Just few hours after bitcoin almost reached a mind blowing $20,000 USD at the start of the week, the top of the blockchain crypto currency started to sell off with a massive plummet today.
This price action has been right across all the major cyrpto currencies bar Ripple which has been bought up wildly amongst the Asian countries. Reports are, that the buying of Ripple has been stopped by some brokers due to the high traffic and sent their websites into meltdown.
In the last 24 hrs Bitcoin is down 20% Euthereum down 22% Bcash down 26% and litecoin down 25%. Bitcoin cash had a massive pump and dump over the past few days largely due to Coinbase adding Bcash to the platform. At this time of writing Bitcoin has fallen down to $12,000 USD and had a slight bounce up to around $13,000 Could this be the bottom?
“After every sell off BitCoin triples in price”
Some traders are going frantic thinking this is the end of the Crypto currencies as we know it but looking back at price action we can clearly see this is the type of price action crypto currencies possess.
The charts below will show the past 4 rise and falls in Bitcoin.
After each substantial rise in bit coin it was sold of to 50% to 61.8% Fibonacci re-tracement.
As the charts show each time price peaked it sold off to the Fibonacci re-tracement between 50 to 61.8% level, and after it bottomed almost tripled in price each time. If this trend continues I have no reason to doubt the next peak should be at (($60,000) EDIT: $30,000) with a time frame of around March- April 2018.