The Cryptocurrencies are giving back gains in 2017, which is a healthy sign.
Therefore, both investors and traders should welcome this situation and will be willing to welcome this situation. This is a great time and both investors and traders should look upon the possible opportunities on cryptocurrencies rather than talking about the current situation about them.
let's look at the charts to find opportunities on the cryptocurrencies after the recent change.....
BTC/USD(HitBTC)
The history with traders and investors who bought sharp falls earlier is that they are being benefitted immensely now. But it will not be good to say that this condition will hold true for this recent change also. It shows that fall is not a time to panic but it is a time to get the buy list ready.
The last major correction, following the sharp rally from $650 to @2969.99 took the digital currency all the way down to the 50% Fibonacci retracement levels. It is well known to everyone what happened when Bitcoin resumed its uptrend.
The recent rally from $1752 to $4975 has retracted to the 61.8% of the Fibonacci levels. During the last downtrend, bitcoin had risen sharply breaking the downtrend during mid-July, as shown above.
This time too we can expect an up move from bitcoin as once again it has broken the downtrend and moved above the $4150 lines. However, we shall take it one step at a time.
There=for instead of panicking, traders should look for the next opportunity to buy the cryptocurrency once it confirms the bottom. Until then, omg positions should be avoided.
ETH/USD(HitBTC)
In mid-July ethereum also experienced a fall from the highs of $445.50 on June 12 to $12 in mid-July. But traders were able to rally back to $409.42 levels.
The digital currency broke out the downtrend on September 18, however it faced selling at 5% of Fibonacci retracement level of the fall from $409.42 to $200.15. As a result, it has fallen again fallen to the downtrend line.
In this position, a positional buy can be recommended only if it breaks out and sustains its level above $312. until then we remain neutral on the digital currency.
LTC/USD(HitBTC)
Litecoin has completely retracted its position from the downtrend from $40 to $93.64. It is currently taking support on the trendline as shown above.
A breakdown from the trendline will sink the digital currency to $38 levels, below which a fall to retract lows of $32.68 is likely.
Therefore, we remain neutral on litecoin until it breaks out of $60.
- BTC/USD, ETH/USD and LTC/USD market data is provided by HitBTC exchange.
That's all about the cryptocurrencies analysis thanks for your time and do follow me on @dhanesh and upvote my post.