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Market Outlook #26 (10th March 2019)
Welcome to the 26th Market Outlook.
In today’s post, I’ll be covering the past week’s price-action in Bitoin, Ethereum and Monero, as well as providing an update on Ark.
Bitcoin:
Price: $3975
Market Cap: $69.884bn
Thoughts: In last week’s Market Outlook, I mentioned that Bitcoin was trading within what was effectively no man’s land, with market structure on the 4H chart bearish but resistance turned support at ~$3750 holding firm.
We have since seen price return to more bullish movements with a rejection away from moving below this support level. That said, as can be seen on the Daily chart, volume has been declining somewhat this past week. Overall, price remains capped by the range resistance below $4300.
Looking at the 4H, we can clearly see the 200MA acting as support, with price failing to close below it for the past month. Plus, whilst we have seen a 4H close above $3950, thus reclaiming the level lost back at the end of February, we now need to see some follow through; a move back above $4050 on significant volume would suggest another test of the range resistance is imminent.
Ethereum:
ETH/USD
ETH/BTC
Price: $136.38 (0.0346 BTC)
Market Cap: $14.344bn (3,647,820 BTC)
Thoughts: As mentioned in last week’s post, ETH/BTC was setting up for a retest of its Daily 200MA. This retest occurred this past week and price rejected a move below, cementing my mid-term bullish outlook for Ethereum.
ETH/USD, however, remains capped by its Daily 200MA, and also by support turned resistance at ~$170. That said, it is clear to see the ascending triangle forming, with 3-month trendline support intact. Looking at the 4H, I expect to see price break above short-term resistance at $144 this coming week, and for $170 to be retested before the end of the month.
Monero:
XMR/BTC
Price: $50.52 (0.01285 BTC)
Market Cap: $851.041mn (216,518 BTC)
Thoughts: I wonder which Market Outlook it’ll be when I can finally provide more here than the now-expected “Monero remains in accumulation.” Perhaps before the end of the month, but, to be honest, I’m quite happy with Monero remaining range-bound for as long as it needs to. Importantly, volume remains high.
Ark:
ARK/BTC
Price: $0.59 (15333 satoshis)
Market Cap: $64.761mn (16,463 BTC)
Thoughts: Ark looks to be leading the pack amongst the smaller large-cap altcoins, which is where I believe the profits from the current movements in alts like Litecoin and BNB will flow to over the coming weeks.
Price continues to make higher-highs and higher-lows on the Daily chart, remaining well above the Daily 200MA. Support turned resistance at ~18,500 satoshis is currently capping price, with no higher timeframe close above this level. I fully expect this high to be taken out sooner rather than later, with subsequent resistance forming at ~26,000 satoshis.
And that concludes this week’s Market Outlook. I hope you’ve enjoyed the read!
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