Market trends bulletin- Insights 2.0 Vol. 25
Market Analysis:
Bitcoin (BTC) is currently trading at 3465 USDT (as of 4 February 2019, 13.56 IST) with a rise of 0.22% in the last 24 hours with 53% market dominance. Total market capitalization is 113 Billion USD. There are no major positive or negative sentiment triggers in the market. Now let’s have look at the technical analysis of BTC, ETH and XRP.
Bitcoin (BTC):
BTC has formed a bullish Falling Wedge pattern and a breakout is expected soon. As of now, it is stuck between the yellow downtrend line and horizontal support 1 (3380–3430 USDT). The 12h candle closed as bearish High Wave candle pattern which represents indecision in the market. As per the smaller timeframes, swing lows are making higher lows which represent that market is in the control of bulls. If any bullish candle pattern forms within support zone then uptrend can be expected, else it may break support zone 1 (3380–3430 USDT) and test support zone 2 (3156–3249 USDT).
Ethereum (ETH):
ETH is currently trading at 107.28 USDT (as of 4 February 2019, 11.46 IST) with a fall of 0.07% in the last 24 hours. It tested support zone 1 (102–106 USDT) and closed above the upper limit of the support zone. The 12h candle closed in a Hammer pattern which represents that the bears were doing heavy selling but suddenly the bulls entered in the market and resisted further selling pressure at support zone 1(102–106 USDT). If it fails to hold support zone 1 (102–106 USDT) then it can test support zone 2 (93–95 USDT). The trend of ETH partially depends on bitcoin’s trend.
XRP (XRP):
XRP is currently trading at 0.00008715 BTC (as of 4 February 2019, 13.48 IST) with a fall of 0.22% in the last 24 hours. XRP has entered the support zone 1 (0.00008550–0.00008714 BTC). The 12h candle closed as Bearish Marubozu which represents heavy selling pressure. If bullish candle pattern is formed in support zone 1 (0.00008550–0.00008714 BTC) then uptrend can be expected. If it fails to hold support zone 1 (0.00008550–0.00008714 BTC) then it can test support zone 2 (0.00008227–0.00008283 BTC). The trend of XRP partially depends on bitcoin’s trend.
Stay tuned for interesting and valuable market insight nuggets next week!
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