Insights > Technical analysis > Bitcoin slips below $60,000, the trend becomes more uncertain

Bitcoin slips below $60,000, the trend becomes more uncertain

17 March 2021

temps de lecture 4 minutes

avatar-auteurJulien Moretto


The emotional elevator is on for cryptocurrencies this month! After momentarily breaking €50,000 ($60,000) on March 13 and setting a new record, Bitcoin has lost as much as 14% so far this week and is stabilizing at around €46,200 ($55,000). While some observers regret a lack of strength in the market’s rise in recent days, the long-term uptrend is not in question for now. However, it will be interesting to see if the current rebound manages to break through significant price levels to determine whether the uptrend will continue in the medium term.

This week, the altcoins market is marked by great performances from projects recently present in the top 50 of the capitalization ranking. This is notably the case of Terra (LUNA), which offers a performance of 62% in seven days, or of Chiliz (CHZ) with +90%. On the trend side, the euphoria around NFTs (non-fungible tokens) continues while DeFi projects focused on financial systems have been consolidating for a few weeks.

The ecosystem is marked by news about Ethereum. The implementation of the technology called ”rollups”, should greatly multiply the capacities of the Ethereum blockchain and make possible up to 100 000 transactions per second! Interesting… The first checks distributed to Americans as part of the economic stimulus plan of $1900 billion arrive this week.

  • According to CoinGecko, the market capitalization increased slightly and approached 1800 billion, against 1700 last week.
  • Bitcoin’s dominance is stable at 59.4% market share.
  • The best performance of the top 50 is attributed to Chiliz (CHZ) with 90% over one week.

We invite you to discover our video analysis (in French and dated March 16):

Bitcoin (BTC)

The Coinhouse recommendation :
Wait

  • The price of Bitcoin is evolving around €46,200 ($55,000) on March 17, up slightly by 1% over the past week. The trend is becoming more unstable after the price failed to break through the $60,000 mark on a sustained basis. But in the long term, the uptrend continues to build. We add a touch of caution this week and advise waiting before taking new positions. The price will have to break through the €48,700 ($58,000) mark to get a first buy signal and hope to see the rise accelerate. On the other hand, the price must hold the €42,200 ($50,200) pivot zone to maintain the short-term trend. A break of this area from below would be a sell signal.

Ethereum (ETH)

The Coinhouse recommendation :
Wait

  • Ethereum (ETH) is trading at €1,500 ($1,780), down 4%. Uncertainty is again the order of the day. Ethereum failed to make a new high from February 20. The €1,600 ($1,900) area is still a blockage. We will wait for the price to clearly break above this resistance before taking new buy positions. If you have positions on Ethereum taken lower, you can hold for now. Beware, the €1,300 ($1,540) pivot must hold to maintain the medium-term upside. Breaking it from below will be a sell signal. If the rise resumes, the next area to take partial profits is the one between €1,930 and €2,100 (2,300 and $2,500).

Cardano (ADA)

The Coinhouse recommendation :
Buy on support

  • Cardano (ADA) is up 8% for the week to trade around €1.07 ($1.25). It is one of the assets that have been performing well for about 6 months. The rise has accelerated since February and the break of $0.40. The price of the Cardano has been in a bullish channel since then, as shown on the chart. After a correction of several days, we can see that the price has rebounded to the bottom of the channel. The contacts of the price with the lower limit of this channel can therefore be considered as buying zones. However, in order to resume a stronger uptrend, Cardano’s price will have to break through the Fibonacci retracement level located at €1.09 ($1.30).

Tops & flops of the week (top 50 marketcap)


Tops

1- Chiliz (CHZ) : +90%
2- Filecoin (FIL) : +64%
3- Terra (LUNA): +62%


Flops

1- NEM (XEM) : -45%
2- OKB: -18%
3- Synthetix (SNX) : -18%

All information in this article is provided for informational purposes only, although it has been compiled from reputable and reliable sources. It does not constitute an offer to buy or sell digital assets, nor does it constitute an offer to provide services in respect of digital assets, nor does it constitute advice, inducement or recommendation to deal in such digital assets. It is simply information that the user holds in absolute control. We inform you that if you choose to invest in digital assets, you must be aware of our general terms and conditions of sale (https://bit.ly/2FGW2ek) and accept the various risks listed and defined on our legal warning page (https://bit.ly/3c4sQKc)

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