In the stupendous rally Bitcoin has witnessed, an interesting point to note was Bitcoin briefly tested the 50% retracement level during the recent panic-selling (termed as the most awaited Bubble Burst by many folks on the street). This 3 day panic-selling was followed by a 1 day sharp pull-back (which is a common scenario observed in capital markets), only to see the sell-off resume once again (where 38.2% retracement level has been respected so far). Below are some important levels of the entire Bitcoin rally we have witnessed:
So the last psychological and theoretical support as per Fibonacci study comes in at approximately $ 8,500. It hasn't been a Merry Christmas 2017 for the Cryptocurrency world. However, keeping in mind the concept and importance of blockchain technology (with economic, legal and political developments yet to take place officially), it would be too soon to conclude that finally the bubble has burst.
@monikerpark, Nope, would be a buyer if it touches this mark! Also i'm slightly inclined towards Ripple (over Bitcoin). Have shared the chart on it as well.
Om_Sharma
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Hi, Now BTC is around $ 15.3 K. Do u think the uptrend will continue ? Can we expect a pull back again, If so when ?
StockMarketStudent
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@MILIND_SHARMA, Looking at the charts, I see the uptrend to continue with sequential targets of 16,300 - 17,500 & 20,000. But please note this wouldn't be a one-way rally and hiccups are expected in between (Approximately near the mentioned levels). Timeframe 2-3 months