Market update BTC 01/30/18
Bitcoin has been taking a beating recently, with no updates in technology, slow transactions and low buy volume just keeps dragging the digital asset's price further down. Bitcoin is getting closer and closer to the 9,471~ support area, soon to be oversold on RSI, and approaching the uptrend line, It seems like BTC is gonna break the support area for a quick test of the lower support area in the 7,618~ area. The bears are taking over the market right now overall, as the market sentiment is focused on the USDT situation. Essentially, bitfinex, said USD tether was to be audited, but now recent news has said that USD tether will not be audited. Currently, BTC is following a 4hr down trend and a daily uptrend, again, the daily uptrend is about to be tested.
Ethereum is currently correcting itself downwards to the support area at 1007, and the daily uptrend line is still in play. With a heavy sell volume today, it seems like ETH may come down to the lower uptrend line and hug it upwards. RSI is almost at oversold on the 4hr chart, and it should rebound once it goes below the oversold minimum line. We'll continue to watch, however I do believe the bottom on all cryptos is coming soon and they should all come back soon enough.
Litecoin continues to follow a daily downtrend, and the next support area would be around 136~. Litecoin has continuously tested the downtrend line only to not break it. Very little volume here and RSI is coming to oversold, I believe once it hits 136~ there should be a decent bounce upwards, if there is enough volume when it reaches there. Keep an eye on volume when it draws nearer towards the price point. If there is no volume then price will break 136 and it will come down to 97~. Which is the next support area. Currently, MACD histogram on the daily chart is not following the price movement downwards, therefore Soon enough there will be upwards price movement. The lack of volume following the price movement downwards is lacking, and once the bulls come out to play, the price will push upwards.
