BTHSUD, ETHUSD – Technical Price Analysis of February 7th, 2018

The storm has passed and the damage was done. Yet, the market is here to stand and wins are making crypto enthusiasts cheer again.

In my humble time analysing the market, I’ve come to the conclusion that crypto is nothing short of a religion. Not to blaspheme nor to offend, but in crypto, you’re either all-in or all-out.

So, if you’re engaged, it’s nearly impossible for you to even see that the journey might come to an end. Likewise, on the opposite end of the spectrum, many people out there still call the mysterious crypto-world a big bubble. One that is bursting sooner or later.

In the midst of the debate, every day brings a new challenge for those coins thriving outside of regulatory hammers. Let’s observe today’s market

Top Winners & Losers, 24-hr Volume, and Market Capitalization

The market is clearly showing recovery after a devastating week of losses and corrections. Total Market Cap stands at $391.1 Billion, losing nearly 10% of its value last month. However, the Total 24-hr Volume stands high at a huge $30.2 Billion.

Here are our top winners:

soaring high
Source: Coinmarketcap

No cryptocurrency is in the red as of press time – a rare occurrence that shows the extent of the latest price correction. I’m personally glad we’re past the storm and ready to invest!

24-hr Volume

top 5 24-hr vol
Source: Coinmarketcap

In terms of 24-hr volume, Bitcoin continues to lead the market with an amazing $11.6 Billion. Ether comes second with nearly $5 Billion. The growing crypto, EOS, is again in the Top 5 with an astonishing $1 Billion.

Top 5 by Market Cap

top 5 market cap
Source: Coinmarketcap

No big updates in the Top 5 by market capitalization. BTC dominance is at 35.7%. Litecoin is back to the 6th spot.

Technical Price Analysis

BTC/USD

BTCUSD
BTC/USD Price Chart as of Feb 7, 2018. Tradingview

Buyers are slowly re-entering the market as the Senate hearings put the general sentiment at ease. The general sell-off is nothing more than a typical overreaction, and now is the time to watch carefully for the follow through as the market firms up. Scenarios to watch for are likely the shallow pullback (often a couple of very small range candles), the higher low, and the double bottom (retest of 6K). The latter makes more sense to me.

Many traditional finance analysts think that the “bubble” has just ruptured and is in the midst of complete implosion. They have been saying that for the last couple of years, so…

ETH/USD

ETHUSD
ETH/USD Price Chart as of Feb 7, 2018. Tradingview

ETH/USD is drawing a rebound pattern in the support zone (20 days EMA back to neutral, 61.8% Fibonacci, 500.0-600.0 zone for 200 EMA ) and moving upwards.

Support level for re-entering would be at the $700 mark. A trend reversal scenario is highly likely, and depending on how prices evolve overnight, there will be either a Bullish run or an equally possible revisit to the lows.

About Mehdi Mezni 37 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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