Market Review. Results of the Day. Leaders of the Fall

March 23, 2018

BTC $8635.38

ETH $525.94

XRP $0.62848

BCH $1008.50


Technical analysis.

Major cryptocurrencies continued to move in the short-term falling trend today. The leaders of the fall are the same: Ethereum and Ripple.

ETH's support level is $500, resistance level is $600. If the price falls below $500, then a further fall to $390 is possible, and the next support level is $200. If the price breaks out from the resistance level and gain a foothold above $600, then a growing trend may start. In general, the week was unsuccessful for ETH, its price has not left the range of $500-600.

XRP's support level is $0.60, resistance level is $0.71. The long-term falling trend is continuing. It can be reversed if the price breaks out from the resistance level, however if it falls below the support level then the target of the further fall is $0.2.

Bitcoin has spent the week above the support level of $8,000. This level is the second one of the current falling trend, although the second reverse has not happened. The price consolidates above the $8,000, and in case of breaking down this level, this consolidation might become a continuation pattern $6,000 and $4,000 as targets. If the price overcome the resistance level of $9,000, then there is a chance that the growth to $10,000 may happen, and the further growth to $12,000 may happen as well.

However, the probability of the continuation of the falling trend is still higher.

News review:

Thailand to issue its own cryptocurrency and implement blockchain into the system of the central bank.

Edward Snowden criticized bitcoin and predicted that the cryptocurrency will dissappear soon, being replaced by more anonymous coins.

Second largest South Korean cryptocurrency exchange Upbit announce the launch of first cryptocurrency inde in the country. It is called UBCI (Upbit Cryptocurrency Index) and its purpose is advising local investors on how to trade cryptocurrency.

Central bank of Taiwan says that blockchain is not effective enough for interbank remittance.


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