Cryptocurrency Market Overview: It’s been a bloodbath across the board for Bitcoin and other altcoins in the past few days. I’m not gonna say I told you so, but our buy-limit orders have been going through one after another. We had yet another live strategy development session Tuesday morning, setting up the next steps for our cryptocurrency portfolio. Join to watch the replay.
Cryptocurrency Meltdown
Among the top 20 largest cryptocurrencies, Bitcoin dropped to the 61% Fibonacci retracement level of $10,000, the lowest level since December. It even tested below the daily cloud of Ichimoku Kinko Hyo, while the Kijun line crossed below the Tenkan line.
Cryptocurrency Bloodbath – BTCUSD Daily Chart
The future cloud appears to be flat. The resistance level remains at the 23% Fibonacci level above $16,000.
Ethereum dropped towards the 50% Fibonacci level right below $900 on Tuesday before correcting some of the losses.
ETHUSD Daily Chart Price Action
And XRP/USD touched below $1.00. This has some market participants worry as they fear this may be the bubble burst everyone has been talking about.
In my opinion, this has been the inevitable pullback after the crazy rallies we saw in the past month. What goes up, must come down, and this stays true to even the trendiest markets of them all. The key is to keep calm and invest strategically.
Japan, South Korea Fearful of Regulatory Uncertainty
Meanwhile, on Tuesday, investors in South Korea and Japan, the two largest cryptocurrency trading nations, were waiting on Tuesday for the regulatory uncertainty to clear.
More than 200,000 signed a petition in South Korea to stop government’s crackdown on Bitcoin. This could precisely be part of the cryptocurrency manipulation process. By driving the prices lower, the big market players are able to buy at lower prices while the newbies panic.
Read more at:
http://www.nasdaq.com/article/cryptocurrency-bloodbath-continues-whats-next-cm906239
