March 2 - overview of the cryptocurrency market

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BTC. After overcoming the correction level of 0.382 on the Fibo ($47,413), the price movement bounced off the upper edge of the trading channel indicated on the chart. Bitcoin is trading in the price channel intersection zone, consolidating under the resistance level of $ 49,420. On the two-hour timeframe, an uptrend signal is formed – the intersection of the "fast" exponential moving 21 EMA 2 H from the bottom up of the "slow" exponential moving 50 EMA 2 H. On the chart, you can see that the reverse intersection indicated the beginning of the correction. In general, I expect to see the continuation of the upward movement after a slight "cooling" of the asset by reducing to the level of $ 48,200, possibly to the level of correction of 0.382 on the Fibo ($47,413).

ETH. Ether paired with BTC increased its value by 0.55 %, which reflects the general state of affairs in the altcoin market. Bitcoin is growing against the dollar, alternative cryptocurrencies are recovering against the main cryptocurrency. The instrument reached the resistance level at $ 1,575, the nearest support block at $1,500.

The Analytical Center under the Government of Russia has prepared a report for Deputy Prime Minister Dmitry Chernyshenko entitled "Research on the activities of P2P exchanges", taking the initiative to monitor the activities of online platforms,according to the Database. The conclusion of the authors of the report boils down to the need to consolidate at the legislative level the regulation of the activities of exchangers, which in general, is not without logic.

Confusingly, according to the Database, the researchers tend to consider most P2P platforms a haven of the criminal world, which can shift the nature of regulation to the pole of prohibitive measures. As practice shows, another good initiative on the way to implementation can be greatly modified, or implemented in an unfinished form. The relatively recently adopted law "On Digital Financial Assets" reveals the concept of "digital currency", but it does not regulate the issues of either its issuance or its circulation. It would be nice to start by bringing the existing initiatives to their logical conclusion.

Microstrategy continues to buy more digital gold – another $ 15 million has been invested in Bitcoin. Tellingly, the average purchase price for all time is not growing much and currently stands at $ 24,063 against $ 23,985, announced last time, the company has a large unrealized profit. Michael Saylor, the founder of Microstrategy, publicly proves the effectiveness of investing in the first cryptocurrency.

Major US stock indexes rose more than 2 % on Monday after the bond market calmed down after a volatile February, and thanks to encouraging news about coronavirus vaccines and measures to stimulate the US economy. At the close on the New York Stock Exchange, the Dow Jones rose 2.01 %, the S&P 500 index rose 2.38 %, the NASDAQ Composite index rose 3.01%.

The overall trend of the digital asset market is bullish, the total capitalization of cryptocurrencies has increased by 9 % over the past couple of days, with bitcoin dominating almost unchanged. When everything goes so well, the thought creeps in, either about another attempt to collect the stop losses of retail traders by the market maker, or about the continuation of the correction in the short term. The market teaches you to always have several scenarios ready for the development of the situation, including the negative one. Follow the risk management, stick to the trading plan, look at the situation in the market from different angles.


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