- BTC/USD moves higher on supportive investor news
- Support/Resistance levels now seen at 12,995/15,885
Crypto markets are moving higher in early Asia, as supportive investor news props prices and generates favorable media headlines for the cryptocurrencies. BTC/USD started Asian trade at 15,057 and fell to lows at 14,738 before recovering and moving to highs at 15,155.
Favorable comments from Peter Thiel (an early Paypal founder) suggest that the investor has been buying Bitcoin since 2012. Given all of the recent hype surrounding the asset class, this is the type of confirmation/validation that crypto bulls have been seeking and we are seeing the impact on the price charts themselves. Support/Resistance levels now seen at 12,995/15,885 and this range will likely define most of the price action near-term.
Ripple Continues to Impress
The new year is already putting a new cryptocurrency into focus, as Ripple seems to be offering traders an opportunity to enter the space at a significantly lower price. Launched in 2012, the cryptocurrency posted 2017 gains of roughly 35,000%.
This far surpasses the 1,200% gains that were generated in Bitcoin during the year, and so it looks as though the crypto market is looking to diversify its portfolio with a broader range of assets.
Technical Outlook: GBTC
The Bitcoin Investment Trust ETF (GBTC) is trading lower at 2,255 after surging to 2,444 following the open. On the hourly charts, resistance has formed at 2,487 and this is critical to watch given the premium at which this ETF trades relative to the broader market. The 200-hour EMA is trading higher at 1,927 but it is beginning to flatten-out at these levels. Given the close proximity of the double top resistance near 2,480 it looks as though we could see a round of profit-taking as we head into the next trading session.