As the third week of January, 2018 starts the cryptocurrencies market experiences yet another adjustment. The price of both major and small cryptocurrencies has fallen by a significant percentage. This is the second time! The first was on January 12, when the price of nearly every cryptocurrency in the market fell in value.
This was immediate after a threat from South Korean Justice Minister, Park Sang-ki who falsely claimed that the banning of cryptocurrency trading is at hand and the government is drafting a law. Only to find they were rumors! The South Korean government invalidated the ban, but today the crypto market suffers another blow on 15, January 2018.
However, the corrections in the market’s cycle seem to be minor negative points and no bad news around the industry so far. If you are holding a crypto, don’t rush to sell it. The South Korean crypto ban is a lie.
For the time being and as per Bollinger Bands indicator bars the quotes of the cryptocurrencies are moving near the middle border. If the expected 1.5700 level is reached then we should expect the continued growth and further development of the upward trend with the target near the 2.2850 level.
Cryptocurrency ripple is currently trading at 1.7928. Ripple’s trend generally looks optimistic as the crypto quotes being traded above the moving average with a period of 55. If you are looking to buy, then the conservative area for purchasing is near the lower border of the Bolinger bands indicator strip at the 1.0560 level.
The price still seesaws between 13200 and 15000. If the Bitcoin price is not able to break through 15,000 in a short run, then it will continue to swing between the 13200 and 15000 values. However, if the price will break 15000 resistance, it’s for sure it will test 17000 again.
The crypto market is unpredictable! After hitting $1446, a new high price of all the time, Ethereum now makes a correction. If you have bought under $1000, you better book your profits. Ethereum next support levels are $1300 and $1200.
More similar to other cryptos today, Litecoin also looks brearish. Opening a postion wouldn’t be my advice at the moment. We need a clear cut for Litecoin price to see if this is an uptrend or a downtrend. Looking to buy for a long term holding? Consider buying from $248 to $256. Take profit from $300!