Market review, March 10, 2020

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2020-03-10 16:01:11

Large holders of bitcoin on the BitMEX exchange sold the crypto asset in large quantities, which put additional pressure on the exchange rate and led to a decrease in the cost of BTC to $7,800.

Starting from the second half of Sunday, more and more messages about large BTC sales began to appear on social networks. Data on Monday about large sales of bitcoin by “whales” on the BitMEX exchange explained the downward spiral of the BTC market price. On Monday, the price of bitcoin continued to lose support levels, falling to the mark of $7,800.

According to WhaleTrades, the very first of these sales turned out to be the largest — the cost of sold BTC was more than $21 million.

At the moment, the influx of offers for sale still maintains the Bitcoin exchange rate at $ 7,800. Trading volumes increased amid sharp volatility, exceeding $ 47 billion over the past 24 hours. Moreover, the “Index of fear and greed” ranges from 41 to 17 points, which corresponds to the level of “extreme fear.”

Despite the enthusiasm and resumption of BTC retail purchases in recent months, the market is again faced with the fact that the “whales” can easily direct prices and cause a panic. Fear is also compounded by the possibility of falling to much lower levels, down to $ 6,000. But with the participation of “whales,” the price can return to higher levels as quickly as sales decrease.

Technical analysis of Bitcoin (BTC):

Over the past weekend, the price of bitcoin rose to the resistance level of $9,200, then it fell to a local minimum of $7,660. Now, the cost of bitcoin is $8,143. In the future, we expect the continuation of the uptrend. The nearest resistance levels are $8,200, $8,500, $9,000, $9,320, $9,470, $9,730. The nearest support levels are $8,050, $7,850.

Technical analysis of Ethereum (ETH):

Over the past weekend, the price of ethereum rose to the resistance level of $252, then if fell to a local minimum of $190. Now, the price of ethereum is $205. In the future, we expect the continuation of the positive movement. The nearest resistance levels are $206, $210, $213, $215, $219. The nearest support levels are $197, $192.

Technical analysis of Ripple (XRP):

Over the past weekend, the price of ripple rose to the resistance level of $0.2450, then it fell to a local minimum of $0.1980. Now, the price of ripple is $0.2150. In the future, we expect the continuation of the positive movement. The nearest resistance levels are $0.2240, $0.23, $0.2460. The nearest support levels are $0.2060, $0.1980.




Disclaimer. This review is only for information purposes and cannot be considered as a proposal or an indication to perform certain transactions in the financial and commodity markets. The estimates and recommendations in the review are the personal opinion of the company's analysts. The company's view on the prospects for individual financial instruments is valid as of the date of the report. The Company does not assume any liability and liabilities for compensation for damage that may result from the use of this report.
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