Report: Cryptocurrencies Market Insight :: 1st March 2017

BTCUSD: Quick round up is that Bitcoin is at an all-time high on all major exchanges, hit £1000, Coinbase hit 6mln users. As we wrote 2 weeks ago the price was on a path to hit $1200 in March, which it did. The market is obviously euphoric and ETF in anticipated as a done deal. Again we think this is far from being a done deal and disapproval will hit the market hard. So we would recommend withholding opening long positions until results from SEC are announced. Price technically-wise is in a good place, all the Moving Averages have been recently touched, which opens a potential for further growth. RSI (bottom chart) shows no signs of reversing the uptrend, there is a slight hint of temporary price correction with reverse high points compared to price. Our guess is the market is going to be ultra-bullish until it is going to be hit by a train if SEC disapproves the fund.

Daily chart:

ETHUSD: The slogan of the last week is “To infinity and beyond.” Price went up about 250% since begging of the year. This is second highest run price had before DAO collapse. Big names joining the Alliance are deffinently what Ethereum wanted and is very welcome by the market. Now there is a gap between announcing names and getting stuff done, apparently market does not see it as a large gap. Technically price should correct to touch MA21 (red line) in a weeks time. That is $15+ range.

Daily chart:

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