26th March - Crypto Technical & Market Update
Tim Draper Urges Argentina’s President to Legalize Bitcoin to Improve Economy
Crypto bull Tim Draper has given advice to the president of Argentina to legalize Bitcoin (BTC) in order to improve the economic situation in the country. During the meeting, Draper spoke about the potential of emerging technologies such as blockchain and crypto for improving major problems in Argentina's economy, including the devaluation of the Argentine peso (ARS), as well as the associated brain drain.
The BTC/USD pair can rally to $4,255 and is a major resistance has a minimum target objective of $5,273.91.The next support to watch on the downside is $3,355.Traders can retain the stop loss on the long positions at $3,550. As the bulls failed to scale above the psychological barrier of $4,000, we will trail the stops higher within the next few days.
Its next support is at the $125.88 is probable. If this support also breaks, will lose momentum. Therefore, traders can retain the stop loss on the remaining long positions at $125.Contrary it will again try to break out of $144.78. If successful, the ETH/USD pair can rise to $167.32.
A break below $0.30 can drag the price to $0.29 and below it to $0.27795.Contrary it will again try to rise above the overhead resistance of $0.33108. Traders can keep the stop loss on the long positions below $0.27795.
A breakout of $163.89 is likely to attract buyers, pushing the price to the next overhead resistance of $175 and above it to $220.Traders can hold the long positions with the stops at $140.
Disclosure: The author holds no cryptocurrency at the time of writing.
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