Insights > Technical analysis > Bitcoin: the market is about to test your patience

Bitcoin: the market is about to test your patience

24 March 2021

temps de lecture 4 minutes

avatar-auteur Julien Moretto


It’s a week paved with uncertainty that we are experiencing in the cryptocurrency market! Bitcoin still fails to break through $60,000 and gives up 2% over the last week to settle at €47,300 ($56,000) this March 24. On Monday, March 22, statements by Jerome Powell, the president of the U.S. central bank, triggered a drop in the price of Bitcoin. Powell said that Bitcoin was “more of a substitute for gold than for the dollar” and that cryptocurrencies were “very volatile and therefore not really useful stores of value”. A speech often heard but which once again triggered a little drop in the market.

However, the underlying trend remains bullish and is still unchallenged in the long term. In our detailed analysis, we see the price levels that should be particularly monitored before making an investment or arbitrage decision. Patience will once again be key. On the altcoin side, some projects are doing well and moving up in the capitalization rankings. This is notably the case of Tetha Network (THETA) and Terra (LUNA). The trend of NFTs (non-fungible tokens) remains strong and has the merit of attracting new entrants to the market.

From a macroeconomic perspective, the information is quite contradictory. The value of the dollar was strengthening earlier this week. A phenomenon that may possibly put downward pressure on Bitcoin. We will therefore remain attentive to price movements in the coming days. Finally, according to a Harris poll for Yahoo Finance, 10% of Americans could buy Bitcoin with their check received as part of the economic stimulus package.

  • According to CoinGecko, the market capitalization remains close to $1800 billion.
  • Bitcoin’s dominance drops to 58.5% market share.
  • The best performance of the top 50 is attributed to Tetha Network (THETA) with +95% over one week.

We invite you to discover our video analysis (in french and dated March 23):

Bitcoin (BTC)

The Coinhouse recommendation :
Buy on support

  • The price of Bitcoin is trading at around €47,300 ($56,000) on March 24, down 2% on the week. The short-term trend will remain uncertain until the $60,000 mark is broken. The correction may still be prolonged. But in the long term, the bullish trend is still not in question. If the price continues to fall, it will arrive in the price zone between €42,200 and €44,100 ($50,200 and $52,300), which is a buying zone. Of course, if the rise resumes abruptly and the price ends a day above €50,700 ($61,800), this will be a buy signal to play a bullish continuation towards $70,000 and above.

Ethereum (ETH)

The Coinhouse recommendation :
Buy on support

  • Ethereum (ETH) is down 7% to trade at €1450 ($1710) after failing to break through €1,600 ($1,900) again. We will wait for the price to end a day above this level to get a buy signal. Otherwise, the price area between €1300 and €1370 ($1540 and $1620) can act as support to buy for a rebound and a resumption of the uptrend. If the uptrend accelerates, we keep the area between €1,930 and €2,100 ($2,300 and $2,500) as a target for taking partial profits.

Ripple (XRP)

The Coinhouse recommendation :
Buy on breakout

  • Ripple (XRP) is up 25% on the week to trade around €0.46 ($0.55). It is among the best performing assets this week. XRP has been on the rise for a few days now. Although price movements are often chaotic on XRP and these fundamentals divide the community, there is still a favorable scenario that could be in place from a purely technical standpoint. If the price closes a day above the €0.55 ($0.65) area, then we could have a strong buy signal on XRP, with the price possibly heading towards $1 fairly quickly.

Tops & flops of the week (top 50 marketcap)


Tops

1- Theta Network (THETA) : +95%
2- BitTorrent (BTT) : +85%
3- Filecoin (FIL): +54%


Flops

1- Hedera Hashgraph (HBAR) : -18,7%
2- SUSHI: -15,5%
3- Chiliz (CHZ) : -14,5%

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 constitutes simple information that is under the user’s 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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