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Wall Street strategist Thomas Lee has formulated a new countercurrent index, called Bitcoin Misery Index, BMI, which may be useful for traders. Lee is optimistic about Bitcoin and has maintained a goal of $ 25,000 by the end of the year, which represents a gain of over 160% from current levels.
We think it’s better to buy only after cryptocurrencies stop falling. in a bear market, people dump their assets at ridiculously low prices. So, check if one of the digital currencies has formed a bottom.
BTC / USD
Bitcoin broke below critical support of $ 9,500 yesterday, March 09, and reached a lower intraday. $ 9,000.02, which is just below the Fibonacci retracement of 50 percent from the recent decline of $ 6,075.04 to $ 12,172.43
<img alt=” BTC “src =”http://businessdigit.com/https : //cointelegraph.com/storage/uploads/view/613c3b01646b5d6c93283350000351d2. png”title =” BTC “/>
The bulls bought the drop and pushed the prices above $ 9500. The pair BTC / USD is not out of the wood yet because it is still trading in the descending channel.
If bulls remain above the $ 9,500 levels, range action may occur where bulls and bears will compete between 9,500 $ and $ 12,200
if the drops again below yesterday’s low of $ 9,000.02, the price could fall to 61.8 pe
We would like clarity and level of support are maintained before suggesting trades.
ETH / USD
Yesterday, Ethereum fell to our expectations at $ 637.63, but currently bulls are trying a retreat.
<img alt=” ETH “src =” https://cointelegraph.com/storage/uploads/view/6aa7a2773c4e0ef83f438355eb8365b0.png “title =” ETH “/>
The ETH / USD is currently in a downtrend as the price is trading inside the descending channel and below both moving averages. current levels is likely to face sales pressure at any of these areas of resistance
advantage, until bulls burst and hold on top of these two air resistance
BCH / USD
We expected that Bitcoin Cash corrects to $ 950 since our two previous analyzes, but the bulls On March 9, the price rebounded from 989.8418 $.
<img alt=” BCH “src =” https://cointelegraph.com/storage/uploads/view/2c75761c337b43e73605f4157913f486.png “title =” BCH “/>
In the coming days, if the bulls fail to sustain more than $ 1.150, the odds are that the bears will try to sink the BCH / USD pair to the next $ 854 bracket
We’ll change our bearish point of view once the cryptocurrency has risen above $ 1400.
XRP / USD
We believe that Ripple forms a wide range.Yesterday, March 09, prices fell near a lower end of the range possible.
<img alt=” XRP “src =” https://cointelegraph.com/storage/uploads/view/d502e8de35c26f7ad1ded5911a9d4402.png “title =” XRP ” />
On the downside, the level between $ 0.56270 and $ 0.695 is expected to be strong support, unless news could influence market.
Traders can buy the trough of the XRP / USD pair towards the $ 0.60 levels, it is better to wait for the prices to stabilize for four hours, then to buy at the rise rather than buy down. $ 0.55
The goal is $ 1.22 This could turn out to be a roller coaster because trading inside the expected range will be volatile.
XLM / USD
Stellar broke under critical support of $ 0.32, but he did not collapse as we had planned
<img alt=” XLM “src =” https: // coin telegraph.com/storage/uploads/view/2e322271d9fdfa9571f4b28db29bad0b.png “title =” XLM “/>
At the moment, the bulls defend the levels of $ 0.3, but any retreat will face the resistance at $ 0.32 and 20 days EMA:
If the bulls fail to exceed $ 0.32, the pair XLM / USD may slide to the lower end of the descending channel at $ 0.22
We should buy cryptocurrency if it stays above $ 0.32 levels for a few days.
LTC / USD
Litecoin broke and closed under the descending triangle on March 8, but the bulls quickly pushed the price back above $ 185 on March 9.
<img alt=” LTC “src =” https://cointelegraph.com/storage/uploads/view/33ad459c48e0b35131875c73ecdfabd8.png “title =” LTC “/>
In case the bulls do not fail to support more than $ 185, the chances are that the LTC / USD will drop to $ 160 then to $ 140, while the two moving averages have flattened, we could witness a few trading days at the fork.
ADA / BTC
Cardano does not look very loud, but he has remained below 0.00002460 in the last two days, the next support being at 0.00001690.
<img alt=” ADA “src =” https://cointelegraph.com/storage/uploads/view/30498a77014917eaf93e5268d58dfeba.png “title =” ADA “/>
Right now, bulls and be ars are in a state of equilibrium.The intraday ranges have decreased during the last two days.We can see a few days of small beaches; after that, we expect a great day. is still difficult to predict if the big day of range will be up or down.
We remain bearish on the ADA / BTC pair as long as it exchanges below the 20-day downtrend line and EMA
NEO / USD
NEOs are under pressure from bears attempting to cross the critical support zone of $ 86 to $ 93
<img alt=” NEO “src =” https://cointelegraph.com/storage/uploads/view/04fdb8b0100593806ebcf3083da1138e.png “title =” N EP “/>
Yesterday, March 09, the NEO / USD fell to an intraday low If the bulls fail to exceed the levels of $ 93.5, the bears will be back in action .
On the downside, the next support is the February low of $ 63.62. We can change our bearish outlook after the price remains above the downtrend line.
EOS / USD
Yesterday, EOS fell below the $ 5.79. 17 critical level, but he recovered and ended the day above the support level. Nevertheless, if the bulls fail to bring the prices to the $ 8 levels, there could be a breakdown.
<img alt=” EOS “src =” https://cointelegraph.com/storage/uploads/view/7e2874345c0dfcf677fc5922db2c7dee. png “title =” EOS “/>
On the downside, the next support level is only $ 3.65, but if the bulls hold the $ 5.97 levels, the EOS / USD pair
We could start trading in the range once we have confirmation that the $ 5.97 level is at stake.
Market data is provided by HitBTC Exchange .Analimas for analysis are provided by TradingView.