BTCUSD, ETHUSD – Technical Price Analysis of February 1st, 2018

It’s been another rough day for cryptocurrencies, one driving by FUD and shaken by regulations. Brace yourselves / BTFD is the way to go in the midst of the storm. Let’s get some context first.

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

The market is still following a downtrend driven by FUD. Total Market Cap stands at $477 Billion, $30 Billion down compared to yesterday. The Total 24-hr Volume stands at $24.7 Billion.

Soaring High!

Top 5
coinmarketcap – Feb 1, 2018

DigixDAO, Pillar, Steem, Aeternity, and Maker have been the biggest winners so far. Little to no high-profile coins made the winner’s list today. It’s more of a buying day for the brave traders.

Going Down!

crypto
coinmarketcap – Feb 1, 2018

Many cryptocurrencies are failing to realize the trading volumes needed to spark a trend reversal. Among the high-profile coins, only ETH has been fairly stable.

24-hr Volume

In terms of 24-hr volume, bitcoin continues to lead the market with $8.4 Billion, down from yesterday’s $10 Billion USD.  Ether comes second with a stable $4.3 Billion USD. The growing crypto EOS is again in the Top 5 with $834 Million.

Top 5 by Market Cap

No big updates in the Top 5 by market capitalization. BTC dominance is down to 33.4%.  EOS is one of the biggest winners, now ranked #8, and close to Litecoin’s #7 spot.

A Technical Analysis

BTC/USD

BTCUSD
BTCUSD Price Chart for Feb 1, 2018- Tradingview

I predicted a bearish scenario on bitcoin that would push prices below $10,000 and probably down to at least the next support level of $9,000.

If the price turns and breaks below the lows of today’s structure, it will be a bearish sign and certainly initiate a rapid fall to the next support below $9,000.

I think that the bears will continue to claw the sellers and that major announcements are needed to reverse the slope.

ETH/USD

ethusd
ETH/USD Price Chart for Feb 1, 2018 – Tradingview

The ETH/USD pair looks like it has been testing higher lows, which is a clear bullish sign.

This shows that the bulls are eager to buy on dips, so they don’t let prices fall, but the up move is facing profit booking at higher levels. If the prices don’t fall below the $1000, I predict a greater uptrend tomorrow. On the other hand, if prices fall below 900$, bears will take over and we might see ETH at $700 again.

It is worth noting that the 20-day EMA has turned flat, which points to a consolidation in the short-term. The 50-day SMA continues to rise indicating that the uptrend continuation is still taking effect.

It’s fair to speculate that Ether might revisit record highs very soon, not before its testing lower limits.

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Mehdi Mezni

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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