Report: Cryptocurrencies Market Insight :: 23 February 2017

BTCUSD: Well, we can see that market effectively believes that battle with PBOC is somewhat won and all the negatives shrugged away. An excellent article about that on ZeroHedge:

At the same time Bitcoin tops $1000 for the longest stretch in history. Nine days in a row to be exact. Gemini auction is getting record high auction volumes breaking $2M mark:

EU published report where it dives into blockchain technology and acknowledges bitcoin blockchain dominance: “the focus will be on how Bitcoin’s dominance of the blockchain field could affect wider development of the technology and other applications of distributed ledgers”:

On a technical side, bitcoin had very impressive strong run and probably will need a day or two to catch a breath, before pushing the price to all-time highs. Fundamentally we believe that market ignores the fact that ~50–70% of bitcoin mining is in China where you cannot cash out Bitcoin that easily and the trend looks like it is going to become even more challenging. We cannot see that being priced in the current trend development. Thus there is a major risk factor which market chooses to ignore. Well, that’s how markets become mature — by making mistakes and learning from them.

Daily chart:

ETHUSD: After a period of limbo, a price fell a bit, recovered and started declining slowly. Price is on the course of refreshing MA250 which it did not touch for 229 periods. No significant signals are telling where the price will go, so, for now, lets cautiously observe. Hourly chart:

Leave your vote

428 points
Upvote Downvote

Total votes: 0

Upvotes: 0

Upvotes percentage: 0.000000%

Downvotes: 0

Downvotes percentage: 0.000000%

Leave a Reply

Your email address will not be published. Required fields are marked *