Market Review. Results of the Day. Failure Swing. 01/31/2018

January 31, 2018

News review:

  • More than a million people installed Robinhood Crypto in four days. 
  • Huobi opened a headquarter in the US. 
  • Bitfinex and Tether are under close scrutiny once again thanks to Bloomberg.
  • Sberbank to provide the access to cryptocurrency trading in Switzerland.
  • SEC sues a cryptocurrency bank AriseBank.

Changes (24h):

BTC $9,972

ETH $1,099.76

XRP $1.09588

BCH $1,484


Technical analysis.

BTC has stopped at its support level of $10,000. The range from $9,800 to $10,300 is decisive at the moment. If the price breaks out from this range, then you can join the upward movement. It is reasonable to keep on holding previously opened short positions as long as the price is below $11,000.

On ETH chart, a pattern called failure swing has formed. In case of breaking down the support level of $1,000, the growing trend here would reverse. 

On the whole, ETH looks better than the rest of the market. If the market turns up, then Ethereum would be a preferrable option for opening a long position. 



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