February 9 Price Analysis: USD / Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), NEM (XEM), IOTA (MIOTA), Dash (DASH), Monero (XMR)


Easy Markets Enables Crypto CFDs for Ethereum and Ripple

The brokerage had previously only offered crypto CFDs on Bitcoin.

Easy Markets has announced the addition of Ethereum and Ripple CFDs into its asset lists. The new additions are now available for trading across its trading platform.

In the midst of a cryptocurrency frenzy that has seen many of the world’s leading FX and CFD providers incorporate cryptocurrencies into their asset offerings, Easy Markets is pushing to meet client demands as well.

Bitcoin price stays mostly steady despite global market plunge

The cryptocurrency is looking strangely stable in recent days

The price of bitcoin and other cryptocurrencies is mostly remaining stable, despite major moves in the broader financial markets.

Bitcoin doesn’t always track the global markets, and can be sent both up and down by developments in the broader financial industry. But any period of stability in cryptocurrency is remarkable, let alone one amid a dramatic correction in the global stock and debt markets.

Bitcoin has gained 0.26 per cent over the last day, and has been mostly flat in recent days. The same pattern has been seen in other major cryptocurrencies, like ethereum and ripple.

And in the last few days, bitcoin has even gained, despite concerns about the broader financial markets. The cryptocurrency plunge of recent weeks seemed to come to an end on 6 February, and the price has been slowly but consistently climbing since then.

Outside of cryptocurrency, financial markets are being haunted by a major correction that could signal something more permanent. Stock markets across markets including in the US and Asia have rapidly plunged, falling from record heights achieved in recent months.

Financial analysts regard corrections as a normal event but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. Those include worries about a potential rise in U.S. inflation or interest rates and whether budget disputes in Washington might lead to another government shutdown.

“Markets are down again today, maybe unnerved by fears that the U.S. Senate will not pass a budget bill in time to avoid a U.S. government shutdown,” said Rob Carnell of ING in a report. “With financial markets vulnerable at the moment, this was not great timing for such political brinksmanship.”

Price Analysis Today

After the banning of Cryptocurrency trading in South Korea and also China, people and Cryptocurrency investors were in the fear that the United States would also do the same.

However, the two leaders’ testimonies Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission (CFTC) and Jay Clayton who is the chairman of the Securities Exchange Commission (SEC) allayed the fears by supporting Bitcoin.

Far from the expectations of the market and also the investors, they were very realistic and fully supported the Cryptocurrencies. This then has made all the major cryptocurrencies to experience sharp upwards pullbacks. This is after the days they experienced the weakest times. Therefore, after the plunge, the Cryptocurrency analysts and the investors believe that all the cryptocurrencies will now be subjected to a strong bull market which is expected to be as strong as in 2017.

According to Wilfried Paul from Cryptona, this comes in a contradiction with the predictions of Dr. Doom that Bitcoin might hit zero in a huge crush. Additionally, the Winklevoss Twins believe that the current regulations on Bitcoin will bring out the best in Bitcoin. Additionally, other Cryptocurrency analysists have forecasted that Bitcoin might rise to $40,000 levels before this year ends. Therefore, let’s find out the current positions and predictions.

The perfect time for the purchase of biotin as forecasted in the past was $5,500 and $5,800 levels. However, the Cryptocurrency did not reach this levels as its lowest price was $6,075.04.

After the support from the United States leadership, we saw Bitcoin rise by around $2,000 in just one day. Therefore, from the time until now, Cryptocurrency investors who want long-term profits are using this opportunity to buy Bitcoin in bulk in expectation of long-term profits.

However, at the current prices, Bitcoin might face a resistance level of $9,500. This was the level in 3rd Feb. however when it breaks this resistance level, we expect it to stay above the $9,920 level and the $10,700 level will act as the resistance level.

Due to its nature of continuous improvement from the acceptance by the US, we expect it to be on an upward trend. Additionally, we expect the investors who want long-term benefits to be purchased before it hits the target levels.

Ethereum has maintained its price levels above the $799 levels from the time it rose from the lowest price on Jan 6.

Currently, it trades at $809 and this represents a slight improvement from the previous analysis price index. Therefore, according to the current trends on cryptocurrencies, we expect Ethereum to rise towards the $950 levels in a few days.

Therefore, we expect the investors to be engaging in buying trends to incur long-term profits this year. Later in the year, we expect the Cryptocurrency to rise back above the $1,500 levels. Therefore, the minimum purchase is encouraged at this stage.

Bitcoin cash underwent a strong bottom of $778 which was below the critical support of $854. The current pullback has brought confidence in the Cryptocurrency and the market at large.

The Cryptocurrency has experienced a sharp increase in its price since it currently trades at $1,278. However, we expect the Cryptocurrency to have a resistance level of $1,400. Once it crosses the $1,300 levels, we expect it to remain in that position for a few days.

Therefore, the $778 levels were the best level to make investments for short-term profits. However, the market was in fear of whether the US might ban the Cryptocurrency.

Ripple has been involved in trading in the critical support of $0.60. The latest news has however not moved the Cryptocurrency much since it has attained the $0.78 levels. However, in the previous analysis, we stated that the Cryptocurrency might face a resistance level of $0.87 and this is what is happening.

Therefore, according to the current analysis of the Cryptocurrency, we expect it to remain in the $0.87 and 0.70 levels for some days. We also expect this to be a good buying opportunity for the investors who want long-term profits.

According to the previous analysis, IOTA was trading at $1.66 and this was a representation of a high improvement from Feb 6 statistics.

Currently, it trades at $1.76, a slight improvement from last times analysis. Therefore, we expect it to be on the improvement trend. However, investors are advised to make investments while it reaches the $1.90 levels.

In the previous analysis, we mentioned that Litecoin recovery was very strong as compared to the other cryptocurrencies. While the other cryptocurrencies experienced their lowest prices in history on Feb 6, Litecoin was still intact and was at the Feb 2 levels.

The Cryptocurrency has not changed according to its price from the previous analysis. However, due to the end of regulation of cryptocurrencies, we expect it to pull back to the $175 levels in a few days. Once it reaches this level, we might even see it above the $180 level.

Therefore, Litecoin might experience resistances of $170 and $185. Due to this, we advise investors to buy the Cryptocurrency once it attains the $185 levels.

NEM dropped to the lowest price this year of $0.3647 on 6th February. This was very close to the critical support of $0.31672.

However, the Cryptocurrency has plunged and now trades at $0.5240. Therefore, NEM has risen above the support level of $0.47. Therefore, we expect the investors yearning for long-term profits to invest In the Cryptocurrency. We expect the Cryptocurrency to experience a resistance level of $0.5675. Once at this level, it might even go further to the $0.6100 levels.

According to the previous analysis where Cardano stood at $0.00003618, we expected the Cryptocurrency to plunge to the $0.000040 levels in some days and this has not been the case. The Cryptocurrency is still trading at $0.000035 levels.

However, we still expect the Cryptocurrency to attain the $0.000040 levels in a few days. This, however, might be the resistance level. Therefore, investors can engage in buying the Cryptocurrency once it hits the $0.000040 level.

Adam Webb is editor in Smartereum, blockchain and currency news, where he produces updates on Blockchain, Ethereum and other alternative cryptocurrencies.


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