Cryptocurrency Market Analysis [March 17 Issue]
＊This article is excerpted from a paid article.
We are introducing it.
Following last week’s crash, Bitcoin
fell sharply from 850,000 yen to 530,000 yen.
It dropped to 530,000 yen.
It did not stop at the psychological milestone of
750,000 yen and surged downward in one go.
It has effectively broken below it.
Bitcoin chart
In reality, price stopped at the range of the May last year
highs and lows, and currently
it is fluctuating with large volatility.
Located at 530,000 yen
The line where the next price is expected to stop is
45,0000 yen, and the lowest price in 2019
the late 30s (yen) is expected
to be reached.
Regarding Bitcoin
it peaked at 2,200,000 yen at the end of 2017
and about a year later, at the beginning of 2019,
it recorded the lowest price in the late 30s of ten thousand yen.
It recorded the low in the early 2019 period.
Here is the chart
And from April it began to rise,
reaching 1,500,000 yen
and currently is just
one year after the Bitcoin’s lowest price in early 2019.
Also currently the price around 530,000 yen that is stopping is precisely where the long-term
trend line (diagonal line) crosses.
Technically, if it drops here,
there is a possibility it will move toward a further downtrend.
.
However, considering the current situation,
the world is moving toward a global financial crisis,
and it is conceivable that the current price level could be breached.
.
Currently, around the world, assets are
tending to be purchased with cash.
Like stocks, safe-haven assets such as
gold
have also fallen sharply
from 5900 yen to 5000 yen
in one fell swoop.
From this drop, some are not touching it,
and others are buying while it falls.
There are various behaviors.
With Bitcoin’s decline this time,
there are voices saying, “Bitcoin is not a safe asset,”
and then even gold began to fall.
.
The Bank of Japan purchasesETFs,
and there are voices that future pensions may disappear,
but for me,
through this crash,
I plan to steadily accumulate financial products at the low prices while
keeping the purchase amounts modest.
In this downturn, I am
gradually increasing my purchases primarily of Ethereum.
But I’ll keep the amounts affordable,
so that even if prices fall, I can add funds again
without worry.
That amount of Ethereum is such that
even if prices drop, I won’t be overly pressured.
Currently Ethereum is at
12,000 yen.
A year ago it was around 14,000 yen,
and a bit earlier, in early 2019, it fell to
around 11,000 yen,
and that is when I purchased Ethereum.
Just last year I bought Ethereum
at its current price level, and
though it feels futile to think it will return to the previous level,
the global situation is such,
so further declines must be anticipated.
.
[Snowden considering buying Bitcoin]
Former CIA employee Edward Snowden
says he would like to buy Bitcoin
because of the drop in Bitcoin’s price.
In other words, he judges it to be cheap.
Contents are posted here.
https://bitcoin-newstart.com/news0314
【Reasons to consider buying after a crash】
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