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:
23.6 % Level : $ 15,400 - 15,500
38.2 % Level : $ 12,800 - 12,900
50.0 % Level : $ 10,700 - 10,800
61.8 % Level : $ 8,550 - 8,650
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.
23.6 % Level : $ 15,400 - 15,500
38.2 % Level : $ 12,800 - 12,900
50.0 % Level : $ 10,700 - 10,800
61.8 % Level : $ 8,550 - 8,650
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.