CBX Newsletter // 27 March 2019
- Bitcoin Analysis
- CMC Crypto Index
- CBX & GXChain
Bitcoin Analysis
After a couple of days of sideways trading, Bitcoin (BTC) has broken the short term trendline that was following since 8th of February when the price was at around $3,330 according to CBX, and the price has fallen at the moment of writing below the 12 and 26 Simple Moving Averages (SMA) which where technical points that the market was following.
BTC is currently holding support at $3,900 at the time of writing which gives hopes for the Bulls to break the infamous $4,200 resistance that we have been discussing for quite some time now.
Bitcoin 4 Hour Chart
At this time there isn’t much information about where the price might go, if the price can’t manage to stay above the moving averages we can expect a retest of the yearly lows. However, we can’t discard the price to keep going up if it’s followed by a fundamental, in that case, we will look for continuation and Bulls buying the dip.
Bitcoin has dropped a little bit over a percentage according to data from Coinmarketcap.com, and other altcoins have seen a further drop. The overall Market Cap is at $137 Billion, and BTC’s dominance is still over 50%.
CMC Crypto Index
Coinmarketcap.com also known as CMC, one the largest Cryptocurrency Data Providers in the industry, have launched two cryptocurrency benchmark indices on traditional financial data feeds from Bloomberg Terminal, Thomson Reuters Eikon, Nasdaq Global Index Data Service (GIDS) besides their own platform.
CMC announced the news last Week, explaining how will the two indices be conformed. The first Index is named CMC Crypto 200 Index (CMC200), which includes Bitcoin, and covers more than 90 percent of the global cryptocurrency market, the firm said. The second, CMC Crypto 200 ex BTC Index (CMC200EX), tracks the market’s performance without including Bitcoin.
CMC partnered with German provider of financial indices Solactive which will calculate, administer, and rebalance the indices on a quarterly basis. All the price data will still be provided by Coinmarketcap.com
CBX & GXChain
GXChain (GXC) launched on CBX!
You can deposit and trade GXC today!
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