After the failure in the stemming of the Cryptocurrency popularity through various warnings and campaigns against the investment in cryptocurrencies, central banks have already stooped down in the funding of the anti-Cryptocurrency campaigns. This move is meant to reduce the confidence in the central banks. It also aims at the encouragement of the new and potential investors to enter the crypto world for the profits.
In the latest news, the Venezuelan government has plans of launching the Petro Cryptocurrency which will be the newest in the market. Therefore, one coin will be backed by a barrel of oil. However, there is a very big question in the central bank which is meant to offer the Petro regarding its credibility. Therefore, analysists believe that this Cryptocurrency so-called Petro might not bear the expected results.
On the other hand, investors are flocking Bitcoin and are involved in buying in large quantities. After the recent fall which saw Bitcoin trade in the $6,000 levels, the reports show that traders have bought up to $400 million worth of Bitcoin. This is according to the statistics between Feb 09 to Feb 12.
Once again, people have been seeing the positivity in Bitcoin and want to invest in it with large amounts of cash. According to Robert Herjavec, Bitcoin might be involved in toping the highest level in Dec 2017 with a high of around $20,000 in the short term. Therefore, everyone who doesn’t want to be left in the Cryptocurrency profit bubble has made investments.
Just after a strong rally from the $6,000 level, Bitcoin saw near to 100% growth in the market value when it improved to the $11,000 levels. However, in the current status, the market has been testing the strong resistance levels, and it’s involved in a rally while it decided the next move. Therefore, we can conclude that Bitcoin is currently testing the daily 50 EMA strength.
Bitcoin has been experiencing positive improvements for some days now. As long as it trades above the $11,000 level, this means that in a short time, it might reach the $12,000 levels. However, many investors and the analysists believe that Bitcoin might surpass the $20,000 level this year and even go beyond this point.
Since the Tuesday’s peak, Bitcoin has been involved in a loss of about 5%. However, the increase in prices yesterday to the $11,700 level was triggered by the actions in India. This was when the credit cards insurer, SBI Cards & Payment Services made a decision not to ban the Bitcoin purchase and also other cryptocurrencies using their credit cards.
SBI gave a warning about cryptocurrencies in a statement;
“Given concerns, both globally and locally, SBI Card would like to advise you to be mindful of potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with crypto-currencies and virtual currencies.”
Ethereum was involved in an improvement close to the 50-day SMA levels on Feb 18 where it reached a high of $979. This was close to the target trading positions we had suggested of $1,000.
However, the support level for this Cryptocurrency has been $900. However, after Feb 18 rise, the current statistics depict a fall of around $79 and currently trades at $900. Therefore, we still expect the Cryptocurrency to rise from this levels and reach our target levels in some time. However, in case the fall continues, the Cryptocurrency has a stop loss of $775. Therefore, we expect it to trade between the $775 to $900 levels.
However, upon the bull’s success in breaking out of the channel, this means that the Cryptocurrency might rally to the $1,200 levels.
The target objective which we stated was for Bitcoin cash to reach the $1,800 levels. According to the high levels realized on Feb 18, the Cryptocurrency was close to the level. It sold at the $1,639.252 levels.
The stop loss was placed at the $1,100 level. However, we can raise the stop loss to the $1,400 level due to the fact that if all the cryptocurrencies turn down from their resistances, Bitcoin cash might follow suit.
However, since it currently trades at the $1,403 levels, people should not invest their money in it unless it reaches the $1,750 levels where it might further rally to the $2,000 level.
Ripple has continued to trade in a very tight range which is contrary to our expectations. On Feb 18, the Cryptocurrency has been trading at the $1.21 range. It has however dropped to the $1.04 level.
The Cryptocurrency has a stop loss of $0.86. Therefore, if the drop continues, we expect it to trade between the $0.86 and the $1.00 level. However, a rise is also expected in the next few days where we expect the Cryptocurrency to go above the $1.20 level.
According to the previous analysis, IOTA traded at the $2.09 levels. However, it currently has fallen/dropped to the $1.90 levels.
With the current prices, we still expect the Cryptocurrency to improve to the $2.2 levels in some days. Even if it may suffer a low at some point, investors might realize tremendous improvements in prices.
In the previous analysis and predictions, we had made a suggestion for booking of profits at $340 on 50% positions. On Feb 16, Litecoin already reached a high of $239.5. Yesterday, it achieved a level of $251. This was an improvement according to the range it has been trading of $208 to $240.
Currently, it trades at the $227 levels. As compared to the other cryptocurrencies, Litecoin has been trading consistently. We are in the anticipation that Litecoin might rally to the $270 levels and later to the $307 levels. However, the stop loss is at the $200 level.
For a long time, NEM has traded in the $0.50 levels. However, according to the current statistics, it has fallen below the level and currently trades at the $0.47 levels.
We are still positive that the Cryptocurrency will regain its usual prices and rally to the $0.6100 level. Therefore, investors should halt in investing and monitor the Cryptocurrency for some hours.
On Feb 18, Cardano experienced a pullback above the support and target level of $0.00004070. However, at the time of writing this article, the Cryptocurrency has once again dropped below the $0.00003900 levels.
Therefore, with worse market conditions, the Cryptocurrency is expected to reach the next support level of $0.0000246. Therefore, this levels might attract the buying trends in the market for future profits.