January is usually a bad month for cryptocurrencies... but February 2018 seems to be not so different!!!
This month has seen the overall cryptocurrency market capitalization melting like snow in the spring... BTC plunged from over $327 billion to a low of $124 billion, ETH from $134 billion to $68 billion, XRP from $141 billion to $30 billion, ... and the list goes on and on...
So many of us are wondering if this bearish move will continue or is it over?
Let see what our egoldfx algorithm is telling us.
In a matter of a week, Bitcoin price dropped from over $11,000 to a low of $6,000. As of now Bitcoin is trading around $8,100.
The egoldfx algorithm sent a drowntrend signal on 2017-12-18. As expected, Bitcoin price plunged shortly after (1). Price tried a recovery but failed when a second downtrend signal from our egoldfx algorithm popped out on 2018-01-08 (2). Since then Bitcoin price never looked back and keeps falling.
So as of now, Bitcoin is still in a downtrend unless the egoldfx meter indicates in the next few days a new uptrend signal by either having the strength line (yellow line) bouncing on the 30 level or moving up consecutively for 2 days above the 70 level.
ETHEREUM
ETH plunged from over $1,200 to less than $570 rapidely. As of now ETH/USD is trading at $825.
The egoldfx algorithm sent a drowntrend signal on 2018-01-11. As expected Ethereum price plunged shortly after (1). Price tried a recovery but failed when a second downtrend signal from our egoldfx algorithm popped out on 2018-01-30 (2). Since then Ethereum price is dropping like a stone.
So as of now, ETH/USD is still in a downtrend unless the egoldfx meter indicates in the next few days a new uptrend signal by either having the strength line (grey line) bouncing on the 30 level or moving up consecutively for 2 days above the 70 level.
Good Trading
egoldfx team