Daily Crypto Analysis - March 5th, 2021

Trading | 6 months ago


Daily Crypto Analysis - March 5th, 2021 - tradeglobalmarket

In the Daily Crypto Analysis segment, we discuss about the latest happening in the crypto currencies like Bitcoin, Ethereum, Dogecoin and Litecoin. The battle between crypto bulls and bears are getting attraction from last one week. However, Bitcoin and Ethereum bears are preparing for another cryptocurrency market rally. As a result, it is a bearish start to the day for the market.

 

Bitcoin

BTCUSD - Daily Crypto Analysis

Today, Bitcoin BTC to USD slid by 3.01%. Once again Bitcoin price failed to stay above $50,000 against the US Dollar. Bitcoin is consolidating at $46,000 price level. If Bitcoin goes below the $46,000 price level, and chances are it will start trading in downtrend and we can see a further price correction of about 10 to 20%.

 

Ethereum (Ether)

ETHUSD - Daily Crypto Analysis

At its current price level of $1472.03, Ethereum is still down 26.85% from its all-time high of $2,040.79 set on February 20th 2021. From last seven days, Ethereum is consolidating at price level $1450. At the time of writing, Ethereum was down by 4.40% this morning. One must wait for the Ethereum to break the resistance of $1500 price level and then look for buying opportunities in Ethereum.


Litecoin

Litecoin is a highly speculative crypto currency. Just like the major cryptocurrencies, Litecoin is also consolidating from last seven days. At the time of writing, Litecoin was down by 5.6%. Litecoin at its current price of $170, is 60% down from its all-time high. Litecoin is trading at $170 support level. One must look for buying opportunities with a strict stop loss at $160.

 

Dogecoin

 

In the last one months, the Dogecoin price saw an unprecedented upside momentum. Many crypto trading service providers are adding Dogecoin to its list of supported cryptocurrencies. However, from last seven days, just like the other cryptocurrencies, Dogecoin is also consolidating. At the time of writing, Dogecoin was down by 1.94%. One must look for short-term buying opportunities in Dogecoin at the price level of 0.05.


 

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