Market Analysis: Bitcoin (BTC) Stuck in the Doldrums, Crypto Market Mixed, Stellar (XLM) Coinbase Listing Rally Fizzles

March 14, 2019 / by Zachary Mashiach

In the time before motors, when sailboats prevailed, there was a treacherous area near the equator called the doldrums where the winds were dead calm, leaving sailboats with no power. Currently, Bitcoin (BTC) is stuck in the market equivalent of the doldrums and has been trading very close to $3,850 for roughly the past three days.

There was one spike of activity in the Bitcoin (BTC) market in the late morning. Bitcoin (BTC) rallied to just over $3,900 and then crashed to $3,775 before returning to $3,850, all in less than an hour. This sort of rapid and anomalous activity is likely due to trading bots and had no real implications on Bitcoin’s (BTC) average price for the rest of the day.

The anomalous trading activity did trace out the resistance level of $3,900 and the support level of $3,700. If Bitcoin (BTC) is going to rally it will have to break $3,900, and for a true bull run, Bitcoin (BTC) will have to get through the long term resistance level of $4,200. Simultaneously, as long as Bitcoin (BTC) stays above the $3,700 support level it will be safe from retesting the bear market low and long term support level of $3,100.

Right now the crypto space is just watching and waiting for a real market move as Bitcoin (BTC) languishes in the doldrums. The rest of the cryptocurrency market is mixed as it has been for the past several days, which is usually the case when Bitcoin (BTC) is not moving.

Several cryptocurrencies are seeing small to moderate gains today. Ethereum (ETH) is up 0.3 percent, Litecoin (LTC) is up 1.1 percent, Bitcoin Cash (BCH) is up 3.9 percent, Stellar (XLM) is up 0.4 percent, Tron (TRX) is up 0.7 percent, Cardano (ADA) is up 3.3 percent, Bitcoin SV (BSV) is up 2.4 percent, Monero (XMR) is up 0.2 percent, IOTA (MIOTA) is up 2.3 percent, and Dogecoin (DOGE) is up 0.2 percent.

Coinbase Pro announced yesterday that it was listing Stellar (XLM), which means it will be listed on Coinbase soon. This caused a 9 percent Stellar (XLM) rally, but that rally fizzled out today and gave back some of its gains. This is similar to the Ripple (XRP) listing on Coinbase, which ultimately resulted in a small pump and dump and no gains.

Less than a handful of cryptocurrencies are in the bear cave today. Ripple (XRP) is down 0.4 percent, EOS is down 0.4 percent, Binance Coin (BNB) is down 0.7 percent, and Dash (DASH) is down 1.4 percent.

Since the majority of cryptocurrencies are in the green today, the total cryptocurrency market cap has managed to gain $1 billion over the past 24 hours and currently sits at $135 billion.

The bear market certainly cannot be declared over, but the relative stability of cryptocurrency prices combined with a slow uptrend on average is a positive sign.