December 23: Price Analysis BTC, ETH, BCH, IOTA, XRP, LTC, DASH
Dec 23, 2017 Posted / 11384 Views
There had been continual seismic activities this week; the crypto market and especially Bitcoin fell by more than 30 percent. There are combinations of episodes that are being blamed for this doom. For instance, Mempool congestion, internal politics in the cryptocurrency management, higher transaction fees, exchange bankruptcy, and charges of insider trading among one of the more popular US platforms include some of them.
Litecoin’s founder Charlie Lee tweeted that he sold all his coins and upward rally of the currency was certainly broken. However, while his selling of coins doesn’t end the prospects of Litecoin, it certainly degrades the sentiment of contributors and that was well reflected in the rallies of other cryptocurrencies as well.
Then, a leading individual trader placed an options bet on the LedgerX, a digital currency-trading platform in New York. He cited that Bitcoin would reach above $50,000 by end-2018. Nonetheless, the bull market topples when the sentiment is overly bullish. The retail trading dried out in the sentiment. The experts however are marking it as a consolidation period and say that every fall is a buying opportunity. In the last few years we have witnessed that the belligerent bulls have made huge amounts of money, the experts consider that, at present, the traders should wait and not endeavor much in their buying arrangement until the market see some consensus for the support levels.
Nevertheless, these are the long-term forecasts and we will quickly divulge in the possible movement of cryptocurrencies in the short-term.
Well Bitcoin is facing a crisis or consolidation only time will tell. This can be considered owed to a bearish development. The drop might display a pattern of developments occurring in Bitcoin lifetime and likely assimilates the short-term target price is now not to stoop low of $13,000. However, it can be considered that this target price is unlikely to be dropped low as the cryptocurrency is gaining again after dropping to $12,505.
The bearish reports by analysts will be quashed if the bulls overwhelm the bear and further gaining the digital currency above $15,200 levels. However, as predicted before the beginning of futures trading on CME, can augment volatility. Consequently, traders should retrace their positions in the coming days and wait for volatility to subdue.
The analysts predicted the fall and Ethereum after the Bitcoin and it did fall to a low of $500, after 50 day SMA period to $455. The long tail in the last week confirmed that bulls are ready to buy the dips. Nonetheless, it is wise to wait on the buying steps. Ethereum is expecting to remain in certain price range ($610.03 on the downside or $700 on the upside). However, if the bears maintain their force, it can stoop further low.
Bitcoin Cash (BCH)
The gains were smiling happily on Bitcoin Cash. The Bitcoin core hard fork, it crossed $2,100 levels and the bulls managed to take the cryptocurrency on $4,139 levels. However, the bears made strong efforts and it revered the course after taking it below $1,845 levels for consecutive two days. After which it again started speeding. The negative sign faded away once the price broke out at $1,950. Consequently, it is recommended to hold the spots with the stop-loss at breakeven.
The analysts had recommended traders to book partial profits because they expected a tough resistance at $0.86. On Dec. 22, Ripple broke out at $1.5 and rallied near to $1.2. The experts anticipate the bulls to crack at break out from the lifetime highs again. If successful, Ripple will make a rush further close to $2 or more, but will find a support price close to $0.6 mark.
The bulls did buy the fall to maintain the support levels and IOTA broke and closed above the overheard resistance. The cryptocurrency had gained and right now standing at $3.89 levels. In our previous analysis we predicted that in the short-term only there will breakout. However, the emotion is too pessimistic. The contributors shall linger on more for the selling to weaken before beginning any buy spot. It is hopeless to talk about any support price when traders are selling in a terror.
The analysts predicted the support between $243.86 and $370. Litecoin is currently maintaining at the 61.8 percent Fibonacci retracement level, which is a significant support for the Litecoin. This is critical because if this support price breaks, the fall extend can extend to $146.414 levels. While, the next target objective was the upside rally to $497.53. Wait patiently and don’t panic.
The analysts are a predicting a strong support estimated just below the 78.6 percent retracement level for the Dash. The experts say that the contributors should hold onto it. However, they are not recommending any buying until the weakening refutes. The market volatility suggests that digital currencies can easily overshoot on the downside.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
Hottest Blockchain Newsletter
For updates and exclusive offers, enter your e-mail below.