Market Review. Results of the Day. A Sharp Reverse

March 20, 2018


BTC $8321.60

ETH $532.02

XRP $0.666

BCH $960.77


Technical analysis.

During the weekend, BTC, BCH, ERC, and XMR fell to their February lows. DASH, ETH, IOTA, NEO, XRP, ZEC fell to their 2018 lows. However, after these falls, a sharp reversal has happened. 

Bitcoin broke out the resistance level of $8,200 and exited from the medium-term falling trend. However, it failed to take the next resistance level of $8,500, and the price returned to $8,200. If the cryptocurrency eventually overcome this level, them the target is $9,600. It is better wait with short positions. One can look for buying positions at the price above $8,500.

An interesting fact: for the first time in a long time the trading volumes grew along with the prices. Last time it happened in February 14, and then Bitcoin had grown from $8,460 to $11,742 in the next seven days.

 

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