Weekly Cryptocurrency Market Brief

From the beginning of March through to the half-way mark of the month, we’ve seen that the cryptocurrency market has been moving higher, with each of BTC, ETH, and LTC setting new all-time highs. However, since then, the bullish momentum that we’ve seen has slowly begun to diminish.

All of the coins have begun to retreat after reaching their respective highs. Bitcoin was able to reach a high of $61,788 before the downward pressure began to take hold. The pioneer cryptocurrency has attempted to stage several comebacks since then, but the presence of the $60,000 resistance level proved too much for Bulls to break. This has seen bitcoin pushed down towards the $51,500 mark, as of this writing.

Ethereum continues to trade in a very similar fashion to bitcoin. The smart token has been struggling to reach $2,000, however, it had managed to reach it once back in February but quickly fell off a cliff. However, the bullish pressure from bitcoin allowed it to recover past $1,900. When it did push past that point, it formed a head and shoulders pattern which signals the start of a downward trend. The instrument has currently fallen towards $1,550 which is currently acting as a support.

Looking at Litecoin’s graph, we notice that the instrument has almost the same structure as that of Ethereum. By that, we mean that the instrument has risen towards an all-time high of around $250 before experiencing massive negative pressure that led it towards the $150 mark. That’s when the Bulls stepped in and started to push the instrument higher reaching $230. In doing so, another head and shoulders pattern appears to have formed and has pushed LTC towards the current lows of around $170.

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