The crypto markets are already off to a fast start as another week begins in the volatile month of March.
Bitcoin (BTC), Ethereum (ETH) and XRP are all in negative territory, at time of publishing, as Dow futures briefly stopped trading on Sunday after plunging 5% and reaching the limit-down threshold. The trading halt followed revelations from Congress that it failed to pass a $2 trillion coronavirus rescue package to help Americans.
The Bitcoin and cryptocurrency markets, which are decentralized and not controlled by any central bank, government or local authority, continue to trade without any intervention, interruption, kill switch or circuit breakers.
Here’s an overview of the crypto landscape, with just about every coin in the red, according to COIN360.
Analysts are taking a look at the week ahead, warning that more pain could be in store in the short term.
TraderXO tells his 36,700 followers on Twitter that BTC may experience a brief bounce before dropping to the $5,000 range.
$BTC – Dont be surprised if we se one more raid around 65s before a bigger drop – wiping out a large number of late shorts / tight stops
If it plays out – below is how I'm setting up
p.s – Ive taken 50% profit at 6k from my earlier 6,4k short entry pic.twitter.com/XNeoQEEODa
— TraderXO (@TraderX0X0) March 22, 2020
Cold Blooded Shiller tells his following of 20,000 that he will remain bearish on Ethereum until the second-largest cryptocurrency can firmly break through $160.
— Cold Blooded Shiller (@ColdBloodShill) March 21, 2020
As for XRP, Credible Crypto tells his crew of 54,600 that he believes the digital asset is facing a further 25% drop.
He says he’s a buyer if and when XRP hits $0.1200.
— Credible Crypto (@CredibleCrypto) March 22, 2020
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Liu zishan