Hello my fellow bloggers! Today we will talk about recent crypto market correction and look at BTC resistance levels on its way back to the top. Let’s dive in and investigate.
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March is not a good month for BTC and crypto in general. Historically BTC goes down in March only to start another run up in April-May timeframe. This time BTC went down already in February. Some people believe a large mining pool manipulated the market, some say whales and FUD are to blame. I don’t have the answers about reasons, but it seems correction is over, at least for now. At this moment, BTC is fighting through its biggest resistance on the way to the top.
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Resistance and support level can be tracked using IOMAP chart above. As you can see, the biggest resistance level is the biggest circle covering 1.03 address with price range between $48,335 and $49,150. At the very moment I publish this article BTC is going up and down in this price range. If it will be able to break this resistance, it can go up. The next big resistance level will be between $52k and $54k. Yet we still have a negative historical statistics for March. Who knows, we can see another correction in the upcoming weeks.
At the same time, some strange things are happening on the market. I can see shorts/longs dynamics for some altcoins going wild. Just to give you some examples: EOS shorts + 43%, XRP + 43%, IOTA + 33% shorts, Zcash shorts dropped – 85%. I don’t remember ever seeing such moves on multiple alts at the same time. I don’t understand this and I don’t trust things I don’t understand.
On the other hand, market looks good. Prices go up. Stable coins are going back to exchanges after a sharp drop in exchange balances. ETH just reached an 18 month low on exchanges:
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The key question, will it matter for the price? ETH is going out of exchanges for a long time, yet we don’t see any solid moves up. Some bloggers say this is a manipulation, I would say it is because of gas prices. Many investors and traders believe 2021 will be a De-Fi year. De-Fi on ETH became non-usable for small investors. If ETH price goes up more, more and more investors will be forced to move to other De-Fi options – Binance smart chain and etc. This doesn’t look good for ETH in a long term, as well as progress of Cordano, DOT, Dfinity and other projects. How do you feel about ETH? Let me know in the comments below!
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Disclaimer
I’m not a financial of any kind. I encourage you to check all information yourself and make decision only based on your own opinion. All articles are created for solely entertainment purpose.
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