Market trends bulletin- Insights 2.0 Vol. 22

Market Analysis:

Bitcoin is currently trading at 3509 USDT (as of 14 January 2019, 11.58 IST) with the fall of 1.72 % in last 24 hours with 52% dominance and total market capitalization at 123 Billion USD. Bitcoin failed to break and close above 4008–4150 USDT resistance zone and started a downtrend after consolidation on smaller timeframes. As usual, altcoins went down with the bitcoin downtrend. There are no positive or negative sentiment triggers in the market. Now let’s take look at the technical analysis of Bitcoin (BTC), Ethereum (ETH) and Tron (TRX).

Bitcoin (BTC):

BTC broke Fibonacci 61% retracement support level with high volume Bearish Marubozu candle pattern which represents bears strength in the market. It is expected to continue downtrend and retest horizontal support zone (3156-3276 USDT).

Ethereum (ETH):

ETH is currently trading at 116 USDT (as of 14 January 2019, 12.11 IST) with the fall of 5.34% in last 24 hours. The daily candle is closed as high volume Bearish Marubozu candle pattern which represents bears strength in the market. If it fails to hold horizontal support zone 1 (102–114 USDT) then it can retest support zone 2 (81–85 USDT). The trend of ETH and other altcoins partially depends on bitcoin trend.

Tron (TRX):

TRX is currently trading at 0.00000676 BTC (as of 14 January 2019, 17.13 IST) with the rise of 7.56 % in last 24 hours. The daily candle is closed as high volume Bearish Marubozu candle pattern which represents bears strength in the market but bullish candle patterns on the 1hr timeframe on support level triggered today’s uptrend.

As per the 1H timeframe analysis, TRX failed to break and close above resistance zone (0.00000679–0.00000694 BTC) with Bearish Shooting Star candle pattern. TRX is expected to start a downtrend as a correction, which is a part of the normal market lifecycle.

Stay tuned for interesting and valuable market insight nuggets next week!

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