The circle which is a Cryptocurrency based financial services firm purchased Poloniex which is a US-based Cryptocurrency exchanger. This transaction cost circle $400 million. This, therefore, shows that the large corporations are in the quest to look for opportunities to grow their businesses. Therefore, this action will ensure that the prices have been boosted with time. Bitcoin has already been involved in a significant rise in prices.
Many nations have been looking for new ways in the regulation of Bitcoin. Additionally, the Venezuelan government believes that Cryptocurrency is the only way they can use to move from its troubles. Therefore, after the launch of their own Cryptocurrency, Petro, the government has started providing citizens with Cryptocurrency trading courses.
Let’s find out any profitable combinations in the stronger cryptocurrencies.
Bitcoin has been involved in a low for some days which was below the $10,000 levels. Additionally, the Cryptocurrency also fell to the $9,500 levels. In the previous analysis, it traded below the $9,500 level. In the previous analysis, we suggested a pullback from this position to the $11,200 levels. However, this has not happened.
Currently, the Cryptocurrency has been involved in a pullback to the $10,789 level. Therefore, the bulls are still in expectations that the Cryptocurrency will rise significantly to the proposed levels of $11,200. We made a suggestion that buyers and investors should add their holdings when the Cryptocurrency was in the critical support of $9,554.
The $11,200 is the resistance level for Bitcoin, and upon reaching this level, we expect it to shoot to the $12,200 levels. Therefore, investors should halt their investments for now as we monitor the market conditions and the future of the Cryptocurrency. However, the target prices are above the $11,000 level in a few days and then the $12,000 levels later.
From the time Ethereum hit a low of $787, it has not recovered well since it still trades below the $900 levels. In the previous analysis, it trades at $844 and has since improved steadily to the $874 levels. We had suggested purchase between the $830 and $850 positions.
We are still in expectations that the Cryptocurrency will cross the $900 levels. Therefore, upon reaching the $900 levels, investors should be involved in the purchase since the next high will be the $1,000 level. However, the stop loss of Ethereum is at $770.
Recently, Bitcoin cash did not have a significant number of buyers as buyers were not interested in the Cryptocurrency. This is because it has been in the struggle to remain in the $1,150 levels. However, the Cryptocurrency has cine recovered from yesterday and currently trades in the $1,244 levels.
However, we are certain that Bitcoin cash will show a good sign of strength soon. This might subject to the price levels of $1,600. However, any of the recoveries might face the resistance at the 20-day EMA and also the 50-day SMA.
When the Cryptocurrency is subjected to a bounce, this might see it face resistance at the $1,400 levels. However, when Bitcoin cash rallies above the $1,400 levels, we expect it to reach the $1,680 levels later on. We had suggested investment to stick to the stronger cryptocurrencies, but investors can resume investments when the price hits the $1,300 levels.
In the past few days, the ripple was involved in a drop improves where it trades below the $0.95 levels for quite some time. The Cryptocurrency has not yet resumed the high trade levels as it trades at $0.93.
However, we are still expecting the Cryptocurrency to rise to the $1.00 level and later the $1.2296 levels which is the resistance level. Since we have witnessed a pullback for Bitcoin, it might be a message that cryptocurrencies might also improve steadily in the coming few days. Currently, we do not recommend any trade to happen.
IOTA fell in prices in the last few days to the support level of $1.50. However, during our previous analysis, the Cryptocurrency was trading at the $1.80 levels. This was a significant improvement from the lows. Additionally, it has improved to the $1.97 levels. This is a significant improvement in price.
We had made a prediction that IOTA would attain the $2.2 levels in a few days. This has not been possible as it’s yet to reach the $2.00 levels. Therefore, we expect the $2.2 level to be the resistance zone; however, when the Cryptocurrency crosses the $2.2 levels, we expect it to rally to the $2.35 levels in a few days.
From our previous analysis, Litecoin was trading at the $184 levels. We then suggested a rally in prices to the $222 levels. However, it has not yet been possible as it now trades at the $216 levels.
The Litecoin pair is placed among the strongest cryptocurrencies. Therefore we expect it to rally to the $240 levels in a few days. Upon breaking the resistance level of $240, we, therefore, expect it to reach the $260 levels.
With the previous fall in prices, NEM was trading at the $0.389 levels for some time. However, it has been faced with a slight improvement in prices to the $0.408 levels. In the previous analysis, we expected the levels below the $0.40 level to trigger buying of the Cryptocurrency.
Investors can still be involved in the trade of this Cryptocurrency as we expect it to rally to the $0.6100 levels.
Cardano is considered one of the weakest cryptocurrencies. In the past one month, it has not been finding any buyers due to its unstable nature. From the time it fell below the $0.00004070 levels, it has since not improved in prices. Additionally, the Cryptocurrency has been trading below the $0.000035 level for a long time.
According to a number of our previous analysis, we expect the Cryptocurrency to break down to the support level of $0.0000246 this levels should trigger buying of the Cryptocurrency. This action should see the Cryptocurrency rise to the $0.000050 levels in a short time. However, with the current prices, we expect long positions below the $0.000035 levels.