Market Update

Insights for the Asian Crypto trading session Monday 14/01/19

  • BTC/USD: Looking to test recent lows, $3k in sight

  • XRP/USD: Ripple testing critical support, bears target $0.30

  • ETH/USD: Ethereum sees no escape from selloff

  • BCH/USD: Breaks $150 support, bears eye $100

  • EOS/USD: Eyes crucial support towards $2 after breaking $2.50

Bitcoin Technical Analysis: Breakdown heading towards $3k

  • BTC/USD smashed by bears since Friday, steep falls down 12% from 4k

  • Bitcoin unable to hold key support levels, seen heading towards vital lows around $3,200

BTC/USD  Hourly chart

190114,Bitcoin.jpg

Our forecast

BTC/USD: Bitcoin has broken some key levels after breaking below $4,000 on Friday and is now at risk of breaching $3,000 as price action indicates a long term bottom is still not yet in place for the largest crypto by market cap.

BTC/USD price action has been moving within range-block formations for the past few session yet seemingly unable to hold the support zones of those structures as can be seen via the hourly chart view. The price is currently hovering just below the lower part of this mentioned structure, around $3500 at the time of writing, while a breach here could open up another large wave of selling.

Should the above support be broken, a fast fall towards the key psychological $3000 price area would likely be seen. BTC/USD was last seen trading at these depressed levels in mid-December. The danger of the bear market still looms large with the price action indicating a longer term bottom remains elusive at this stage.

 Hourly Technical Analysis Summary: Sell

Moving Averages: Strong Sell

Oscillators: Buy

 Support 1: $3,527

Support 2 . $3,489

Resistance 1: $3,572

Resistance 2:  $3,611