This holiday season has not seen much of cheer in the last 4-5 days, especially three of the biggest cryptocurrencies by market cap namely Bitcoin, Ethereum and Litecoin. One of the key common observation is a solid consolidation phase after the huge bull run they have seen this year rising by huge multipliers.
Looking at the charts of all three:
Bitcoin has seen strong support around $12000 levels bouncing back to $14000+ levels every time. This indicates that BTC is ready to witness a breakout with large buying interest. If Bitcoin continues to get support of the bulls, then crossing $17000 once again might help trigger a rally to $20000 plus levels.
Ethereum has been one of our favorites for the simple reason that it has been able to create an ecosystem around it. The price saw big rally after crossing $500-$550 levels and now after days of consolidation, ETH seems to have found a base around $600-$640 levels. The ascending hourly chart is hinting at Ethereum inching towards a new high which could take the rally to $1000 plus target.
Litecoin has been the dark horse throughout the year, jumping to record highs towards the end of the year on the back of positive news. It’s rally got limited by the controversial announcement of Charlie Lee, founder of Litecoin, in which he declared selling all of his Litecoin holdings. Though, it was done in a good spirit, the market has taken its own time to digest it. Having said that, the expansion of trading volume via new exchange listings and upcoming big events should bring back the momentum. A daily close above $300 can result in new lifetime highs for Litecoin.
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