Historically, January has always been a weak month for Bitcoin and 2018 is no exception. Some believe that this is due to Chinese investors converting their Bitcoins to fiat currency in order to buy gifts and presents to celebrate the Chinese Lunar New Year, which falls in February. After all, the Chinese market is one of the major players in the crypto world.
However, the same behaviour does not hold true for stocks, because rating hashflare promo codes markets have been among the top performers. The equity markets are outperforming the crypto markets, at least in the first month of the year.
With only a couple of days more left in January, it remains to be seen if the fortunes of the large cryptocurrencies take a turn in February.
We are holding long positions in Ethereum from $1,000 levels. We had recommended booking partial profits at $1,170 levels, in our previous analysis.
Yesterday, January 28, the Ethereum rallied to an intraday high of $1,265, which is close to 78.6 percent retracement levels of the recent fall from $1,424.3 to $770.
Traders can keep a stop loss of $1,000 on the remaining position because if the ETH/USD pair stays above $1,160, it is likely to again attempt a breakout above $1,284.28 levels.
If the $1,000 level breaks, promo code ETHEREUM is likely to slide to the trendline.
In the very short-term, we find another descending triangle pattern as shown in the chart. The pattern will complete on a breakdown and close below $9,920 levels.
Below this level, we are likely to see further selling pressure by the bears and some long liquidation from the aggressive bulls who have accumulated close to the $10,000 to $12,000 levels expecting a spike up.
Panic selling can drag the BTC/USD pair to $8,000 and potentially even further down to $6,000 levels
https://www.facebook.com/hashflarepromo/. These lower levels look scary, but please note, we are not trying to instill fear among traders. We are just giving the possible lower levels developing according to the chart patterns.
It is important to keep in mind that if Bitcoin breaks out of the $12,000 levels, it will invalidate a bearish pattern; and that is a bullish sign.
Therefore, our recommendation is a likely long position at $12250, with a stop loss of $9,900 and a target objective of $14,000. Within the range of $9,900 and $12,200, we don’t find any buy setups
