Market Update - Fat Pig Signals - 09 March 2019
Market Update
Total crypto market cap sitting well above 180B, which has been a surprising comeback.. Major coins seeing some steady gains for the last few days as Alt coins are still bleeding..Bitcoin and ethereum dominance is on the rise again BTC/51.1% ETH/10.36% (recorded by cmc) This is suggesting that most funds are being hoarded in Bitcoin, Ethereum and other top currencies.
Market remains bullish and we expect to see some distribution into smaller cap alts once bitcoin has stabilized.
BTC/USD
> Bitcoin in a short term decision making zone , currently being traded between 5200$ (100 ema) and resistance at 5350$ .. We can expect this 5200$ level to act as short term support as it is a signifcant level on our weekly chart(100ema)..A 4 hour closing below 5150$ would confirm that btc can retrace back to our 4900$ support.Bullish scenario for bitcoin short term would be a 4 hour close above 5350, this would signify that we are likely to test 6000$ soon.. Although we are testing resistance, Bitcoin remains very bullish mid term.
Daily Chart: https://www.tradingview.com/x/CzMiQ8wb/
Weekly: https://www.tradingview.com/x/Ab44lmzd/
ETH/USD
>Ethereum broke our 180$ resistance earlier , almost hitting 190$! Although that was a good breakout, it was very short lived getting rejected hard ;currently sitting below 180$.. Eth has developed a new support at 160$(breakout point) ; as long as we remain above 159, Ether is short/mid term bullish ,likely to test 200$ in the near future
https://www.tradingview.com/x/kQ0vZBCv/
LTC/USD
> Litecoin testing a major resistance on our weekly chart at 96$~ .. We are seeing alot of rejection at this level on smaller time frames , this is suggesting that a retrace is inevitable with the 70$ region being strong support. On our 4 hour time frame we can see some decent support at 80$.
Weekly: https://www.tradingview.com/x/0T3a4kQ8/
4 Hour: https://www.tradingview.com/x/4Hw7RUE4/
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