Weekly crypto market analysis from Geco.one 29.03.2021

Bitcoin’s prices rose by a modest 3 per cent over the past week, and Ethereum by just over 1 per cent. Looking at the charts of these two projects, however, you can see that there are pretty significant resistance levels on the way to their further appreciation, which may be a bit confusing in the coming days.

BTC/USD

However, taking into account that in the area of ​​the currently tested downward trend line, there has not been an above-average supply response so far, and it cannot rule out that the city of declines will soon see a strong upward impulse as a result of which will overcome the resistance. If that happened, we could expect to re-test around 62,000USD or break this resistance, which would mean reaching the highest level in the history of BTC.

BTC D1 chart

ETH/USD

Analyzing the current situation on the ETH listings, we will see that even if the price of Ethereum fell to 1,400USD, the market would still be on the consolidation line between 1,400USD and 1,960USD. It is also worth noting that this particular consolidation is a form of correction after an earlier upward move. Therefore, it is more likely that the market will break out of it sooner or later, which could naturally open the way for further appreciation.

If, however, in the vicinity of the resistance currently tested, there was no greater supply response signalling its rejection and would overcome this zone, then we should expect direct increases in the vicinity of 1,960USD or higher.

ETH Chart D1

LINK/USD

However, taking into account that the currently tested resistance coincides with the measurement of 50%. Fibonacci correction from the earlier downward impulse would be worth pausing with the opening of long positions until the market permanently breaks this zone.

If the currently tested level is rejected, LINK’s quotations could drop below 25USD or even to 18USD.

LINK D1 chart

ADA/USD

Permanent rejection of this support zone could open the way for further increases; even around 1.45USD seems to be the whole range for the winders.

ADA H4 chart

More comments on the cryptocurrencies described above and an analysis of several more can be found in the market review from Geco.one on Comparic Markets TV.

Geco.one is a Bitcoin-based cryptocurrency margin trading platform with 1:100 leverage and instant order execution for all assets.

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