Cryptocurrencies Market Insight :: 16 February 2017

BTCUSD

With a lack of news from China and general resilience of the market price has been steadily keeping up with its trend (black dotted line on an hourly chart) and crawled back from under $1000. The trend is healthy and stable, though a situation with China is still unresolved, so we interpret this more like a market being calm and steady as long as there are now new policies from PBOC or Chinese exchanges.

Hourly chart:

The daily BTCUSD chart is more interesting to evaluate. There are 3 clear trend lines (1, 2, 3 and corresponding black dotted lines). Each line represents a more aggressive push forward. Recent price fall was a good way to refresh MA21 trendline (red line), and January crash was a nice way to refresh MA60 and MA100 (blue and dark red lines). This is a healthy growing trend which aims to hit ~$1200 around March pricing in ETF approval. We believe that ETF will be eventually be approved – but not likely in spring or maybe even this year. Such discrepancy with market anticipation can create a substantial downward pressure and potential reverse the uptrend. That is an additional risk to a Chinese regulatory crackdown.

Daily chart:


ETHUSD

Ethereum had a good price uptick (green arrow) due to the news about large bank joining the Ethereum project exploring enterprise solutions (http://www.coindesk.com/jp-morgan-santander-said-join-enterprise-ethereum-blockchain-group/). It is likely that price will consolidate in the corridor 12.75 -13 and push forward.

Daily chart:


ETCUSD

Ethereum classic, on the other hand, had a calm few days. The uptrend of the last few days is fragile looking at the RSI, and we expect the price to start slowly declining until the end of the week.

Daily chart:

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