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Market Analysis: BTC, ETH & WAVES

The evolution of the market during the past week was quite negative and BTC is now trading above the important level of USD USD 38,000 after testing the USD 46,000 zone. What can we expect next? We’ll break this down later in the article but first let’s go over the main industry news.

 

 

NEWS

 

 

News is one of the factors that impact cryptocurrency price. It is important for every trader to stay up-to-date with the latest developments in the sphere. We’ve hand-picked some of the most interesting ones for you:

 

 

 

Adobe’s Behance adds support for Solana NFTs

 

 

Behance, the creative showcase platform owned by Adobe, announced on Monday that users can now connect their Phantom wallet to their Behance accounts and showcase Solana (SOL) nonfungible tokens (NFTs) on their profiles. Phantom is a Solana wallet built for decentralized finance, or DeFi, applications as well as for NFTs. QuickNode, a Miami-based Web3 infrastructure platform, helped build out this feature with Adobe on Solana. 

 

Source : https://cointelegraph.com/news/adobe-s-behance-adds-support-for-solana-nfts

 

 

 

Examining the crypto market’s reaction to the Russia–Ukraine crisis

 

 

February saw a noticeable shift between inflation and U.S. Federal Reserve news, followed by news of a conflict in Eastern Europe that completely overshadowed the earlier concerns of economic health. What’s transpiring in Ukraine is causing an immediate marketwide price drop. Bitcoin (BTC) had a notable decline of 11% over a 16-hour time period, while the majority of altcoins plummeted 20% or more.

 

The initial expectation was for the war to have a negative impact on cryptocurrency prices, which it did for a short period of time. However, as fear set in, prices quickly ramped up.

 

Source: https://cointelegraph.com/news/examining-the-crypto-market-s-reaction-to-the-russia-ukraine-crisis

 

FTX expands to Europe with CySEC approval

 

 

 

The global crypto derivatives and spot trading exchange FTX is expanding to Europe after receiving approval from the Cyprus Securities and Exchange Commission (CySEC).

 

The new venture, called FTX Europe, would offer leading products of the company to the European clients via a licensed investment firm across the European economic area. The new European venture is headquartered in Switzerland along with a regional headquarters in Cyprus.

 

Source : https://cointelegraph.com/news/ftx-expands-to-europe-with-cysec-approval

 

 

Bitcoin Analysis

 

 

Market Analysis: BTC, ETH & WAVES

 

 

 

I’m not going to lie to you – the situation of BTC if you analyze it on a weekly horizon is not great. Last week closed in the form of an inverted hammer, which tested the same area as 1 month ago, still without success.

 

We see that the moving average is still converging well with this USD 46,000 resistance area, and that slowly but surely, prices are forming lower highs, thus confirming the underlying downtrend.

 

As long as BTC is below this resistance level, it will be dangerous for us to open a buy position. If BTC falls below the USD 32,000 -34,000 support area, we can then consider the discount period open.

 

Ethereum Analysis

 

Market Analysis: BTC, ETH & WAVES

 

 

 

As usual, whether positive or negative, Ethereum sounds the same. Last week we discussed the possibility of a double bottom configuration for ETH, this is invalidated.

 

From an indicator point of view, both the MACD and the WaveTrend are negative, with no sign of reversal. ETH is currently holding above its support zone at USD 2432, if it breaks, we will most certainly head for the USD 2,000 level.

 

If we zoom in a little, in 4 hours, the indicators are positive and indicate a possible rebound.

 

Altcoin of the week : WAVES

 

 

Market Analysis: BTC, ETH & WAVES

 

 

 

Contrary to the general market trend, WAVES is doing very well since last week.

 

Prices have risen significantly, leaving behind support levels to be tested.

 

A long position could be opened on retest of the USD 13 support area.

 

Conclusion

 

Market sentiment can reverse very easily on cryptos but we must always adopt a consistent behavior : Rely on facts and control our emotions.

 

There is nothing more important for success in trading. Plan the trade an trade the plan! As simple as that. In fact, don’t be tempted to take dangerous positions and wait for confirmation.

 

I’ll see you next week, stay safe and take care of yourself!

 

Have a great week everyone!

 

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