The world richest and most famous businessman, philanthropist and the founder of the Microsoft Corporation, Bill Gates gave some views during the AMA session on Feb 27. He stated that cryptocurrencies caused deaths “in a fairly direct way.” Even though the Cryptocurrency investors have become victims of kidnapping and also robbery, this should however not overshadow the potential which blockchain and cryptocurrencies can bring to the society we live in.
As the readers of our news and information have seen in the last few years, cryptocurrencies should be invested in the most cautious way. In the case that one makes the proper decisions and trades using the best chart patterns, the investment he/she makes should be profitable and with a calculated risk.
In the latest news, Steve Wozniak just announced that he was defrauded of seven Bitcoin as he tried to sell to someone else. He had purchased Bitcoin for traveling, shopping and make other payments in areas where Bitcoin is accepted. However, he did not enjoy all the benefits he purchased Bitcoin for and ended up losing a huge amount of money. Additionally, Bill gates criticized Bitcoin and said that it was not good for the market due to the anonymity. He thinks that this is not good for the market.
Although investors are involved in the study of market patterns and making purchases for profits, other people are involved in mining. Mining has been characterized as an expensive venture as it consumes a lot of electricity. Therefore, Japan has adopted solar powered mining technology.
During the previous analysis, we made a forecast that Bitcoin would reach the resistance level at the $11,200 level. This is after breaking out from the 50 days SMA. Yesterday and today, the Cryptocurrency has been close to reaching the $11,200 level. Yesterday, Bitcoin attained the highest price level since Feb 21 of $11,187.
Currently, Bitcoin is trading at $11,166, and this is very close to the target price. We believe that the level between $11,400 and $12,200 will face stiff resistance. Additionally, we believe that upon reaching the $11,200 levels, the next resistance levels of Bitcoin are in the $12,200 levels.
We believe that the $12,200 positions might initiate purchasing and also additional investments. However, once it reaches this position, we believe that Bitcoin might be propelled to go back to the $18,000 levels. Therefore, the aggressive traders can book profits on 50% of their positions at these current levels.
Ethereum has not been involved in continuous improvement as in the case of Bitcoin. From the time that it attained a low of $787, Ethereum has not yet attained the $900 positions as we have been forecasting. According to the statistics from the previous analysis, the Cryptocurrency was trading at the $874 levels, and currently, it is at the $873 levels.
Therefore, according to the market positions, we might expect long positions in the $850 to $900 price range. However, our target and resistance level is at the $900 level. Upon reaching this resistance level, Ethereum might pull back to the $1,000 levels. However, we don’t recommend any trade to happen until the Cryptocurrency crosses the resistance level.
Therefore was an upside wave which was initiated at the $1,175 levels in Bitcoin cash against the US dollar. The price then traded higher and was able to break the two resistance zones of $1,200 and $1,220. The Cryptocurrency has been above the $1,200 from the time and has even opened the doors for more investor gains above the $1,250 levels.
Currently, the pair is trading at the $1,287 levels which means that it has been above the $1,250 levels for quite some time. Therefore, the Cryptocurrency is currently experiencing a resistance level of $1,300. However, in case the bulls succeed on the breakout above the $1,335 levels, we should see the Cryptocurrency rally to the $1,600 levels.
We had made a forecast in our previous analysis that the Cryptocurrency might attain the $1.00 level. However, this has not been the case yet. This is due to the fact that the Cryptocurrency has been stuck in a very tight range. This is a resistance price of $0.98669 and also a downside support level of $0.85.
Currently, the Cryptocurrency trades at the $0.919 levels as compared to last analysis where it traded at the $0.93 levels. This is a representation of a slight drop. Therefore, we still expect the Cryptocurrency to have long positions in the $0.85 to $0.98 range for some days. Breaking out from this positions means that the Cryptocurrency can attain the $1.2296 levels.
However, due to the fact that the Cryptocurrency has not been showing any strength for the last three days, we don’t recommend any buying currently. However, in case it attains the $1.00 levels, this might trigger buying.
In our previous analysis, we suggested a resistance zone in the $2.20 levels in IOTA. We had also seen the Cryptocurrency rise from the $1.80 levels to the $1.97 levels. However, for the last two days, the Cryptocurrency has not moved from this price range. Currently, it is at the $1.96 level.
However, we believe that IOTA will attain the $2.00 price level in the coming few days. Since the $2.2 level is the resistance level, we might experience long positions between the $1.90 and the $2.10 levels. However, upon attaining the $2.2 price level, the Cryptocurrency should rally to the $2.35 level. We do not recommend any trades, however.
In the previous analysis, Litecoin was trading at the $216 levels. This was a significant improvement from the lows of below $1.84. However, from the last two days, the Cryptocurrency has dropped slightly to the $206 levels.
We believe that this drop is just for a short time and Litecoin is expected to improve to the $240 levels. Although this might be the resistance level, we should see the $260 levels attained once it crosses the $240 price level.
NEM has been involved in long prices between the $0.37 and the $0.44 levels. However, from last times analysis, the Cryptocurrency has improved slightly with just $0.006 which is a minimal improvement.
Therefore, we expect it to rally to the $0.6100 levels in some days. However, this might be a resistance level, and we can expect long positions above the $0.40 levels.
Cardano has been faced with a continuous drop in prices even with the other cryptocurrencies showing signs of flourishing. We have been expecting the Cryptocurrency to break down to the $0.0000246 levels which might trigger buying.
According to the current price level of $0.00002925, this means that a continuous drop might see the Cryptocurrency reach the $0.0000246. This will then trigger purchasing which might see the Cryptocurrency rise above the $0.00004070 levels. We do not recommend any buying currently.