Market Update

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Insights for the Asian Crypto trading session Friday  01/03/19

  • BTC/USD: View aggressively unchanged, $3,800 support critical for bulls

  • ETH/USD: Trades sideways into Constantinople hard fork

  • XRP/USD: Ripple seen holding confluence support at $0.3000 cents

  • EOS/USD: Bearish flag formation on hourly chart says SELL

  • LTC/USD:  Price action still positive for a continuation higher

ETH/USD Technical Analysis: Prime for a breakout after Constantinople hard fork

  • Ethereum successfully forked at block 7,280,000 to begin their Constantinople upgrade.

  • ETH/USD is trading for $138 and has been trending between $128-$145 for the last several sessions.

ETH/USD 4 Hourly chart

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Our Forecast:

ETH/USD: Ethereum successfully executed their Constantinople hard fork at block 7,280,000. As per the new rules, the block reward for miners has gone down from 3 ETH to 2 ETH, indicating a reduction in supply for Ethereum which could be seen as price supportive.

ETH/USD is currently trading for $138.74 at the time of writing. For the last several sessions, the price is continuously trending between $128-$145. It looks like the price is prime for a breakout as the moving average convergence/divergence (MACD) market momentum shifts into the bullish territory on the 4 hour chart with price also challenging the 100 4 hourly MA at $139. Given the range bound nature of the price action traders can either look to buy dips towards the bottom boundary of the range towards $128 with tight stops, OR look to buy the break of range resistance above $145. If this area is broken it would suggest sufficient bullish momentum has been generated for price to push back towards the $155-$170 level.

Daily Technical Analysis Summary: Buy

Moving Averages: Buy

Oscillators: Sell 

Support 1:               $136.20

Support 2:               $128.60

Resistance 1:               $142.80

Resistance 2:          $145.30







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