BTCUSD, ETHUSD – Technical Price Analysis of January 30, 2018

candle chart

Cryptocurrencies are closely approaching the end of the first month in 2018 with substantial setbacks. Amidst fear and market uncertainty, sensations seem to point towards a bearish market overall, with a few exceptions. Let’s start with today’s highlights.

Today’sWinners & Losers, 24th Volume, and Market Capitalization

Looking at the market’s movements, it’s fair to say that most cryptocurrencies are struggling through a severe setback. Total Market Cap stands at US$527 Billion, and the Total 24-hr Volume at US$20 Billion.

Soaring High! 


Revain, Ignis, Gas, Sirin Labs, and DigixDAO have been the biggest winners so far. Little to no high-profile coins made the winner’s list today. It’s a hot chocolate and #HODL day, needless to say!

Going Down! 

Many cryptocurrencies are seeing severe price setbacks, and today more fuel was added to the fire. Blame it on regulators, or the latest ICO/exchange hacks. All the Top 10 cryptos, including ETH, BTC, LTC, and ADA, are losing today.

TOP#5 in terms of 24th Volume

In terms of 24-hr volume, Bitcoin continues to lead the market with US$7 Billion, down from over US $8 Billion on average last week. Ether comes second with US$3.2 Billion against yesterday’s US$4.1 Billion. Note the presence of NEO in the Top 5, closely followed by EOS.

And … TOP#5 in terms of Marketcap


No big updates in the Top 5 coins by market capitalization. BTC dominance is still around 33.5%. NEO is now #6 with eyes on the Top 5, and LTC is still diving deep – hopefully not into oblivion – and losing hard-fought ground.  I used to cherish the silver to bitcoin’s gold, so I chose to #BTFD!

Technical price analysis

BTCUSD Price chart, Jan. 30, 2018. Tradingview

A descending triangle pattern is taking shape that would most likely close around US$ 9,000. Once below such level, it’s possible to sense greater selling pressure by the bears with panic selling taking the lead and engendering a price punishment. It’s likely to see BTC/USD trading at US$ 8,000 if this happens. Scary indeed, but remember that in the crypto roller-coaster, patience is money.

Also important to keep in mind is that if Bitcoin breaks out of the US$ 12,000 levels, defying the odds, it will invalidate a bearish pattern, and that is a bullish sign.

ETHUSD Price chart, Jan. 30, 2018. Tradingview

Currently trading at around US$ 1,122, after a one-day high of US$ 1,265, which is close to 78.6 percent of the Fibonacci retracement levels.

An educated guess? The ETH/USD pair will plummet below the US$ 1,120 support. This is greatly needed for steam to build before attempting to break the new resistance taking shape at around US$ 1,200.

I’m setting a stop loss at US$ 1,000 because the bills ain’t going to pay themselves! That being said, I will certainly #BTFD soon.

About Mehdi Mezni 36 Articles
Fulbright Alumni, top-tier US education alma matter, coming for an Oil & Energy background, with +5Y of experience in Engineering, construction and B2B sales companies. Blockchain, cryptocurrencies, and ICO enthusiast.

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