Market Review. Results of the Day. Time of Opportunity! 01/16/2018

January 17, 2018

Market Review. Results of the Day. Time of Opportunity! 01/16/2018

The Euphoriameter, an indicator of the U.S. stock market, is at its height of the dotcom bubble. Volatility index VIX (or the Fear Index) is at its all-time lows. 

Before the collapse of the dotcom bubble, market participants believed that the Internet will grow super fast and the upward movement is rational. Before the collapse of the SubPrime market in 2008, they believed that the high growth rate and high prices of assets were justified.

We have been witnessing an incredible and non-stop growth of developed markets for almost 9 years. Now all the world's central banks are facing with uncontrollable asset bubbles, which are a direct consequence of the support of regulators of a common belief that "central banks will never allow markets to fall."

Before the collapse of 2008, we saw a huge number of pyramids, that quickly collapsed with the oncoming crisis. The period of crisis and accompanying crashes in the financial markets is the period of the market's self-purification from inefficient participants.

While stock markets continue to inflate bubbles, the young market of crypto assets appears to have come to a period of purification, which is also a time of opportunity.


News review:

  • Bundesbank: Bitcoin must be regulated at the international level.
  • France sets up a working group to regulate cryptocurrency.
  • South Korea is closing crypto exchanges.
  • China bans ICO.
  • CEX.IO does not allow to withdraw money.
  • $400 thousand was stolen from BlackWallet.
  • Moscow Exchange is preparing an infrastructure for launching cryptocurrency trading.
  • US sanctions also apply to cryptocurrency assets.
  • Bitcoin growth from $150 to $1,000 in 2013 was caused by bots Markus and Willy.

Changes (24h):

BTC $11,329

ETH $1,030

XRP $1.23

BCH $1,820

 

Trading activity rose today, and the biggest increase of trading volume happened in Ripple market. It is above average level. XRP is the leader of the fall at the same time. Number of BCH transaction has returned to the average amount.

 

 


Technical analysis.

ETH, XRP, BTC have almost fulfilled their goals of falling in one fell swoop.

In our review of January 14 we wrote that BTC target level was $10,000. Now we can see that the second option mentioned in this review is happening: a flag pattern.

BTC: resistance level $12,400, support level $11,200.

ETH: resistance level $1,175, support level $1,000

BCH: resistance level $2,000, support level $1,800

XRP: resistance level $1.5, support level $1.2

 

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