Crypto Market Update 03/15/2023
The last few days have been stormy weather for banks with all the turmoil around the sector. This is one of the reasons why the S&P500 finally broke support and is dealing now to keep the higher low on the bigger picture.
For the moment, if this point can’t be held, the MA200W will be a possible support to retest again, breaking the bullish scenario that we have had since the beginning of the year.
Against all odds, BTC is going against traditional markets, at least for the moment. It went direct to retest the inner golden pocket, the MA20W, and the broken falling wedge to bounce directly to the top of the ascending channel which is also coincident with the MA200W (where it was rejected yesterday).
Zooming in on the 4h chart, we can see the rejection, followed by a consolidation in the zone and the possible creation of a new ascending channel in the low time frame that could be used to break out again the current resistance level.
For the time being the channel will be the boundary of the possible move during the next weeks if it is not able to break out.
After BTC’s action during the last 3 days, dominance was able to break out the resistance level and is heading to the next one taking into consideration that the RSI is beginning to be too high.
ETH followed the same move as BTC. Retesting both MAs, the golden pocket, and the falling wedge. It is also inside an ascending channel that for the moment will serve as a guide for the price action.
Due to the problems around the banking sector last week traditional markets are quite volatile and also giving momentum to gold and silver. Regarding digital assets, it is surprising how the market is holding with the current situation in traditional markets and how the levels are being respected so well.
BTC is still on track, we need momentum to break out and hold above the MA200W to recover the trend of last months, this zone is for sure a very hard one to break with all the selling pressure around this level.