From Feb 20, Venezuela started the sale of the Cryptocurrency called Petro. In one day, the president’s Twitter handle made a report that they had raised around $735 million. However, their plans are to sell around 100 million Petros’ to attain their target of $6 billion. Iran has also been in the plans to develop their own Cryptocurrency after facing US sanctions.
Therefore, upon success by these firms, it brings strong steps to the regulations to the developed nations which are led by the US. Additionally, despite the drawbacks on the cryptocurrencies which can be corrected, cryptocurrencies have been attracting traditional and local investors.
During the previous analysis, we made a forecast that if Bitcoin breaks the support level in the ascending channel, it might fall to the $9,500 levels. This is what has been happening in the market for the last two days. Bitcoin was involved in a fall below the $9,500 level.
However, it currently trades at $9,554, and this is significantly low as compared to the statistics of Feb 23. At this current state, the buyers are very keen to initiate buying at the critical support levels. From Feb 21, the Cryptocurrency has been involved in a falling tendency. This means that the Cryptocurrency is yet to reach the lowest level which investors can initiate buying.
Therefore, upon the first test by the bulls, we expect the Cryptocurrency to experience a pullback. The first test will be at the $11,200 level, and this is also the expected resistance level at the 50-day SMA. Therefore, in case this critical level is crossed, $12,200 level is possible.
However, investors who wish to incur long-term profits can invest at the $9,400 position, and this might guarantee profits when the Cryptocurrency reaches the $12,000 positions. Therefore, with the current correction exercise, the Cryptocurrency might still be subjected to a fall in price so traders can wait until this is over. However, investors can still increase their holdings.
On Feb 23, Ethereum hit a low of $787 which was a significant fall for some time from Feb 21. Currently, Ethereum is trading at the $844 levels, and this represents a slight improvement from the Feb 23 analysis statistics.
Therefore, aggressive investors and traders can use the dips of $850 and the $830 levels which is the current position for the initiation of long positions. Additionally, bearing in mind that the stop loss is at the $770 level and the target at the $1,000 levels, traders should still watch the Cryptocurrency in case it pulls back to the $900 levels.
Our expectations are that the Cryptocurrency will be faced by an upward trend into the $950 levels in some few days. However, with the current fall in prices, we are still not sure of the next low and the impacts it may have on the Cryptocurrency.
Bitcoin cash also fell in prices according to the expectations. It broke down below the $1,200 levels. Since Feb 23, it has since not recovered because it is still in the $1,155 levels. The bulls, however, are in the quest to defend the critical support level which lies at the $1,150 level. Once the Cryptocurrency moves below the support level, a fall to the $900 levels is possible with the current state of the market.
On the other hand, a bounce might see the Cryptocurrency face a resistance level of $1,400 and later the $1,680 levels. According to the statistics for the last few weeks, Bitcoin cash has been an underperformer. This means that the investors should stick to the trading in stronger cryptocurrencies currently.
Ripple dropped below the $0.95 stop loss level and reached the $0.90 levels. This was on Feb 23. However, ripple regained on Feb 24 and was trading above the $1.00 level. However, currently, Ripple is still trading above the $0.90 level.
Therefore, according to our anticipation, an attempt to bounce back from the lows might be faced with a resistance level at the $1.2296 levels. However, unless the Cryptocurrencies break from this resistance, it’s still vulnerable to the bear attacks.
However, Ripple might stay in the $0.87 and the $1.23 range for some time. We hence do not find any tradable XRP/USD pair currently.
IOTA has been categorized as one of the weakest Cryptocurrency in 2018. However, it has since regained after the Feb 21-23rd loss and now trades at the $1.80 level from the $1.50 levels. Considering that $1.5 was the support level, the Cryptocurrency has improved significantly.
Currently, the resistance zone of IOTA is at the $2.2 level. Upon positive market implications, IOTA might experience a rally in prices to the $2.2 levels and later to the $2.35 levels.
Litecoin hit the stop loss level at the $210 levels. Additionally, on Feb 23, it hit the $184.577 levels, and this was a significant fall from the highest levels this month.
As we mentioned in the previous analysis, Litecoin pair is considered one of the strongest Cryptocurrency in the world. This is because currently, while the other cryptocurrencies are experiencing a fall in prices, it has improved to the $222 levels, and this is a positive development.
However, it is likely to face resistance at the $240 levels. We still expect it to rally to the $235 positions and later to the $260 levels with time.
From Feb 21, NEM has been experiencing a fall in prices. According to the previous price analysis, the Cryptocurrency was at the $0.433 level. It has since reached the $0.389 levels in a short time.
The Cryptocurrency has gone below the support level of $0.40. As stated in our previous analysis, this level should trigger buying of the Cryptocurrency. Therefore, investors can be involved in the purchase of high returns while it hits the $0.6100 levels.
For some days now, Cardano has been stuck below the $0.000035 levels. With the current state of the Cryptocurrency market, Cardano has been trading within the $0.000033 levels and currently trades at the $0.000032 levels. We are still I the expectation that Cardano might break to the support level of $0.0000246.
However, once this Cryptocurrency holds above the $0.00003033 level, it might experience a pullback to the $0.00004070 levels in a few days. Aggressive traders can trade at this position. Therefore, the $0.0000246 levels would be the best to make purchases for guaranteed returns.