March Outlook On Cryptocurrency Market
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The cryptocurrency market had a weak start in March. However, technical indication demonstrates a bullish trend in the making:
Let us take a glance at the bitcoin market:
Failing to break through 50 EMA since September 2018, bitcoin finally broke through 50 EMA in February 2019. However, through the recent dip in bitcoin price, the once resistance level of 50 EMA has now turned into a support level.
The current trade setup provides an opportunity for good risk whereby the long position can be set to exit around 3,500 USD while the first profit taking is predicted to be around 4,700 USD.
For the Ethereum market:
Ethereum undergoes a similar price action pattern as bitcoin. Currently, the price is supported by its daily 50 EMA. The price action has now come to a convergence area by which it is ready to head back to test 200 USD.
This is an attractive price to enter, an exit can be placed at around 100 USD while the first profit taking can be seen at around 200 USD.
Based on the technical indicators of these two established cryptocurrencies with the highest volume, they stand a high chance to break through and close at higher prices as compared to February 2019.
