Technical Views on Cryptocurrencies-4 February 2019

Exhibit 1: Daily Chart of Bitcoin

Bitcoin (CMP: $3458)

Exhibit 1 clearly shows a symmetrical triangle break out formation in the daily chart of Bitcoin. In the current context, this is a bearish continuation pattern and a minimum possible target is established well below $3000 levels. However, the December low of $3200 region is expected to provide some sort of support as some trapped bear could cover their short position there. Overall, no significant change in trend is visible for Bitcoin in near future & primary downtrend is likely to continue.

Exhibit 2: Daily Chart of Ethereum

Ether (CMP: $108.8)

The downward sloping trend-line & its return line form what is known as a declining channel, which neatly contains the entire movement of Ether since September 2018. It goes without saying that prices are displaying series of lower tops that classically defines a primary downtrend.

The last lower top on daily chart is at $160 mark and only upon violation of this level the series of lower tops will terminate.

Exhibit 3: Daily Chart of EOS

EOS (CMP: $2.4)

EOS is currently trying to cope up with its November drop, but chances of any immediate reversal of (down)trend are slim. Fibonacci retracement levels drawn across November top & December low show significant resistance levels at $2.69 and $3.2 levels. The intermediate downtrend can be reversed only above these levels.