The Pullback Is Over for Cryptocurrencies. Back to the Bull Market

Last week, cryptocurrencies went through a difficult time, probably the toughest time in their life. During last week, particularly on Wednesday and on Thursday we saw the biggest pullback that these new digital currencies went through.

Bitcoin lost more than 2/5^th of its value while Ethereum lost half its value. That was a tough time for bulls, and the crypto market has been a bullish market since the beginning.

Last week though, it looked like the entire crypto market was going to turn bearish after such a massive retracement.

But we’re back up now and Ethereum is about $100 higher now, while Bitcoin is $1,000 higher. Yes, volatility is immense, so keep your leverage at affordable levels guys.

Bitcoin is trying to take out the 50 SMA (yellow). 

We did highlight the bottom in both Bitcoin and Ethereum last Friday, so if you took that advice, you should have made a fortune by now.

So wrapping it up, the retrace/correction lower which was long overdue is over now, and we’re back in a bullish market. So, I’m looking to buy cryptocurrneices today.  

ABOUT THE AUTHOR See More

Skerdian Meta

Lead Analyst

Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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