Reports have continuously bee flooding the cryptocurrency markets with the various attempts to recover. The news involving the hacking of Binance exchange during the week has seen the SEC request that all the cryptocurrency exchange companies which deal with digital assets register as exchanges. This follows the move to have the various cryptocurrency exchanges to have various security rules and regulations which enable tracking their transactions.
However, later, Binance made reports that the irregular trades were reversed. Additionally, they reported that the hackers lost a few coins while they were trying to hack and all was recovered.
The SEC regulations, however, have been an issue which has raised debates with all the sides having a say about it. This is the discussion about the pros and cons of the regulation. However, in the recent days, setting regulations have proven to be very positive for the cryptocurrencies because they have enabled stability. Additionally, regulation has attracted institutional money and has stayed from the market as per now.
In other news, the Japanese regulators came down heavily on coincheck and also other exchanges. With all these market news and forces, the cryptocurrencies are still trying to hold on to their support levels.
Therefore, let’s find out whether the downside will be extended and whether the bottom is around the corner.
Bitcoin has been highly affected by the current price drops. Since February 14, the cryptocurrency has dipped below the $9,000 level for the first time. Bitcoin has been involved in a continuous fall for a period of four days now, and this has been caused by various technical factors. Additionally, various reports have flooded the market in regard to this fall.
On Thursday, the price almost hit the $9,000 price level, and later the cryptocurrency went back to the $10,000 levels. However, according to today’s statistics, the cryptocurrency has fallen to the level below $9,000 to the $8,771 levels.
According to the news in the market, this could have been caused by a number of factors. Some of them are such as the issues in the Binance exchange, the warning which was issued by the US securities and also the commission exchange compliance. Additionally, this could be as a result of a report which was availed from the Mt Gox trustee which revealed that some $400 million in Bitcoin and BCH was liquidated over various months period.
Therefore, it is now clear what drove the market price down today. Additionally, investors and also analysts made suggestions that the price could reach the lower levels soon. Some of them made predictions that the price could further slide to the $7,000 levels. Today represents the lowest price level since Valentine’s Day.
Therefore, we might expect further fall in prices according to the market conditions. However, the support level lies in the $7,000 price level. Upon reaching the lowest price, we expect Bitcoin to surge to the $10,000 levels soon. Therefore, investors should at the time halt investments.
Ethereum has not been left behind in today’s fall in prices. We suggested that we were not sure of the next move this cryptocurrency would take in the few days. However, Ethereum has already dropped far below the anticipated support level.
Ethereum is trading at the $667 level which represents a drastic drop. Therefore, we are still not certain about the next market conditions. However, we suggest a support level of $600. The cryptocurrency is still moving towards the lowest price. However, between market conditions guarantees a bounce in prices back to the $900 price levels. Traders. However, should wait for the lowest level to trigger purchases and investments.
Though the bears were successful in pushing the price of Bitcoin cash below the $1,150 level, they have not been successful in pushing the cryptocurrency below the $950 support level as we expected.
Bitcoin cash currently trades at the $966 level. However, if the bulls are not successful in pushing the cryptocurrency back to the $1,150 levels, we might experience a fall below the $950 level in the next few days. However, upon reaching the lowest level, it might bounce back to the $1,150 levels soon. Therefore, investments should halt at the moment.
Ripple has been looking weak due to the sudden turn of events in terms of prices. On 7th, it recovered from the $0.85 levels but has since dropped according to today’s data.
Ripple price has broken down again below the $0.85 levels and dropped to the $0.769 level. This means that if the bears sustain it below the support level, it might further drop to the $0.700 levels. This is a clear possibility. Additionally, lack of buying the cryptocurrency at the low levels might see the cryptocurrency further drop lower. However, buying might see it rise above the support level.
IOTA has consistently been involved in a drop in price throughout the week. However, today’s drop is not just a slight drop. The cryptocurrency moved from $1.59 (from the previous analysis) to the $1.26 level.
We had advised the investors who wait for the next low level. However, we are still not sure about the next market trend, and we still insist a wait. However, the support level currently is at the $1.20 levels.
After showing strong signs of promise some days back, Litecoin has been involved in a negative trend. We had expected the cryptocurrency to fall towards the 50-day SMA. This is what has been happening.
Litecoin has formed a downwards triangle and has dropped to the $164 level. The downward trend might continue, and we expect the support levels to be at the $160 and the $140 levels. The bears have been successful in pushing the price below the previous support levels. However, their view might be invalidated once Litecoin breaks out of the $215 range.
In all the major cryptocurrency, NEM is the only one that has hit the market with positive news today. According to the previous analysis, NEM was at the $0.325 levels. Currently, the cryptocurrency has moved to the $0.341 level.
Therefore, with the market forces and conditions, we anticipate long positions above the $0.320 levels. However, the cryptocurrency might bounce to the $0.400 levels soon.
Cardano has been involved in a firm grip. On March 7, the prices broke down below the critical support levels of $0.00002460. Up until today, the prices have been falling drastically and now trades at $0.0000198. However, due to this, people have continued selling and this is a bearish sign.
We have not found any major support levels currently, but the price might further fall to the $0.00001690. The first sign of a positive trend will be when the cryptocurrency breaks out of the downtrend line.