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Cryptos in downfall!

Tuesday, January 16, 2018 8:00 AM GMT

Sources report that Chinese financial authorities intend to prevent domestic access to cryptocurrency trading platforms that allow centralized trading, within China and beyond. This news caused an intense selling pressure to all the major cryptocurrencies. BTCUSD and LTCUSD were already in a corrective phase, however, ETHUSD lost its hot momentum and pulled back too.

Bitcoin

It is moving below 200 SMA, which proves the bearish outlook. It is approaching a major support at 61.8% Fibonacci retracement level. BTCUSD will negate the negative bias if the price moves above $14060.

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Litecoin

LTCUSD was ranging around $275 to $216 for few days. However, it has violated this consolidation to the downside today. It is currently testing the major support at 61.8% Fibonacci retracement level. Bulls must hold this level. Otherwise, sellers will be even more aggressive. LTCUSD will negate the negative bias if the price moves above $228.

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Ethereum

It was trying to perform a new breakout towards new highs. However, it failed and it is activating a potential double top pattern by violating $1070 level. It has to close below this level in order to activate the pattern. If so, then it gives a measured target of $300 to the downside. If the neckline holds then it may test the double top once again.

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Always review your own analysis, if there is a confluence between this and your own strategy, then you may have even better trading setups.

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