Report: Cryptocurrencies Market Insight :: 6 March 2017

BTCUSD: Bitcoin is setting the fourth trendline unless price stabilizes around $1 275. With ongoing bullishness the price correction eminent. The price had not touched MA21 in 25 days, what means that withing 7 days it is very likely to do so. Price peaks are in reverse with RSI peaks (chart below). ETF decision is only a week away. Putting this factors together there are likely two scenarios, temporary price dip/correction to $1 200 in a couple of days, and in case ETF is approved — price shoots to the moon, and it is hard to predict what will happen then. ETF is not approved, and the price tumbles heavily correcting itself to around $1 000 or even below. We are likely to see a volatile week anyway. Brace yourselves.

The premium at local bitcoins as of right now is more than $200 which might signalize the influx of retail investors into bitcoin who also want to catch ETF hype train:,localbtc&range=6M

Daily chart:

ETHUSD: After shooting to new highs, ethereum is finding its new balance at sub $20 price level. MA21 has not been touched in 24 days, which means that is very likely that price will dip to its levels around $16–17 in the next week. At the same time RSI peaks are also increasing one after another, what is a healthy sign of growth. Daily chart:

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