Market from February 26-Review

in LeoFinancelast month

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BTC. Remarkable was the price movement of an asset on the hourly timeframe after the formation of technical analysis ascending triangle, bitcoin broke the upper line of the pattern, which was a bullish sign, however, met resistance at around 52 000 $, fell to the diagonal support of the rising channel, i.e., the signal was given to long, but the sign is without confirmation in the position – a successful retesting the top edge of the triangle is not worth it. Therefore, if there is no clarity in what is happening, it is better to wait for what the market will" say " next. At the moment, the asset is consolidating under the correction level of 0.382 on the Fibo ($47,521), the capture of which will mean a subsequent upward movement in the future to the upper edge of the trading channel. When the price closes below $ 46,200, bitcoin is waiting for a decline to the level of the 0.5 Fibo correction ($44,172).

ETH. Ether has grown in a pair to BTC by 2.5 % over the past day. The instrument is trading above the support level – $ 1,450, the nearest resistance level is at $ 1,620, fixing above which will open the way to $ 1,750.

Securities and Exchange Commission (SEC) The United States has approved the application of the cryptocurrency exchange Coinbase to conduct a direct listing of shares on the NASDAQ market. Founded in 2012, the company will be the first public crypto exchange in the history of the industry. The exchange's revenue for 2020 was $ 1.1 billion, more than doubling from $ 482.9 million in 2019. About 43 million users are clients of the platform, and 2.8 million transactions are carried out monthly. It is difficult to overestimate the importance of the moment, in fact, this is a new stage of economic recognition of the cryptocurrency industry. Digital assets expand their habitat, giving the opportunity to earn income for fans of classic investments. The presentation of the company's shares on ordinary exchanges will also improve the reputation of the niche and will become an excuse for someone to invest money in the cryptocurrencies themselves.

US stocks declined on Thursday as the tech sector remains under pressure amid rising US government bond yields. At the same time, the data showed that the number of applications for unemployment benefits fell more than expected. At the close on the New York Stock Exchange, the Dow Jones fell by 1.78 %, the S&P 500 index fell by 2.50 %, the NASDAQ Composite index fell by 3.46 %.

The total capitalization of the cryptocurrency market decreased by 4.5 % during the day, the dominance of bitcoin decreased by 0.3 %. As expected, there was a fixation of positions on most altcoins. Before making trading decisions, you need to wait for certainty from the main cryptocurrency.

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