By early February, Bitcoin had plunged about 68 percent from its lifetime highs in mid-December. This fall affected Bitcoin’s popularity, as measured by the number of people searching for it on Google. In the first half of March, Google Trends shows that Bitcoin searches have fallen to their lowest levels since October of last year.
When prices don’t sustain below support levels on negative news, it is a sign that the bears are losing their grip. The early stages of a bull phase always cause worries. As and when prices recover, the ‘speculators’ will jump right back in.
BTC/USD
The bears were unable to take advantage of the breakdown below $9,500 levels on Bitcoin on March 10. Prices quickly recovered on the next day, March 11, which shows strong buying support at lower levels.
ETH/USD
$654.02 has proven to be strong support on Ethereum. For the past three days, prices are trading inside a tight range of $745 to $654.
BCH/USD
Bitcoin Cash has held the $1,000 levels for the past three days. Yesterday, March 11, prices broke out of the $1,150 overhead resistance, but the bulls have failed to build on this move.
XRP/USD
Our buy call on Ripple did not trigger because it has held above the $0.73 levels for the past three days.
XLM/USD
The price action in Stellar has been sluggish. The bears have not been able to take advantage of the breakdown below $0.32 levels. While we have been expecting a drop to $0.22 levels, the bulls have successfully defended the $0.25 levels.
LTC/USD
Litecoin is also trading in a tight range for the past four days. As the price has reached the apex of the descending triangle pattern, the bearish setup is not valid anymore.
ADA/BTC
Cardano continues to trade in a small range as forecast in the previous analysis. As both the bulls and the bears are in a state of equilibrium, there is no trade setup.
NEO/USD
NEO is looking weak as the bulls have not been able to push prices above $93.5 level in the past four days. This shows lack of buying
EOS/USD
For the past four days, EOS is struggling to hold the support level. Failure of the bulls to bounce off strong support indicates weakness.