Weekly market news and price update 22.03.

Top news for this week:

Binance CEO speculates on Bitcoin crash

Source: Binance.com

Changpeng Zhao, known as “CZ” has always been popular with his comments on Twitter and other social media. In a recent blog post, CZ speculates on how the Coronavirus outbreak was just a trigger and not the underlying problem with the world`s economy.

                Read the full blog post by CZ.

Coinbase has set a new site traffic record.

Source: Coindesk.com

Due to last weeks Corona fear ignited market selloff, Coinbase saw a dramatic increase in the volume of processed transactions. Last Thursday and Friday more than $2 billion of volume traded was seen. CEO Brian Armstrong also mentioned how the exchange has been preparing for a crisis like this for several years and no stability issues were seen.

Read the full story on Coindesk.com

Crypto miners repurposed for Coronavirus research

Source: coindesk.com

                One of the largest US-based miners, CoreWeave has redirected their GPU power towards Stanford University’s Folding@home research project to aid Coronavirus research. Folding@home is a decentralized and runs protein simulations by shuffling through variations to detect a potential solution, similar to crypto mining. Chief Technology Officer (CTO) Brian Venturo has stated that 6,000 GPU`s are currently directed toward the project, therefore, the power of the entire Folding@home project has doubled.

                Read further on Coindesk.com

Technical analysis of Crypto majors:

Bitcoin has a market cap of 114.1 billion USD and trades around 6,200 USD on Coinbase after a strong rally was seen this week from the 3,858 USD low that was set earlier this month.

Since then we have seen rejection for further upside on Friday as the price briefly moved above previous support turned resistance of 6.6k USD as well as nearly touched 50% Fib retracement from the previous major downswing.

Therefore, it is highly likely we will see further downside next week as the price looks to retest previous swing low. If a new higher low can be established in the upcoming weeks above 4k USD area, we could see a potential reversal back to the upside, however, for now, further bearishness is expected.

Alternatively, a consolidation in an increasingly tighter range will be seen until either a clear higher local high or lower low is made.

BTC/USD Daily:

Ethereum currently has a market cap of 14.6 billion and trades at 131 USD on Coinbase as it also retested previous support/resistance level of around 155-156 USD on Friday.

A Rejection was also seen, therefore, we can expect further bearish momentum in the upcoming weeks as the market looks to retest previous low once again. Potential first support can be seen around 5k USD. If the price can find support around this level, we could see further bullish momentum in the upcoming weeks.

Alternatively, a consolidation in an increasingly tighter range will be seen until either a clear higher local high or lower low is made.

ETH/USD Daily:

Ripple currently has a market cap of 6.95 billion and is trading around 0.153 USD on Coinbase with similar price action as both BTC/USD and ETH/USD as the markets seem highly correlated right now.

Previous support turned resistance of 0.175 USD was retested and so far the price seems to be moving lower once again as it potentially looks to set another higher local low above 0.13 USD. Therefore, we can expect further downside next week, however, overall, the market has not retraced enough to consider a medium-term short position.

XRP/USD Daily:

Crypto of the week:

Chainlink (LINK) currently has a market cap of 0.76 billion and is trading around 2.14USD/0.000355BTC on Binance.

Looking at a weekly chart we can see a more than yearlong uptrend against Bitcoin with a clear ascending trend line supporting the price action. The third touch, that confirmed the trendline, was seen in the first week of this year and resulted in an upswing of over 135% to the current several-year high of 0.00056739 BTC in the following months.

After the high was set in the first week of March, a retracement of more than 61.8% Fib level has already been made, therefore, offering a good potential entry right now. Additionally, the previous major resistance area around 34-37k Satoshi currently acts as a support and will likely result in a reversal in the upcoming weeks.

Therefore, LINK/BTC currently looks bullish and could be a good way to outperform Bitcoin in the upcoming months.

LINK/BTC Weekly: