In what is likely to be one of the biggest corrections ever seen in the burgeoning cryptocurrency market, the total value of the nascent asset class, created with the advent of bitcoin in 2009, shed billions on Friday.
At press time, the total value of all cryptocurrencies, including bitcoin and the 1,300 others trading, is down more than 30 percent from its all-time high of $650 billion reached earlier this week. But while the markets hit a low of $418 billion today, year-over-year the markets are still up 4,000 percent, from just under $10 billion on Jan. 1, 2017.
This correction in the top 100 crypto markets are very normal, and they happen every end of year, due ti the fact that people are cashing out their profits from the last surge and the raise of the crypto markets, this means a billions go out from the crypto markets, but the new cash will come again into the crypto markets after the end of the holdiays, this will start from the middle january, don’t panic and don’t sell your holding of crypto currency .
The game is not over yet for Bitcoin .
we are likely going to touch 13k one more time before bouncing near Christmas day, Major support levels :9800$ – 10,000$ (BUY THE DIP) .
Go study market valuation in other bubbles and realize we are a long way away from the top of crypto .
This trade is very risky for short term like 1 week or 2 weeks, you will need to hold until the next year, to book profits, because i am sure that this days are just bad days for bitcoin, they are not here to stay, they will end by the midle of the first month of 2018.
If you are looking to invest in Bitcoin, it is the right time to invest now, in order to book your profit from 20 K USD, the next year .
The double Bottom Pattern is confirmed on the Ethereum chart, witch means that ethereum start a bullish movement, with the postive news that will come for the dev team of the ethereum blouckchaine, i think that is the right time to Buy Ethereum , i already see Ethereum reaching 900 USD on january .
Bitcoin’s failure has washed over into all the Alts but Litecoin has not suffered as badly as others, so far…if that’s to remain the case then support at 245 must continue to hold here during the course of today .
there will will maybe more deeper correction for Litecoin, because fail to break the raisaitance line of 295 USD, maybe we will see Ltc at 195 USD to 210 USD? but this correction is a postive point for the long term growth of the price of Litecoin, because this will confirm the tripple Bottom Pattern, that will push bears to collect more deeper and then push again the price to reach again a new all time hig price at 450 USD, this is my target to take profit, the next year .
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