This is the 4th year in a row that Bitcoin crashes mid-January. So far, in the last 3 years (since 2015), by January 15th Bitcoin had bottomed. Will 2018 be the same?
This is our answer to this question: Bitcoin, as well as most other top cryptocurrencies (Ethereum, Ripple, Litecoin), is hitting major resistance. There is a fair chance that today’s drop marks a strong bottom.
However, if Bitcoin and other cryptocurrencies go lower from here, implying current support is not strong enough, there is mega-support at a lower level. And that is the good news … because the ‘bad’ news is that the lower support level sits 50% below today’s levels. For instance, Bitcoin has mega support around $6500, Ripple at $0.4, Ethereum at $400.
Bitcoin charts of the last 4 years show that Bitcoin typically crashes early January until (the latest) mid-January:
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