Market Outlook For March 5; Bitcoin (BTC), Ripple (XRP), Polkadot (DOT), Chainlink (LINK)

More threat to normalcy returns to the crypto street after a little consolidation. Bitcoin as well as most coins in the top 100 are bleeding from the reopened wounds of the recent market correction. Most of these coins are gearing up to come out of the dips. 

Here is the market outlook for today.

BTC

Bitcoin sank to $46,512 yesterday, a new low this week. After the dip, bullish traders tried all they can to steady prices above $46k and were successful as more buyers entered the market. The result of the bullish entry to the market is the price, reaching a little stable point. As of this morning, BTC is trading a little above $47,500. 

The current BTC price suggests that if the current dip persists, the $46,000 pivot point will be tested today. To avoid the $46,000 support from coming under attack, traders must defend the $47k support. Defending the $47k support will also open up a chance to test $48k.

XRP

Ripple is one of the many coins in the top 20 that is not trading above its pivot point. Interestingly, XRP is trading steadily above the $0.40 mark. Yesterday, XRP went as high as $0.46; a little closer to the pivot point.

At the time of writing, XRP is trading at $0.45 per unit. By defending the $0.42 support, ripple will get a clear shot to retest $0.46. To reach full recovery, traders must defend the $0.46 mark to get a clear shot at the pivot point.

DOT

Polkadot is currently trading above its pivot point which is good news for the coin. It is safe to say that DOT is on a bullish run as the coin continues to gain ground.

DOT will be looking to stay above $33 to get a clear shot at the $35 resistance. Failure to stay above $33 will result in the coin testing the $32 support and set it up for a longer dip.

LINK

Chainlink is trading a little below its pivot point and closer to the first pivot support. At this time, traders will consider more bullish actions to propel prices to test the pivot resistance at $32.3.

More price actions will result when the bulls capitalize on the current price. LINK may sink as low as the $25 region before a rebound.

With the various targets for the highlighted cryptocurrencies set, all eyes will be on the chart to see how things play out today.