17th March - Crypto Technicals & Market Watch
The Chicago Board Options Exchange (CBOE), has announced that it will not be offering any new Bitcoin futures contracts in March. This is likely to benefit its competitor CME, which will continue to provide the traders with an opportunity to trade in Bitcoin futures.
United States Securities and Exchanges Commission (SEC) Chairman Jay Clayton said that he is concerned about manipulation and custody services in the crypto space. If these issues are addressed and if any Bitcoin ETF satisfies their rules, it might stand a chance of getting the green light.
We expect the digital currency to pick up momentum above $4,000 and quickly rally to $4,255. If the bulls scale this level, that has a target objective of $5,273.91.If the pair again turns down from $4,000, it will indicate profit booking and aggressive short initiation at higher levels.The critical zone to watch on the downside is $3,355–$3,236.09. traders can keep the stop loss on the existing long positions below $3,236.09. We will soon trail the stops higher.
ETH has successfully held the support at $134.50. The bulls are trying to push the price towards $144.78.The next support on the downside is $116.30.Traders can protect the remaining long positions with stops at $125.
The pair slips below the uptrend line, it can drop to the support at $0.27795. A breakdown of this level can retest the yearly low at $0.24508. Therefore, traders holding long positions can keep the stop loss just below $0.27795.
BCH is currently attempting to sustain above the $120–$140 range.The move can extend to the next overhead zone of $157.95 to $163.89. If the momentum picks up, the rally can reach $186.30 and above it $239. It will turn negative on a breakdown of the range at $120. The next level to watch on the downside is $105. For now, traders can keep the stops on the long positions at $116.
Disclosure: The author holds no cryptocurrency at the time of writing.
Register for Technical news and market update email@example.com