• Bitcoin (BTC) fell more than 6% on March 3, but analysts are still bullish in the long term. Analyst Justin Bennett states that Bitcoin bulls should closely monitor the $23,130 price level.
• Ethereum (ETH) is following in Bitcoin’s footsteps and if ETH bulls can’t reclaim the $1,605 level in the next few days, a retest of $1,500 support is likely.
• Polygon (MATIC) appears to be in danger of falling below $1 and may test the $1.056 or lower support levels in the coming days.
Analysis for Bitcoin
Analyst Justin Bennett stated that Bitcoin bulls should closely monitor the $23,130 price for BTC. If bulls are unable to take back the mentioned crucial price region, the trader believes that Bitcoin may experience another sell-off. The longer Bitcoin trades below that price range, the region becomes stronger as a resistance and hence a retake above $23,130 is crucial according to him. Bitcoin might advance near the $20,800 liquidity pool if it fails to breakout above this key level.
Analysis for Ethereum
Bennett believes that Ethereum (ETH) is following in Bitcoin’s footsteps and as long as ETH is trading below $1,600 it may be preparing for its next move down. Based on recent closing prices and this week’s lows, he suggests that this area has become a fresh area of resistance with monthly open just above at $1,605 so traders must keep an eye out for these levels if they want to make profits from their trades with ETH.
Analysis for Polygon Matic
Polygon (MATIC appears to be having difficulty getting back above its crucial resistance level of 1.179 according to analyst Justin Bennett leading him to suggest that MATIC could soon test its next stop which is at 1.056 if it closes below 1.1790 or even go lower than this mark eventually testing 1$. He also recommends traders not be surprised by such a sudden drop due to how weak MATIC has become recently in terms of pricing performance against other altcoins like Ethereum and Bitcoin which have been doing better comparatively speaking recently despite their own bearish drops over certain periods of time within their respective markets respectively too .
Conclusion
To conclude overall market sentiment has been bearish lately across all leading cryptocurrencies including both top coins like bitcoin and etheruem along with mid cap alts like polygon matic which have seen significant drops recently too . Analysts have suggested important levels which need monitoring by traders who wish to capitalize from potential profitable movements within these markets . This includes watching key milestones like 23 130 USDT for BTC , 1600 USDT for ETH , 1179 USDT & 1056 USDT both for MATIC respectively .
