Market Analysis: Litecoin (LTC) and Binance Coin (BNB) Continue to Gain, Major Cryptocurrencies Mixed

March 7, 2019 / by Zachary Mashiach

Bitcoin (BTC) tested the $3,900 resistance level just before midnight last night and was pushed back to $3,830 by the early morning. Then Bitcoin (BTC) made another run towards $3,900 before noon and once again failed to break this key resistance level. Currently, Bitcoin (BTC) is trading at $3,870.

Overall Bitcoin (BTC) is somewhat volatile but stuck in the narrow $3,800-$3,900 trading range. $3,900 is important to watch to see if Bitcoin (BTC) can have a more significant rally. Beyond this is the long term $4,200 resistance level which Bitcoin (BTC) must break through in order to have a true bull run.

The support level at $3,700 is also important to watch since if Bitcoin (BTC) breaks below this it would be at risk of declining to the long term support level of $3,100.

Due to Bitcoin’s (BTC) volatility combined with a lack of directional movement the cryptocurrency market is mixed today.

Litecoin (LTC) and Binance Coin (BNB) are the big winners of the day, up 3.7 percent and 6.6 percent respectively. This continues a series of consistent gains for Litecoin (LTC) and Binance Coin (BNB). Litecoin (LTC) has now surpassed EOS and has taken the number four spot on CoinMarketCap. Binance Coin (BNB) has surpassed Tether (USDT) for the number seven spot.

Several other major cryptocurrencies are in the green today. Ethereum (ETH) is up 0.4 percent, EOS is up 1 percent, Cardano (ADA) is up 1 percent, Monero (XMR) is up 1.4 percent, IOTA (MIOTA) is up 1.8 percent, Dash (DASH) is up 0.1 percent, and Dogecoin (DOGE) is up 0.9 percent.

A handful of cryptocurrencies are in the red today. Ripple (XRP) is down 0.4 percent, Bitcoin Cash (BCH) is down 0.3 percent, Stellar (XLM) is down 0.2 percent, Tron (TRX) is down 1.3 percent, and Bitcoin SV (BSV) is down 0.2 percent.

Overall the bulls have outpaced the bears today and the total cryptocurrency market cap has increased from $133 billion to $134 billion. This continues an uptrend that started on March 4 when the total cryptocurrency market cap was as low as $125 billion.

It is a positive sign that Litecoin (LTC) and Binance Coin (BNB) have turned decisively bullish, but the market is waiting for Bitcoin (BTC) to shatter the $3,900 and $4,200 resistance levels for a real crypto rally to happen. That being said, the bear market certainly continues, and there is no guarantee of a rally short term.