitcoin's bullish cryptocurrency recovery has been sustained over the weekend, as previously anticipated. Market capitalization in general has remained stable, at around $ 140 billion, which is the immediate resistance to the defeat of the ecosystem to achieve a new bullish rally. If not, we will begin to see how the market is retreating from last week's levels.
For the moment, Bitcoin (BTC) holds crypto dominance with a market share of 50.7% overall.
However, the three main cryptographic managers have already experienced symptoms that this scenario may soon change. Let's take a closer look at what this week is for Bitcoin (BTC), Ripple (XRP) and Ethereum (ETH).
Read: XRP, Tron (TRX), Stellar (XLM) Price forecast: is the uptrend here?
Bitcoin (BTC) Price Forecast for the Week
After reaching the $ 4,000 barrier, the price of Bitcoin (BTC) maintains a lateral movement between the bands ranging from $ 3,800 to $ 4,000 over the last few hours, which is synonymous with fighting between bulls and bears.
At the time of writing, Bitcoin (BTC) has a spot price of $ 4,311.56 per unit, a decrease of 0.25% over the past 24 hours. Its market capitalization remains strong above $ 70 trillion.
In the short term, the main cryptocurrency has a price correction scenario, with a possible contraction at 3990.83 USD by the end of the week. This is in line with the pattern drawn by the Elliot Wave Correction (orange line), after a maximum walk of $ 4011.3 and a minimum of $ 3,927.89, as immediate support.
The stochastic indicator continues to grow strongly towards the overbought zone, which is a good indication of the bullish level to maintain for the moment. However, his projection indicates that he will soon leave this region by the middle of the week, which could confirm the proposed scenario for March 24, 2019 in the chart.
Even though we have an upward channel similar to the 2015 scenario, it could be stated that this is the last low floor of Bitcoin, before the new bullish scenario.
We have to wait for the next few hours to see if his level of support is not exceeded and that the change ends up having a change totally contrary to the expectations of this week.
According to this chart, Bitcoin will end its downward trend at the end of the day and could return to levels of $ 3,800.
the Aroon UpTrend The indicator is about to reaffirm this thesis, when we see it heading south (green line).
Similarly, the crossing with EMA25 indicates that we are entering the sales area, the bears waiting to regain control of the market.
Ethereum (ETH) Price Analysis for the Week
Ethereum, the second largest market-based cryptocurrency, has a 1.21% price reduction. Its market price at the time of writing reached 140.51 USD per unit. The market capitalization of Ethereum is around $ 14.7 billion. About $ 300 million less than Friday.
The Ethereum (ETH) chart next week is not encouraging. It has a ping bar, after reaching a maximum of $ 148.63. Although Ethereum started with strength, it shows a reduction in support levels up to the current price.
Read: Bitcoin (BTC), Litecoin (LTC), BCH Price Forecasting: an incursion into the weekend. Aroon Uptrend?
At the time of writing, Ethereum support of $ 142.25 has already fallen to around 138, according to estimates. Elliot pattern (Blue line)
By reaching point E, we can expect Ethereum to return to support level S1 ($ 135.9) per unit, for lateral price movement between the range of $ 135 and $ 140 for the rest. of the week.
The crossing of EMA25 expects a strong bear entry into the Ethereum market by Monday and that unless there is a major break in the ecosystem, nothing seems to be changing for Vitalik Buterin's motto.
Read: Alibabacoin (ABBC) records an increase of more than 150% in value, now in 33rd place after the launch of the 500K contest
This bearish scenario is now confirmed by the Klinger Oscillator indicator that has crossed the signal line and is moving to the edge of the buying and selling area; waiting for the movements of the next hours on the market to deepen their behavior.
Read: Stellar (XLM), EOS, Cardano (ADA) Price Forecast: 2019 Long Term Outlook
On the other hand, if the ecosystem manages to stabilize above the market capitalization of $ 140 billion, it is possible that this Ethereum price correction is temporary and we are witnessing a new rebound in the US. middle of the week.
This scenario is not unreasonable and it is possible that the projection of the pattern ABCDE is done by the ascending channel always present in the Ethereum diagram.
This is confirmed by the Chaikin Money Flow indicator for the 4H chart, where the money input into the ecosystem is still at a good upward level.
Price Analysis for the Week (XRP)
Ripple's XRP token is still in third place and is one of the few crypto-currencies to feature major price corrections for what happens to Bitcoin and the rest of the market.
At the time of writing this article, the price of the XRP is $ 0.337 per token and the digital asset shows a -0.44% change over the last 24 hours.
Read: Ripple XRP News: Instimatch integrates R3 Settler / XRP and integrates more than 50 banks
As can be seen in Chart 1H for the XRP, its movements for the week are lateral, with ups and downs between the bands of $ 0.322 and $ 0.316 (S1), without major major changes, since, as we As mentioned above, the XRP is one of the few crypto-currencies that are less affected by the market in general and more dependent on itself than other factors.
Logically, any sudden change in the market will affect it more intensely because it is not an isolated project. But for the moment, his swinging movement between the indicated bands seems to be what will dominate the week. A downward trend but light, without strong price variations.
Read: This trader believes that the month of April will be the last month we will see bitcoins at $ 3,000
This is confirmed by the crossings of the Exponential moving average (EMA 25) for the 19th of March and the Relative Strength Index (RSI), which shows a bearish behavior in the middle of the chart, balancing the forces between the buying and selling pressure of the asset.
A good punch of the price of the XRP, on its own or external factors, will be enough for the bulls to find themselves in the game and place the market of the XRP in a rally bull, to RSI 80 levels, such as those obtained on Saturday, March 16th.
Related
[ad_2]
Source link