Crypto Frontline

Weekly Crypto Analysis March 25-31, 2019

Weekly Crypto Analysis March 25-31, 2019
March 24
06:38 2019

BTCUSD Bitstamp

BTCUSD technical analysis


For the past week, the Bitcoin momentum continued to be weak, which is why the price action had been consolidating between $4,036 and $3,925 levels. Another brief selling which wiped out a few days of gains took place in the middle of the week, communicating how fragile the upside is.

Still, the selling is not impulsive enough for us to change or bias to bearish, but it will interesting to see on which side the above-mentioned range will be broken. Below $3,925 we have $3,863 and the 4h chart 200 simple moving average, which is expected to be a tough support zone.

On the other hand, above $4,036 we think the price can edge higher and retest the $4,173 level, where Bitcoin started to sell back on February 24th. We maintain our slightly bullish view until a break below the moving average will take place.


ETHUSD technical analysis


Ether had also shown signs of weakness for the past week, following a breakout below the 4h chart 200 moving average. What’s even more concerning is that the reaction following the break had been very weak, which communicates that sellers are the ones in control right now.

With the price below the MA, we think more downside should be expected in the next few days. The price continues to trade inside an ascending channel formation, and we expect support to come around $127.9 or $123.4, which is around the bottom line of the structure.

A break above the 200 moving average will be necessary to confirm that buyers resumed impulsively and next potential targets might be the $141, or $149 level. The price action structure looks worse than the one of Bitcoin, and think more losses should be seen before any significant response from the bulls.


XRP technical analysis


We’ve talked about XRP during the week and we’ve assumed it will break a triangle formation on the upside, following encouraging news related to WooCommerce integration. However, we were wrong about the direction of the breakout, since the price action had breached the triangle on the downside a few days ago.

As a result, we believe more pain ahead will be seen for XRP, considering that volatility had been compressing since the beginning of February. We expect selling to accelerate in the next few days and potentially drive the XRP price towards the 28.5 cents or 27.8 cents, two levels which form an important support zone.

The less likely scenario at this point is that XRP will break back inside the channel and head north. Although anything can happen in the market, at the time of writing there’s no evidence that bulls have returned impulsively.

Briefings about ICOs

An ICO project currently active is Chainzilla, which started to raise funds on January 1st and plans to end the ICO on March 30th. It is a company that streamlines blockchain development for various open-source projects

In terms of upcoming ICOs, Gemstra is a project that wants to connect businesses with influencers to drive sales through a blockchain-enabled solution. The company will start to raise funds on March 31st.


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