In this article, we will analyze the price of Bitcoin and the price of Ethereum for March 2020.
In our previous reports, we analyzed in detail the data we can obtain in correlation to the halving and how it has affected the price of Bitcoin in the past.
Having started the year with an impressive 30% rise during January, and even having touched $10,500 during February; the price of Bitcoin has experienced a pullback, bringing it back to the $8,700 – $8,800 levels ( March 03, 2020 / 18:00 UTC).
In our previous report (February 2020), we analyzed how the area of ~ $9,600 would be the protagonist in deciding the next Bitcoin movement.
On this occasion, we will analyze the price of Bitcoin during February, and we will see which areas have to be taken into account for the next weeks, focusing on the aforementioned area of ~$9,600, which currently acts as resistance.
For this analysis, we will continue to use the daily, weekly and monthly time frames, providing a suitable macro perspective for both swing traders and investors looking to have long-term market exposure.
In our previous report, we explain the importance of always starting by analyzing the monthly chart if we want to have the highest macro perspective of the asset. We emphasized the area around ~ $9,600 and how this has been one of the main price action blocks in Bitcoin.
The $13,900-14,000 zone remains as the next target for the bulls 🐂 if Bitcoin continues its trend in the coming weeks and manages to have monthly closures above $9,600. We have already seen how attempts to break this area have been rejected multiple times. If it is not possible to break in this last impulse, it will increase the probability of a visit to the annual opening (around $7,160).
Next, we will analyze the weekly chart to get a better picture of the levels discussed previously.
In this time frame, we can see how the area of ~$8,400 is acting as support at the time of publication (March 3, 2020 / 18:00 UTC).
After Bitcoin had a small deviation above ~$9,600, it did not take long to visit $8,400 again; If we get a little closer, we can see how the $8,400 level was a critical area during the development of Bitcoin price last year.
Therefore, let’s hope it continues to act as support, and Bitcoin manages to exceed the ~ $9,600 levels to continue its uptrend.
The $11,500 zone will continue to be the main target for “traders” in this time frame. In the last market report, we explained the importance of this area for bears 🐻 in the coming months.
On the daily chart, we can see how Bitcoin crossed $9,600 and briefly touched $10,500, where it backed down and could not hold the $9,600 zone again. Although it had a deviation above this area, it failed to have a monthly close above $9,600, and that caused it to retreat rapidly, forming support around ~$8,400.
In our last analysis, we talked about how the funding was favoring the bears 🐻 , and a ‘pullback’ was coming up that would make Bitcoin revisit the area where the impulse originated ($8,400).
The funding continues to favor the bears, but we notice how it is declining and Bitcoin seems to be finding support to try and revisit the $9,600 block again.
Finally, we will analyze the weekly Ethereum (ETH) chart and give a brief summary pointing out the most critical levels that long-term investors and traders should take into consideration.
For this analysis, we will focus only on the technical aspect of this currency and not on its fundamental details.
Ethereum is considered one of the largest altcoins by market cap, and for that reason, we will be adding it in our next monthly reports.
On the weekly chart, we can see Ethereum‘s price development for the last three years. To better understand the macro-trend of this altcoin we will mark the key areas where the price has reacted.
The most important block is the medium range around $350 – $400, which acted as resistance during mid-2017, and after having broken it directed the price to its historical highs around ~$1,400.
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Then, during the 2018 bear market, ETH tested the same level twice until it couldn’t hold it and made the price plummet to the low range at $84.
During June of last year it revisited $350, but this time, the level acted as resistance and it did not let its upward momentum to continue.
Traders will continue to play the levels in between the ranges while Ethereum decides a clearer direction. In the meantime, long-term investors should wait for confirmation above the $350 – $400 zone or wait to see if Ethereum revisits its annual opening around $130.
We hope you enjoyed this monthly report as much as we do, and we look forward to seeing you next month.
We want to know your impressions. Participate through the comments of this post and engage with us through our social networks. Tell us which is your preferred cryptocurrency for this 2020 and we will take it into account to be analyzed in an upcoming monthly market report.
* The tickers used in the graphics in this report are BTCUSD and ETHUSD, from Bitstamp.
Disclaimer: We remind our readers that all the publications in this blog are informative and should not be considered as investment advice for any reason. The data contained in this cryptocurrency pricing page is not necessarily real time or accurate. Therefore, the prices offered are indicative and not appropriate to operate.
Bitcaribe is not responsible for any loss or impairment caused as a result of the confidence in the information contained in this blog, including data, quotes, graphics and buy/sell signals. Please inform yourself fully of the risks and costs associated with operating in the financial markets.