Crypto Frontline

BTCUSD

Source: tradingview.com

No positive development took place with the price of Bitcoin took place for the past week and the price action structure continues to point towards further losses. The sellers managed to break below the $3,526-$3,490 area and now it is expected to act as resistance.

However, the upside had been capped by the 1h chart 200 simple moving average and we see the price locked inside an ascending price channel. If the structure won’t fail on the downside, we could expect some short-term gains, but sellers are expected to rejoin after any spike higher.

On the other hand, a breakout below the channel will open more downside potential, with -3,200 and 3,120 – the 2018 low, following on our list.

We expect sellers to retest the 2018 lows, but the downside should be limited below it since the 200 weekly moving average had provided support in December.

ETHUSD

Source: tradingview.com

The support around $112.5 eventually failed last week and Ether continued to weaken. Buyers managed to emerge above the $98.4 and now we see the price action supported by a short-term ascending trend line.

However, that is not an indication for a trend reversal since the price action structure is still pointing for further weakness. We’ve already seen selling interest emerging around the 1h chart 200 SMA, but even above it, the upside is capped by the $112.5 level, previous support and now resistance.

We keep our bias towards the sell side and we also expect the price to resume the downside towards $98.4 or even lower towards $91.5. Looking at the larger context, the bearish parabolic structure is still intact, and it will take a strong bullish impulsive move to negate our view. As long as that won’t happen, we think Ether is under sellers’ control.

TRXUSD

Source: tradingview.com

We haven’t covered Tron since December last year, but our last analysis proved to be right and the price doubled in less than two months. Although the Tron price had been choppy since mid-January, we see it had managed to react nicely to an ascending trend line three times thus far.

The last touch of the trend line happened two days ago and the reaction from the bulls was not too impulsive, which makes us believe that a new attempt from the sell side could follow. As a result, a support area will intervene around the 2.4 cents zone, where the trend line and a previous high intersect.

How the price action will react around it will determine the direction for at least several days. We expect further weakness towards the 2.1 cents in case sellers will prevail, and a new leg up towards 2.7 cents or 3.1 cents, if buyers will defend the support zone successfully.

Briefings about ICOs

Until February 4^th, Reindeer will hold its ICO in an attempt to raise funds for a free and open case database on how to use cloud computing like AWS, Azure, GCP, and many others. The project aims to significantly improve the creators’ productivity and help everyone become a service creator.

Also, on February 4^th, a new ICO will start its pre-sale. We are talking about Orvium – a mix between the blockchain technology, artificial intelligence, decentralized storage, and big data, aimed at creating a public, traceable, and trustworthy record of the research publication process.