Bitcoin back above $ 9,000 as the crypto industry regained its bullish path – FXStreet

The crypto industry has returned to the upside. On average, the sector has grown by 4.5% in the past 24 hours, and Bitcoin (+ 2.14%) has returned to its $ 9,000 range. Whitecoin was the shooting star of the day with + 1.074% appreciation in a single day. Among the top performers are ICX (+ 14.2%), Waves (+ 15.3%) and ABBC (+ 21.5%).

Ethereum-based tokens are also advancing, although some of them, such as LINK (-1.41%), BAT (2.37%) or ZRX (-2.5%), find resistance at these levels which prevent them from moving forward. Among the best performers are CENNZ (+ 6.3%), REN (+ 8%), LRC (+ 11.7%) and VEST (+ 29.5%).

Industry market capitalization increased 4.45% to $ 260.718 billion, and trade volume in the past 24 hours was $ 46.932 billion, up 20.5% from 38 , 95 billion yesterday. Bitcoin dominance has not changed much and is 63.69% at the time of writing.

Hot news

The South Korean government has adopted regulations on cryptocurrency exchanges that will apply real name accounts as a way to combat money laundering. Cryptographic exchanges will be required to collaborate with banks to strictly enforce this rule.

The London Blockchain summit takes place in the midst of the coronavirus crisis. London has sold all the hand sanitizers available, with people finding new ways to say hello, no handshake and many missing speakers, subject to travel restrictions or restrictions. Restructuring and evolution of the industry and decentralized financing, DeFi were the main themes of March 05.

The American SEC is proposing a set of amendments to facilitate fundraising for startups. Commissioner Hester Peirce announced the proposed changes to an exempt offer framework on Wednesday in a tweet. “Today we have proposed a few changes to our exempt offer framework, and I suggest a few more changes that we might consider.”

Technical analysis – Bitcoin

After almost 5% increase, the price of bitcoin found resistance close to $ 9,200; it rebounded to $ 9,190 and received net support on the neck of its reverse H&S pattern, at $ 9,000. Currently, he is doing a morning star figure and moving to challenge the $ 9,200 level again. We see the price moving well above the Bollinger + 1SD line and the MACD in bullish mode, so we expect more upside on the BTC. Breaking the resistance of $ 9,200 would lead it to the level of $ 9,500.

Ethereum

Ethereum is currently breaking its resistance level of $ 235 and appears to be heading upwards and challenging its next resistance level of $ 248. The price peaks higher, although it still has to break the 200-period SMA, which acts as resistance. The MACD and Bollinger groups make us think that this will succeed.

Ripple

Ripple always moves inside the box. The price has rebounded several times from the top of its range, at 0.244. Although it moves above the Bollinger + 1SD line and the MACD is bullish, the upside advance is very limited. We still consider, however, that it could rise sharply to test the O.268 level which is in confluence with its 200 period SMA.

Chain link

Over the past few hours, Chainlink has been moving into a consolidation range between $ 4.6 and $ 4.88. The price went from above the + 1SD Bollinger line to its median line, while the MACD went to a bearish phase. The price is still higher than its significant SMA at 20, 50 and 200 periods, and also, all the averages show a positive slope; therefore, the upward trend is healthy, and LINK is just a continuation figure.

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