The cryptocurrency market has arrived at the weekend after days of sideways movement and bearish movements. Bitcoin and its compatriots had a decent week between March 2 and March 6, with all the top four cryptocurrencies flashing green. These bullish gains have also elevated existing price points after Bitcoin fell below the $9000 mark last week.
According to reports, March might prove to be a decisive month for the market because the Bitcoin halving is just two months away. The event in May is expected to provide a massive assist in Bitcoin’s push towards the zenith.
Bitcoin:
At the time of writing, Bitcoin was trading for $9132 with a total market cap of $166.71 billion. After a weekly move of 5.56 percent. The immediate support was at $8512 while the immediate resistance was raised in the hourly spectrum.
The Parabolic SAR was below the price candles which means that the cryptocurrency was in for a bearish atmosphere in the near future.
The Relative Strength Index was near the oversold zone and was slowly starting to rise.
The Chaikin Money Flow indicator had just dropped below the zero line which meant that the capital leaving the market was more than the capital coming into the market.
Ethereum:
The world’s second-largest cryptocurrency has been the stalwart example of an altcoin surge. At the moment, Ethereum’s immediate support was at $216.9. Ethereum was trading for $239.12 with a total market cap of $26.3 billion. The 24-hour market volume was $19.02 billion after a 7.03 percent increase over the past 7 days.
The Relative Strength Index was in the middle of the graph after staying near the overbought zone during all of February. Currently, the buying pressure and the selling pressure were canceling each other out.
The Chaikin Money Flow indicator had bounced off the zero line which meant that more capital was coming into the Ethereum market.
According to the Parabolic SAR, Ethereum was heading into bearish territory soon. This would ensure that investors hold onto their assets.
XRP:
Ripple’s native cryptocurrency had a tough 2019 but has seen a change of fortunes this year. With immediate support of 0.22, the cryptocurrency was ready to embark on its journey upward.
The Chaikin Money Flow indicator had fallen below the zero line which meant that the capital coming into the XRP market had reduced. This may be because institutions were still waiting for a massive spike in volume to jump in.
The Relative Strength Index had begun climbing towards the overbought zone. XRP holders were slowly starting to buy more tokens as the market stabilized.
The Parabolic SAR was above the marker just like the other three cryptocurrencies. It meant that the market was bearish in a consistent fashion.
Bitcoin Cash:
The hard fork of Bitcoin had a good time in the beginning of the year and since then has become a strong top 5 contender. Bitcoin Cash’s immediate support was at $306.42 which was formed recently.
The Relative Strength Index showed the same pattern as that of XRP. This was because the market was improving slightly.
The Chaikin Money Flow indicator was treading the zero line on the positive side. Bitcoin Cash’s strong pull in the market has allowed more investors to come in.
Bitcoin Cash’s Parabolic SAR markers were below the price candles. BCH was the only crypto in the top five who had an expected bullish future.
The market’s volatility has only increased over the ages and investors are mostly looking to play the long game now. The next major shake-up is Bitcoin halving in May and many hope it will be smooth sailing till then.
