Ter a massive but improvised pullback, most cryptocurrencies eyed a acute decline to key support levels on the 21st.
Bitcoin Price Act
Bitcoin reached the 61% Fibonacci retracement level around $11,200. On Tuesday&rsquo,s trading session, Bitcoin price formed a bullish devouring chart-pattern reaching for the 23% Fibonacci retracement level of $16,427.
On the 4-hour chart, BTC/USD has just cracked above the Ichimoku cloud. The Kijun line has also crossed above the Tenkan line.
Ethereum Price Activity
Ethereum reached the same Fibonacci 61% level spil Bitcoin, at around $470. LTC/USD has also cracked above the Ichimoku cloud on the 4-hour setup. However, it shows up to be fighting to pauze the $755 resistance level.
Litecoin Price Act
LTC/USD reached even lower towards the 78% Fibonacci retracement level below $160. Litecoin emerges to be mainly consolidating now, even however it also broke above the 4-hour Ichimoku cloud. Its short-term range shows up to be inbetween the 38% and 50% Fibonacci levels at $256 and $295.
All of the above cryptocurrencies erased most of the losses within a day, and are still working their way back up to key resistance levels.
What Do Cryptocurrency Bulls say?
Bitcoin and other cryptocurrency bulls proceed to argue that it is another asset class called digital assets, like precious metals, stocks, real estate or bonds.
What Do Cryptocurrency Bears say?
Meantime, the bears remain worried about the difficulties te regulation surrounding cryptocurrencies, believing that their lack of regulation will lead to their downfall.
By now wij have already experienced at least one massive pullback. But this doesn&rsquo,t mean that wij won&rsquo,t see fresh all-time highs across the houtvezelplaat te 2018. Wij also could see yet another pullback, whichever comes very first.
Bitcoin could see drops to spil low spil $6,000 and gains to spil high spil $50,000.
Litecoin could druppel to the $100 level and climb up above $1,000 whichever comes very first.
Ethereum could see a pullback towards $359 and gains towards $1,700 ter the fresh year.
This for sure makes investing te cryptocurrencies both titillating and high risk at the same time.
The preceding article is from one of our outer contributors. It does not represent the opinion of Benzinga and has not bot edited.