Yesterday was a classic example of the pervasive levels of FUD that can be spread in the crypto markets. The Korean minister of Justice made a press release stating that all crypto trading would be banned in Korea, based on the idea that this would be protecting consumers somehow (lol). However, the plot thickened when the Korean minister of Finance weighed in a few hours later. He stated that the comments of the Justice minister were unfortunate and that the finance ministry has no intent of halting crypto trading. Clearly confusion is the order of the day.
On the back of this news, BTC took a dive early in the day. However, following the good news it rose again. From a technical analysis point of view though, the day was closed below the 50-day moving average, which is a bearish signal. What remains to be seen today, is if BTC can manage to close above the MA 50.
The RSI is still located in the mid-levels, with a slight upwards trend at the moment, based on the today’s upswing. The MacD is indicating a negative trend and that nett selling is still greater than buying. On Balance Volume remains largely flat.
In the altcoin markets things are looking better. By and large it is an up-day for most alts. Strong up-moves are being made in Ripple, EOS and Stellar Lumens.
EOS is a particular one to keep an eye on. Over a longer time frame (1-day chart) it is still in a bull market, when priced in both USD and BTC.
If you are interested in learning how to trade and invest in crypto currencies like a professional, we are hosting a full day workshop on the 3rd of Feb in Cape Town and the 24th in Johannesburg. Details of the workshop here.
I come from a background in biology and have attained a masters degree in science from the University of Stellenbosch, after which I worked for a number of years in the Biotech industry. During this time I started studying economics and realized that I could make a difference in individual lives by coupling my skills and expertise with my extroverted personality. I then decided to make the move into the investment world and have not looked back since.