Market Update

Insights for the Asian Crypto trading session Wednesday 16/01/19

  • BTC/USD: Under pressure again after another failed rally

  • XRP/USD: Ripple bears eyeing crucial $0.28 support

  • ETH/USD: Constantinople upgrade delayed temporarily

  • BCH/USD: Failed upside attempt  leaves price vulnerable towards $120

  • EOS/USD: Holding support at $2.40 ahead of range lows towards $2.20

Bitcoin Technical Analysis: Deja vu

  • BTC/USD nursing losses of 3% overnight

  • Bitcoin holding range block support at $3550 by the barest of margins, at risk of further declines towards $3000


BTC/USD  Hourly chart

BTC160119.jpg

Our forecast:

BTC/USD: BTC/USD is once again experiencing deja vu and is subject to another retest of the $3500 level, where the price managed to bounce aggressively from this week to as high as $3700 before reversing. It is the only major support level left ahead of $3000 being tested, which could be very punishing this time, if bears move in for this support again. Our outlook remains unchanged whilst the price action remains range bound within this well defined range block as we await for a price breakout in either direction.

Hourly Technical Analysis Summary: Sell

Moving Averages: Strong Sell

Oscillators: Neutral

Support 1:              $3,527

Support 2:             $3,426

Resistance 1:          $3,745

Resistance 2:         $3,827