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The market shows no sign of inversion, even if some highlanders are fighting the trend. How far?
Tuesday, March 27, will not be remembered by investors and will not go down in history as a day when fatal events have occurred in the market. Although the rate of decline has slowed, there are no new trends to speak of.
There are few Bitcoin buyers at the current price, and sellers are in no hurry to leave the game. It seems that market participants have imagined an attractive price in their heads and refuse to buy assets above that number. Let's try to understand what this price could be!
Market mostly unchanged but still in decline
But first, let's take a look at the big picture. The market capitalization is $ 295 billion, a nominal value of $ 5 billion less than yesterday. The situation is practically unchanged but it serves to remember that we are still in decline.
Among the top 10 resources, the only green currency is EOS, which grew 7.5% in 24 hours. The worst ones are Litecoin (it's a reason for that) and Ethereum (we've already mentioned earlier that the asset's investment potential is decreasing). Both coins fell by around 6%. Others are barely keeping afloat, losing from 1% to 3%.
BTC / USD
At the time of writing, the price of Bitcoin is $ 7.850, which is close to the balance for two days. On Tuesday, buyers did not want to take the initiative and uncertain growth without volumes was quickly interrupted by bears, who did not even have to sell BTC in large quantities, all they had to do was establish their presence.
The lower limit of the downward channel, although "damaged", still serves as a support for the buyers, but considering the large number of interruptions, we can no longer rely on it.
The key support of the day is at the $ 7.660 level and coincides with the Fibonacci retracement 0.786 – the last buildable value based on the current market situation. If this support does not hold, bears will be tempted to test the lower limit of the ascending channel between $ 7,550 and $ 7,580. A reversal from these values is possible and we can even recommend cautious purchases to our readers, but with a mandatory mandatory stop loss.
LTC / USD
Over the last day, Litecoin has not remedied its status as an outsider, on the contrary, it has become even more rooted in it. Apart from the general negative mood, the cause of money problems is the news of the closure of the LitePay program that caused so much excitement a few months ago.
The founder of Litecoin, Charlie Lee, has already issued official excuses on Twitter to all community members and investors, but who will return the money to them? The question is, of course, rhetoric.
From the point of view of technical analysis, the situation does not seem promising. The LTC price not only broke down the parallel downhill channel, but managed to update the March low and is now at $ 133.
Under this circumstance, nothing can sustain the price of the business except for a reversal of the global market. A further decline would not surprise us. Bears can bet on $ 125 (mirror level) and then $ 115 (Fibonacci retracement 1.618).
We still recommend that readers refrain from purchases. Although the global bearish trend is broken, the market offers a wide variety of significantly more attractive investment opportunities. I'm sorry, Charlie.
XMR / USD
Yesterday, the price of Monero remained fairly stable and, over the last day, the situation did not get worse, which is not bad. The asset is trading at $ 190, close to the Fibonacci 0.786 retracement.
Other good news: The XMR is above the boundary of the descending channel and has not crossed it. To make this happen, bears should suddenly push the price below $ 170. This is not likely to happen too soon.
On the chart, we see an interesting "rounding of prices". This figure does not figure in the classic list of technical analysis, but if the price continues to move along the marked parabolic trajectory, it is quite possible to see the formation of a bullish "head and shoulders".
Leaving the boundaries of the figure but keeping the limits of $ 183 would be a less fortunate scenario. And breaking this level will open the path to the previous March minimum of $ 175.
NEO / USD
The graph of NEO is somewhat similar to that of Monero, so the same general conclusions can be applied. The asset looks slightly better than the market, operating above the boundary of the downtrend channel. It should be noted that unlike XMR, this limit has been tested unsuccessfully a few times already.
However, hope is kept alive by the huge volume of initiatives that helped the bulls to raise the price of a full $ 5, an exceptional result in declining market conditions. Investors have clearly indicated their interest in the asset: now all that remains is to wait for the global inversion. For now, the key support for NEO is the mirror level of $ 54. We can not rule out a slightly lower price drop at this level, but given the support shown by buyers, we prefer not to be unnecessarily pessimistic.
