When traders and investors become afraid, a decline happens. The majority of the asset classes got sold off in massive quantity yesterday, on the 12^th^of March 2020, a day to be remembered. The asset considered to be the number 1 safe-haven asset, Gold, saw a decline of $3.17%. This indicates that traders sold everything they had in their portfolio.
Some people now say that cash is the only safe haven. The coronavirus pandemic has led to a global panic due to its lack of cure and ability to spread very fast. In order to control the virus, some countries and big cities are now on lockdown.
This led to the massive panic selloff of cryptocurrencies that happened on March 12. Cryptocurrency market capitalization fell over 41% from about $224b on the 12th to about $131.5b on the 13^th^of March.
We advise traders and investors not to be depressed by the really low levels. Also, please try not to purchase blindly simply because there is a massive reduction in prices. Try to conduct your technical analysis well to spot the critical resistance to look out for. It is better to hold on and buy when you've seen some signs of reversal.
BTC/USD
On the 12^th^of March, BTC dipped about 40% as a result of short-term traders cutting their losses and running.
For the long-term investors, many of them saw this dip as an opportunity to add to their position.
As of today, the BTC/USD trading pair went as low as $3,803.58 where it met with resistance. At the moment, there's an indication of a huge buy at the low levels and price is now in the symmetrical triangle. But it seems that the panic selling isn't quite over as the bulls have not been able to break through the higher resistance.
This volatility might stay on for a couple of days before going up. The bull might get resistance at $6435.
This bullish analysis would, however, be nullified if the price of BTC goes downward under $3803.58
ETH/USD
On Thursday, 12^th^of March, Ethereum broke through the critical support and went down as low as $87.131. Traders began to buy at this point as the bulls began to rally.
If the price of ETH can hold above $117.090 for about three consecutive days, this will show strength. ETH could go up to $155.612 before meeting an aggressive resistance. However, if it falls from $155.612 but remains over $117.090, this could serve as a bottom.
This bullish analysis would be nullified if the ETH/USD trading pair goes down from its current price to under $87.131.
Note: This post is culled from an original article by cointelegraph
