BTC markets have produced sideways consolidatory price action in current days, following bitcoin’s dramatic crash from nearly $20,000 USD to test a low of about $11,000, and ensuing bounce up to the .618 retracement region. Most significant altcoin markets have bounced in concert with BTC.
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In the instant aftermath of Bitcoin’s week-extended retracement of approximately 45%, the markets produced numerous days of choppy consolidation roughly in between the $12,000 – $14,000 region. On the 26th of December, the BTC markets broke above $14,000 with strength, ramping up to test resistance at the .618% Fibonacci retracement area of roughly $16,500 when measuring the move from the all-time high to the local help region. As of this writing, bitcoin is at the moment trading at around $14,850 on Bitfinex, and $14,900 on Bitstamp, while the CBOE and CME futures markets are trading for about $14,900 and $14,800, following the BTC markets’ establishment of quick support at the .382 region of roughly $13,000.
Hunting at the weekly chart, we can see that the stochastic RSI is roughly at the 50 threshold. On the everyday chart, the stochastic RSI seems to be testing the 20 threshold.
Bitcoin Money has continued to hold correlation with BTC, making a current bounce that tested in between the .5 and the .618 retracement areas when measuring from the current higher of almost $four,100 to the neighborhood low of roughly $1,600 on Bitfinex. As of this writing, BCH is consolidating at roughly the $2500 region.
Several altcoin markets have maintained price relationship with BTC, with quite a few markets appearing to produce reduce highs following crashing from record highs and bouncing in concert with bitcoin. As of this writing, ETH is consolidating at approximately $710 right after bouncing up to $765 region, LTC is consolidating at about $245 following bouncing up the to $285 area, Dash is trading for approximately $1080 following bouncing up to $1200, XMR is trading for roughly $345 after bouncing up to approximately $410, and ZEC is trading for around $465 after testing bouncing to test resistance at $600.
Ripple has continued to make new highs and defy the correlation among most major altcoin markets and bitcoin, with XRP possessing produced gains of roughly 500% since the commence of December. On the 1st of December, XRP was trading for under $.25, just before bouncing off the $.20 region in the course of the second week of December, and then ramping up to break above the prior all-time high of about $.44 on December 13. Considering that then, Ripple has created consistent bullish action, increasing in worth by approximately 300% given that breaking its preceding all-time high. As of this writing, XRP is currently trading above $1.35 following establishing a new record higher of roughly $1.40.
Do you feel that the bitcoin markets will ramp up to retest the $20,000 location, or do you consider that we will see an additional leg down to possibly test the $10,000 value zone? Share your thoughts in the comments section under!
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Published at Fri, 29 Dec 2017 04:50:08 +0000