Currently, cryptocurrencies have been finding it hard to regain after the fall. In the case of Bitcoin, it fell below the $7,500 position yesterday. This comes with current news that Bitcoin might drop further and attain the $2,800 price level soon. On the other hand, the various market actions might drive cryptocurrencies especially bitcoin lower.
This is due to the fact that Plattsburgh was involved in the ban on Bitcoin mining for 18 months which means that the ban might last until 2019. On the other hand, Bitcoin mining has become less profitable because the mining costs have risen significantly. According to the news, the mining costs for one bitcoin amount to $8,038 while the cryptocurrency trades at $8,280. Therefore, this is just $200 profit.
According to the most recent news, PayPal might block cryptocurrency purchases. All these reasons with other market conditions might see Bitcoin drop significantly. However, let’s analyze the current market.
For the last few days, bitcoin has found it hard to improve facing the current market conditions. Due to various reasons in the market a few days ago, we saw Bitcoin drop to a low of $7,800. However, as the days progressed, Bitcoin price dropped. On March 18th, Bitcoin was trading at $7,420. This is the lowest level bitcoin has attained this month.
However, according to the current statistics in CoinMarketCap, Bitcoin has improved above the $8,200 level. Therefore, according to the situation, there are possibilities of the breakout to be short-lived, and on the other hand, this could be real.
In case the breakout is fake, the price could further drop to the $7,200 levels or even fall to new lows. On the other hand, sustaining the current climb could mean that the cryptocurrency has regained its momentum and this could see it surpass the $8,500 price level. Therefore, reaching this could see it attain the $10,000 barrier and later the $12,000 barrier.
We believe that a drop below the $7,400 level could attract more buyers and this could eventually lead to an improvement. Therefore, we do not yet find any tradable BTC/USD pair with the current statistics.
From the previous analysis statistics, Ethereum has been involved in a continuous drop in prices. We had set the support level at the $600 price level. However, Ethereum dropped below the support level ad reached its lowest level this month of $466. This was more than 15% drop from last week’s Friday statistics when it traded at the $610 level. According to the statistics, the sell-offs are not yet over.
However, according to today’s statistics, the cryptocurrency has experienced a slight improvement in prices to the $544 level. However, we are not sure if this will be short-lived or might continue with the trend. Further drop from this position might see the cryptocurrency attain the $440 levels. If the improvement continues, however, we expect the cryptocurrency to reach the $600 level soon which might see it improve to the $800 levels.
Bitcoin cash has been in the struggle to improve back to the $1,000 price level. On March 17, bitcoin cash had since improved to the $1,050 levels in a few hours. However, from then, it has been subjected to a price reduction until yesterday when it attained the $854 level.
According to today’s statistics, Bitcoin cash has improved to the $942 level. This is a representation of a positive index within just a few hours. In case this improvement in prices continues, we might see Bitcoin cash improve to the $1,000 level and go back above the support level of $1,150. The bulls are trying to push the cryptocurrency back to the support level. However, if this was just a short-lived improvement, the cryptocurrency might further drop to the $880 levels. Therefore, we do not have any tradable BCH/USD pair at the moment.
For the last two months, Ripple has been having a rough time in the market since it has been trading within the same price range. The current drop has seen the cryptocurrency drop further. From the previous analysis, Ripple has been involved in a continuous drop in price until yesterday when the cryptocurrency attained the lowest level at the $0.55 level.
However, Ripple has improved in the last few hours to the $0.6694 level. This is slightly lower than last week’s statistics. However, a continuous improvement might see Ripple cross the $0.75 level to the $0.90 level. However, if the improvement is just short-lived, Ripple might further drop below the $0.60 levels before initiating buying. Therefore investors should wait for the next market move before initiating purchases.
IOTA has not lately been involved in drastic price falls in the last few days. From Friday’s statistics, the cryptocurrency was trading at $1.09. However, in the last two days, the cryptocurrency has improved to the $1.22 level. However, this is an improvement from yesterday’s price level which was at the $1.08 level.
A continuous price improvement might see the cryptocurrency improve to the $1.36 level and further above $1.50. However, if the rise was short-lived, the cryptocurrency might drop back to the $1.10 levels before initiating buying.
Litecoin has also been subjected to the current fall in prices. From Friday’s analysis, the cryptocurrency was trading at the $162 price level. However, in the last two days, the cryptocurrency was involved in a continuous drop in price to the $138.30 level yesterday.
However, according to the last few hours, the cryptocurrency has since improved to the $156 price level. Therefore, continuous improvement might subject the cryptocurrency to the $170 price level and further to $180. If the gain was short-lived, the cryptocurrency might further drop to the $140 levels. Therefore, we do not recommend any trade.
NEM has been involved in a continuous drop in price from Friday’s analysis. Yesterday the cryptocurrency was trading at $0.233 level. However, a few hours later the cryptocurrency has improved slightly to the $0.2907 levels.
If this trend continues, NEM might improve to the $0.35 levels and back to the $0.50 levels. If this is short-lived, however, the cryptocurrency might drop to the $0.25 levels. We, therefore, don’t recommend purchasing.
Cardano has not been left behind in the current price fall in the last two days. On Friday, Cardano was trading at the $0.0000181 level. However, according to yesterday’s statistics, the cryptocurrency had reached the $0.0000128 level in just two days.
The cryptocurrency has since improved to the $0.0000172 level. Therefore, if this trend continues, the cryptocurrency might improve above the $0.000020 level. If this is short-lived, it might further drop to the $0.0000145 levels.