Technical Analysis: Current State of the Market. January 12, 2018
January 12, 2018
Cryptocurrency market is calm this morning.
Main cryptocurrencies fell by 5-8% yesterday. Trading volumes were above average.
BTC is continuing its slow slide towards the support level of its large range. The level of $14,000 is interesting for buying. The closest goal in case of its growth is a maximum of a range of $16,000.
BCH is currently in the middle of its flat and does not present any interest for trade due to a volatility inside of it and because it doesn't "move nice".
After the correction, the growth of ETH is forming a continuation pattern. The range is $1,160 to $1,240. In case of a fall below this range the target is $1,050. In case of a break above $1,240, it is possible that the growing trend will continue with the goal of $1,500.
Position of XRP is somewhat similar to ETH, but with the opposite direction. The most likely scenario is a reversal of a short-term falling trend with a target of $2.4.