Danger ranger ☠️

In the last 24 hours, we saw some price recovery following Sunday's sell off. Total market capitalization saw a steep climb from ~USD 118.8 billion to ~USD 123.7 billion early on in the day, and most coins are seeing gains in the ~4-10% range. Notable movers of the day include Ethereum (ETH), Tron (TRX) and Augur (REP), each up ~9.3%~10.2% and ~32.6% respectively. ?

BTC is trading at ~USD 3,710, up ~3.8% from yesterday. At first glance, this gain looks nice and all, but don't let it fool ya. We are very much still in choppy waters. BTC continues to trade below its 50-day EMA line on the weekly chart, after being rejected by it during last week's run up. Additionally, BTC is trading below its 21-day EMA line on the daily chart after failing to break to the upside of its inverted head and shoulders pattern it was trading within since end Nov 2018. ?‍♂️

On a side not, a possible explanation for ETH's run up is because of the impending Constantinople hard fork, set to occur on Jan 16. The fork will bring about a reduction in the mining reward per block (from 3 ETH to 2 ETH), aka "Thirdening", among other changes to the ETH protocol. This update essentially reduces the inflation rate of ETH, meaning ETH becomes more scarce. ?

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Danger ranger ☠️

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