Weekly market news and price update – Sunday, 8 March

1| Top news this week

Bitcoin holds its price despite global market decline.

Source: coindesk.com

Bitcoin closed bullish this week after a slight rebound from the last week’s bearish momentum that led to a low of around 8.4k USD. Traditional equities markets, however, have seen a slight further decline as S&P 500 as well as European DAX and FTSE 100 closed the week bearish.

Additionally, Bitcoin still does not show signs of strong correlation with conventional equities, therefore, it could become a safe haven asset if a further decline is seen in the overall market.

Read further here.

Steem community resists takeover

Steem Community Stands Its Ground Amid Tron Takeover

Source: cointelegraph.com

Last month, Steemit – a startup who created the blockchain based platform Steem, was bought by Tron CEO Justin Sun. This was followed by an attempt to take over the network by several large exchanges – Binance, Huobi, and Poloniex. As they hold the private keys for the Steem deposits, they can effectively vote to remove any witnesses that disagree with the new management.

As a result top 20 witnesses were replaced by accounts associated with Steemit, Binance, Huobi and Poloniex. This has sparked debates in the community about the future of the project and the potential for large exchanges to take over Proof-of-Stake blockchains by using cutomer trust in them.

Read further here.

Not all is yet clear with India

India's Crypto Industry Still Threatened by Ban as Pending Bill Looms

Source: cointelegraph.com

On March 4th, India`s Supreme Court ruled that the previous ban on cryptocurrencies has been “disproportionate and unconstitutional”. This was seen as a very bullish sign since India has the potential to create a huge demand for crypto.

However, India`s parliament is yet to rule on a new bill that aims to regulate this industry in addition to  Reserve Bank of India’s appeal to overturn the regarding the ruling.

Read further on cointelegrap.com.

2| Technical analysis of Crypto majors

Bitcoin has a market cap of 152.146 billion USD and trades around 8,333 USD on Coinbase as the market has reversed the bearish momentum that was seen last week.

After a slight move to the upside earlier we have seen a strong decline for the past days that has resulted in another local lower low being made. Therefore, the several week retracement is still in progress, however, the price does trade close to 8,250 USD support as well as 61.8% Fib retracement level.

This could result in a rejection for further downside next week, however, until then, it is best to stay neutral and wait for further price action development.

BTC/USD Daily:

Ethereum currently has a market cap of 23,8 billion and trades at 216 USD on Coinbase as the price continues retracing from the 290 USD previous major high.

Some rejection for further downside can be seen right now, however, no signs of reversal back to the upside can be seen for now. Therefore, we can expect further downisde in the upcomign weeks as the market continues retracing.

Potetential area of support could be seen around 180-200 USD area and would offer a good long position entry in terms of risk/reward potential.

For now, however, it is best to stay neutral and wait for further price action development.

ETH/USD Daily:

Ripple currently has a market cap of 9.4 billion and is trading around 0.213 USD on Coinbase as the price continues retracing from the 0.34 USD high that was set in the middle of February.

Since the price has retraced significantly from the previous high, we could potentiall see a new highe rhigh being set next week as the price does seem to be rejecting further downside for now. However, for now it is best to stay neutral and wait for further price action development.

XRP/USD Daily:

3| Crypto of the week

Binance Coin (BNB) currently has a market cap of 2.82 billion and is trading around 18,14 USD.

BNB has been very bullish this year when looking at the price against Bitcoin as the price action set a new higher high above 0.002469 BTC and peaked at 0.0026178 BTC in February. Therefore, we could be seeing a bullish momentum gaining strength as the first sign of major reversal has been seen.

This was followed by a 61.8% Fib retracement being tested in addition to the area between 100 and 200 day moving averages, which are seen as a blue and green line on the chart respectively. Additionally, a support trend line has been confirmed with a third touch, followed by slight bullish momentum during the following week.

Therefore, we can expect further upside for BNB/BTC pair in the upcoming weeks as the market looks to set a new higher high and continue current bullish momentum. If BTC/USD continues moving higher in the upcoming weeks, this could mean a good opportunity for a several week trade as the BNB/BTC move would further amplify the return in terms of USD.

BNB/BTC Daily: