Report: Cryptocurrencies Market Insight :: 9 March 2017

BTCUSD

Well as we wrote in the previous report — price dip before ETF decision announcement did happen and even below $1 200. You can see oval on the main price chart showing price development of the last three days. Price retracted to a third trend line, showing that fourth trend line growth speed was not sustainable. We believe that price will be more or less stable at this level until ETF news cycle breaks out. Few more days till the announcement of SEC decision, no decision will automatically approve the fund, though no ETF was ever approved this way.

New Hampshire passed the bill which is somewhat opposite of infamous New York bitlicense: http://www.gencourt.state.nh.us/bill_status/bill_status.aspx?lsr=621&sy=2017&sortoption=&txtsessionyear=2017&q=1

China news is gloomy too as OKCoin and Huobi prolonged withdrawal freeze on bitcoin. Here is OKcoin statement: https://www.okcoin.cn/t-2505918.html

And here is Huobi statement: https://www.huobi.com/p/content/notice/getNotice?id=606

Both have similar language and no specific date.

Daily chart:

ETHUSD

Ethereum is practically mirroring bitcoin and is precisely where we anticipated it to be in $16–17 range. Price did not touch MA21 (red line) for 27 days straight. It means that a by the end of the week price very likely will have an intersection with MA21 around $16. Obviously, ETF decision will spill over to ETH big time — this is a move for the whole crypto scene.

Daily 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Your email address will not be published.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 *