Dear Traders,
Strong bearish momentum is visible on Bitcoin after it made yet another bearish break below the triangle chart pattern. The downtrend is now below the round level of $10,000 and approaching the zigzag target at $8k. A bearish flag pattern could indicate a likely continuation of the downtrend towards the targets at round $5-5.5k.
Ripple is also continuing with the downtrend and has broken below the 78.6% Fibonacci support level. The next potential bouncing spot is the 88.6% Fibonacci level at around 0.5. Ethereum’s uptrend was unable to continue as the cryptocurrency is being dragged downwards with Bitcoin. If a bearish daily candle holds, then the next bouncing spot is the 61.8% Fib at 600 USD.
Check out the video for the full analysis and trade plans on 2-3 February 2018:
Good trading,
Chris Svorcik
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Very useful and good analysis.
Thank you! Happy to hear it 🙂