Bitcoin, Ethereum, Bitcoin Cash, Ripple: Price Analysis, March 06

Harvard economist Kenneth Rogoff believes that Bitcoin’s value will drop to $100 in a decade. He stated that increased regulation is one of the aspects that will bring down the value of Bitcoin. We, on the other hand, have an opinion that in a decade, the cryptocurrencies will have much more use cases and that it will increase their demand, propelling prices higher.

Bitcoin’s entrepreneurs have taken up the task of rebuilding the Puerto Rico economy that has been hit by natural disaster, and a shortage of funds. This is a new experiment, and in case it succeeds, it will be implemented at many other places.

Additionally, increased involvement of large companies with the crypto world shows their growing acceptance, which is a bullish sign.

BTC/USD
We had been expecting Bitcoin to break out of the neckline of the inverse head and shoulders pattern and move towards the target objective of $13,000. But the bears strongly defended the $12,200 levels.

Yesterday, March 5, the BTC/USD try reached a high of $11,934.08 however couldn't run off of the overhead resistance. Currently, the cryptocurrency is actuation back and is probably going to seek out support at the trendline of the ascending channel at $11,100. If this support breaks, future support lies at the 20-day EMA and below that at the 50-day SMA.

Therefore, traders will raise their stops to $11,000 on the remaining half-position. Once the value sustains below the channel, we have a tendency to expect it to remain vary certain between $9,500 and $12,200.

ETH/USD
We had counseled traders to boost their stops on Ethereum to $830 in our previous analysis, that was hit these days, March 6. The bulls have didn't run off of the 20-day EMA for the past 9 days.

As the price is below both the 20-day EMA and the 50-day SMA and is turning down from the resistance line of the descending channel, the bears have an upper hand.

Now, chances are that the bears will push the ETH/USD pair towards the $780 levels. If this level breaks, the next support is at $723.

BCH/USD
We had recommended buying Bitcoin Cash on a breakout above the range, however, the bulls could not push prices above the 20-day EMA and the overhead resistance.

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Now, the bears square measure doubtless to push costs to the lower finish of the vary at $1,150. If the BCH/USD try breaks below this support, it's doubtless to fall to the pattern target of $950.

Our pessimistic read are invalid if the cryptocurrency breaks out of $1,355.

XRP/USD
In the previous analysis, we tend to were unsure concerning Ripple’s value action. Yesterday, March 05, the value stone-broke out of the overhead resistance, however it couldn't clear the 50-day SMA.

Prices turned down sharply, and the XRP/USD pair is now likely to continue trading in the range once again. If the bears push prices back below the $0.85 level, it can extend its fall to $0.72.

We don’t find any trade setups on it at the moment.