Market Review. Results of the Day. ETH/BTC. 01/24/18
January 24, 2018
BTC is trading below $12,000. Its volatility has reduced, so has the trading volume. It seems that BTC most likely will continue to move in a medium-term falling trend.
BTC support level is $10,000, resistance level is $12,000.
XRP support level is $1.20, resistance level is $1.40.
Volatility in ETH/BTC pair became minimal. Price range is very narrow for 9 days in a row. It indicates that prices in this pair are maximally correlated to fiat. Both ETH and BTC rise and fall simultaneously with the US dollar. When the market is in panic, single ideas do not work and all risky assets fall in sync.
This situation favors ETH. A continuation pattern in forming on ETH/BTC chart. If ETH price breaks out from 10-day range, then a growth is possible and its potential is up to 25%.