Market trends bulletin- Insights 2.0 Vol. 23
Market Analysis:
Bitcoin is currently trading at 3583 USD (as of 21 January 2019, 13.36 IST) with the fall of 0.09% (according to Bitfinex trading charts) in last 24 hours with 52% market dominance. Total market capitalization is 119 Billion USD. 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 failed to break and close above the 3792–3839 USD resistance zone and started a downtrend. As usual, altcoins went down with Bitcoin’s downtrend. As of now, it is stuck in support zone 1 (3528–3617 USD) and there is no bullish candle uptrend confirmation so far. If any bullish candle pattern forms then uptrend can be expected else it may break support zone 1 and test support zone 2. As the support zone 1 (3528–3617 USD) is tested multiple times, there is a high probability that it will get broken because the number of buyers decreases with each retest.
Ethereum (ETH):
ETH is currently trading at 117 USD (as of 21 January 2019, 13.41 IST) with the fall of 1.5 % in the last 24 hours. Last 4h candle is closed as high volume Takuri Line candle pattern which represents bulls attempt to push the market up. If it fails to hold support zone 1 (114–118 USD) then it can test support zone 2 (97–102 USD). The trend of ETH and other altcoins partially depends on bitcoin’s trend.
Tron (TRX):
TRX is currently trading at 0.00000667 BTC (as of 21 January 2019, 13.42 IST) with the rise of 0.15 % in last 24 hours. TRX failed to break and close above resistance zone (0.00000668–0.00000678 BTC). Bearish Shooting Star represents bulls tried to push the market up but bears did heavy selling at resistance zone and dominated the session. TRX is expected start downtrend as correction which is part of the normal market lifecycle.
Stay tuned for interesting and valuable market insight nuggets next week!
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