State of Mind - March 8th

New day on the crypto market!

Hey, what's going on? That's the question everyone's been asking since last night.

Yesterday the total market capitalization was losing up to $41 billion in a few hours with a low point of $388 billion before recovering and stabilizing around $400 billion.

What triggered this bearish move?

According to Bloomberg, Japan suspended 2 exchanges and penalized 4 others while the SEC said that exchanges should register with it. In addition, Binance appears to have been hacked. So yesterday was not a good day in terms of fundamental news.

From a technical point of view, the Bitcoin seems to have bounced back on its 9383$ support, nevertheless a figure in double top is now visible on this currency. The MACD is still pointing downwards. Our sentiment is therefore mixed and we favour caution and patience while waiting for a bullish MACD cross.

The market as a whole is up this morning, so yesterday's reaction may only be due to the accumulation of bad news, but nothing is certain!

So don't forget your stop-loss if you get in position!

Good trade to everyone!

Please find below the Support and Resistance table of the day !