Cryptocurrency Market Analysis [March 9 Issue]
The COVID-19 shock and
the large drop being talked about
is continuing from last week.
Bitcoin has fallen 11% since last week
and has dipped below 8,000,000 yen.
Bitcoin chart
From the horizontal line drawn since last week
the 900,000 yen level was broken decisively
to the downside.
And next, the red horizontal line (in the middle of the chart)
at the 800,000 yen level is currently
holding.
If this is pierced and it stops next
the expected level is
75万円.
And if that breaks, the price area would be
65万円—the price level from last May.
According to experts, around $7,000
in price, it might stop once at the 75万 line, and then
whether it rebounds upward or moves downward is being considered.
...
There are views like this.
The Nikkei Stock Average has fallen below 20,000,
and the stock market is also retreating rapidly.
This is a situation where uncertainty ahead remains.
First of all, it seems prices will need to settle down.
The outlook is unclear, but I think
we must wait for prices to stabilize.
Will the market recover after the COVID-19 situation improves?
There is information saying temperatures rising will lead to a settlement,
and information saying that is not the case.
Right now, information is mixed.
I get the impression of confusion.
Currently, children’s schools are on break as well,
and there are places with a provisional break until the 15th.
Some schools have already extended holidays including spring break,
and the situation is that.
Last year I bought Bitcoin at 84万円,
and if it falls to 75万円,
I would consider buying again.
I would like to consider buying again.
I previously introduced a cryptocurrency to deposit
and receive 8% interestNEXO (Nexo).
With Nexo, you need to deposit in a stablecoin
pegged to fiat currency,
and some people convert Bitcoin partially to Tether and deposit with Nexo,
so that fluctuations like this have less impact.
We have received messages saying that you can deposit safely.
Nexo has a contract with Lloyd’s of London,
a major British insurer, to safeguard clients’ assets.
https://bit.ly/31kOXGZ
Next, Ethereum.
In Ethereum, this time’s big drop has halted price once at the high last November (21,000 yen).
The support pressure at this line is expected to be strong, but in this drop
there is a strong possibility of breaking below it.
If that happens, the next psychologically important line would be
around 18,000 yen.
At this line, I would like to consider buying Ethereum.
*Personally, the best is 10,000 yen, though.
This year Ethereum,
as Ethereum 2.0, will support POW
and is expected to increase its influence.
If staking becomes available,
with the buying pressure for Ethereum, staking (depositing) would reduce selling pressure.
That is the expectation.
In any case, with this drop I want to assess the point where the price stabilizes on the line.
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