Bitcoin Back Above $9K as the Crypto Sector Recovered its Bullish Path

The crypto industry has recovered the bullish track.  On average, the sector grew 4.5 percent in the last 24 hours, and Bitcoin(+2.14%) recovering its $9,000 range again. Whitecoin was the shooting star of the day with +1,074% appreciation in a single day. Among the best performers are ICX (+14.2%), Waves( +15.3%) , and ABBC (+21.5%).

Ethereum-based tokens are also moving up, Although some of them, like LINK (-1.41%), BAT(2.37%), or ZRX(-2.5%), are finding resistance at these levels that prevent them from advancing. Among the most solid performers are CENNZ (+6.3%), REN(+8%), LRC (+11.7%) and VEST(+29.5%).

The market capitalization of the sector went up by 4.45 percent to $260.718 billion, and the traded volume in the last 24 hours was $46.932 billion, up 20.5 percent from our yesterday's figure of 38.95 billion. The dominance of Bitcoin hasn't changed much and is 63.69% at the moment of this writing.

 

Hot News

South Korean government has passed a regulation for crypto exchanges that will enforce real-name accounts as a means to curb money laundering. Crypto exchanges will be required to collaborate with banks to strictly implement that rule.

The London Blockchain summit is taking place amid the coronavirus crisis. London has sold out all available hand sanitizers, people finding novel ways to say hi, without handshaking and many speakers missing, subject to travel constraints or self-restricted. Industry restructuring and evolution and decentralized finance, DeFi were the main topics for March 05.

The US SEC proposes a set of amendments to make it easier for startups to raise money. Commissioner Hester Peirce announced the proposed changes for an exempt offering framework last Wednesday in a tweet. "Today we proposed some changes to our exempt offering framework, and I suggest some additional changes we might want to consider.", said.

 

Technical Analysis - Bitcoin

After close to a 5 percent upward run, the price of bitcoin found resistance near $9,200; it bounced off at $9,190 and got support neat the neckline of its inverted H&S pattern, at $9,000. Currently, it is making a morning star figure and moves to challenge the $9,200 level again. We see the price moving nicely above the +1SD Bollinger line and the MACD in bull mode, so we expect more upside on the BTC. The break of the $9,200 resistance would drive it towards the $9,500 level.

Support	Pivot Point	Resistance
8,800	8,990	9,190
8,764		9,500
8,525		9,990

 

Ethereum

Ethereum is currently breaking its $235 resistance level and seems to head towards the upside and challenge its next resistance level of $248. The price is making higher highs, although it has to break still the 200-period SMA, which acts as resistance. MACD and Bollinger bands make us think it will succeed.

Support	Pivot Point	Resistance
221	230	235
216		240
210		245

 

Ripple

Ripple is still moving inside the box. The price has been bouncing off several times from the top of its range, at 0.244. Although it moves above the +1SD Bollinger line and the MACD is bullish,  the upside advance is very limited. We still consider, though, that it could move sharply up to test the O.268 level that is in confluence with its 200-period SMA.

Support	Pivot Point	Resistance
0.2360	0.2400	0.2440
0.2320		0.2480
0.2290		0.2530

 

Chainlink

In the last few hours, Chainlink moves in a consolidation range between $4.6 and $4.88. The price moved from above the +1SD Bollinger line to its mid-line, as the MACD turned to a bearish phase.  The price is still above its significant 20-, 50-, and 200-period SMAs, and, also, all averages show a positive slope; therefore, the upward trend is healthy, and LINK is only making a continuation figure.

Support	Pivot Point	Resistance
4.6	4.75	4.88
4.4		5.1
4.3		5.3

 

---

 

Try Secure Leveraged Trading with EagleFX!

---