Market Update


Insights for the Asian Crypto trading session Monday 25/02/19

  • BTC/USD: Bitcoin drops 9% in one hour after trading fresh 2019 highs

  • ETH/USD: Follows Bitcoins lead and falls 16% in one hour after setting fresh highs

  • XRP/USD: Sets double top around $0.3550 before falling to support towards $0.30

  • EOS/USD: Trades new yearly high above $4.50, then drops 20%

  • LTC/USD:  Smashed 20% lower in a few hours of trade

BTC/USD Technical Analysis: Crypto market pulls back sharply as BTC drops 11% from fresh 2019 highs

  • Bitcoin suddenly reverses gains made over the week, drops 11% from fresh highs

  • Reversal occurred over the course of one hour of trading

  • The sudden reversal affected the entire market, dragging down all assets from fresh yearly highs including ETH ( -16%), EOS(-20%), LTC(-20%), XRP(-15%)

BTC/USD Hourly chart:

BTC Hourly 250219.JPG

Our Forecast

BTC/USD: Bitcoin suffered a sudden price reversal over the course of one hour on Sunday trading leaving the cryptocurrency sitting near major support towards $3,800 after trading fresh yearly highs above $4,200. The sudden sell-off affected all major assets with the entire cryptocurrency market seeing over $10bio stripped from it within an hour. Despite surging to a new 2019 high the short term technicals have turned negative with both the hourly MACD and moving averages in negative territory. However from a daily perspective, the price action is still trading within familiar range bound territory with the wider boundaries now set between $3,400 and $4,200 with both price oscillators and MA’s averages remaining in bullish territory suggesting a buy on dips strategy whilst price remains above $3,400 support.

Hourly Technical Analysis Summary: Sell

Moving Averages: Strong Sell

Oscillators: Neutral 

Support 1:               $3,800

Support 2:               $3,670

Resistance 1:               $3,966

Resistance 2:          $4,050

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