The buy and hold strategy has been used many individuals who were involved in the purchase of Bitcoin in the past. Therefore, this technique proved to be very beneficial to the individuals. The individuals who came to know about it later used the wild price swings in the addition of their Bitcoin numbers. Therefore, they have been in the panic mode after the prices were involved in a sharp drop and long positions below the $10,000 level. However, individuals have been in the fear of purchase and many of them have not done it yet. For instance, while Bitcoin was at $18,000, some individuals would say that if it came down to $10k or $6k, they would buy. Where are they now? They have not yet made a purchase even after Bitcoin experienced it lowest. However, others were involved in the purchase when it was in the $18k levels.
During the prices swings, various traders were involved in the purchase at the highs and selling at the lows. However, we have made a good effort in keeping our readers updated with market and Cryptocurrency information. Through the fall, we have not suggested any long and aggressive positions. But, is there is short term bottom to be experienced now? Let’s find out.
According to the technical charts, the Bitcoin bulls risk having losses unless the price goes above the $9,000 mark. Bitcoin has still failed twice to hold on to the $8,900 price level. On Feb 10 however, the Cryptocurrency experienced a high of $9,070.64 and after that, it immediately fell below the $9,000 levels. Therefore, due to the continuous fall from the $9,000 position, this has been marked as the stiff resistance point for the Cryptocurrency.
Currently, the average price of Bitcoin is around $8,390. This means that the Cryptocurrency has been involved in an appreciation of around 40% from the last lows of $6,000. However, the bulls have not been satisfied with the current and are trying to push the prices to the $9,000 levels.
Therefore, a close above the $9,000 levels would mean that the Cryptocurrency has the potential to move to the $11,500 levels. However, the profits accrued above the $10,000 levels could be short-lived. On the other hand, if the Cryptocurrency is subjected to a low of $7,851, this is a signal that it can even drop to the $5,000 levels which would be considered as the new low of the Cryptocurrency.
Therefore, buying is encouraged once the Cryptocurrency moves above the $9,000 levels which is its resistance point.
Ethereum has been in the attempt to improve from its lows after a two-day drop on Feb 10 and 11.
Ethereum has high capabilities of facing the $911 resistance level for the 20-day EMA and also a $980 resistance level from the 50-day SMA. Currently, it is trading at the $870 level.
We are in the expectation that the Cryptocurrency will move above the $900 level in a few days. Currently, we don’t make any suggestions to trade on it.
Bitcoin cash has been having its trade in a small range in the last 5 days. The Cryptocurrency was experiencing either an upside or downside move for these days.
However, it has currently risen to the $1,278 level from yesterday. We expect the Cryptocurrency to experience a resistance level of $1,400 with a low of around $1,100. When it moves above the $1,400 level, it’s likely to improve to the $1,900 levels.
Therefore, we currently don’t make any recommendations for trading on it.
We had made suggestions for short-term positions of Ripple for some days. However, Ripple has just been facing the resistance level of $1.1 and a low of $0.9.
Currently, it trades at $1.09 and this is a slight improvement. Therefore, we are still in the expectation that the Cryptocurrency will move to the $1.5 levels. Once this is possible, a rise to the $1.74 levels is likely. Therefore, buying and trading can happen but only minimal.
IOTA experienced an improvement on Feb 10 which it hit the $2.12 levels. From the time, it has been in a descending pattern until today when it improved slightly to the $1.87 level. In the previous analysis, we predicted an improvement to the $1.90 levels which was possible but has moved back to the $1.87 levels.
However, we could consider this a good buying opportunity as the Cryptocurrency might hit the Feb 10 high in a few days.
We advised that there would be long positions for Litecoin in case it sustained the $175 levels for some time. However, this has not been possible for the last few days.
Currently, Litecoin has made a sharp positive index to the $182 level in just a few hours. This is a significant improvement and this might trigger the Cryptocurrency to move to the $200 positions. However, the $200 level could be the resistance level for Litecoin.
However, when the bulls succeed in the breaking out of Litecoin above the $200 level, we can experience an improvement in the $307 level.
NEM has maintained its price above the $0.50 level form quite some time now. However, it experienced a sharp improvement according to Feb 10 statistics and dropped to its usual positions. It currently trades at $0.5495.
Our forecast levels are the $0.6100 levels. However, trading can happen above the $0.5600 levels as stated in the previous forecast.
Cardano has been experiencing a descending triangle. It has since been experiencing a resistance level of $0.00004070.
Although the target is set low, we are in the expectation that Cardano will find a buying/purchasing level of $0.0000246. It currently trades at $0.0000379 and this is an indication of a rise from the previous analysis statistics. Therefore, we might see the Cryptocurrency reach the resistance level in a few days.
However, investors should stay away from it for the time being until we find a good tradable ADA/BTC pair.