Cryptocurrencies flat following the recent rebound

• Cryptos trading flat, down softly following rectracement from devastating January.

The crypto market has settled down for now, with Bitcoin slightly down to 7,800 in the overnight session. 

Cryptocurrencies have had a bad run lately, with Bitcoin still downover 60% from the 19,891.00 high reached in December. The rest of the crypto markets followed suit, taking off over half their market caps in what several off-beat news outlets have since dubbed 'Black January'. Crypto prices have since stabilized and experienced a much-needed rebound, but upwards velocity has definitely developed a kink in it, with cryptos drifting lower in between short, frantic buy-up sessions.

The crypto world continues to grow more complicated, with Venezula's Petro and Russia's planned Cryptoruble. These government-backed cryptocurrencies promise headaches for potential buyers, as their creation is entirely wrapped up in attemps to circumvent US sanctions on their respective countries. As the crypto field continues to populate, and shady, off-market exchange programs and companies continue to sprout up, the likelyhood of the CFTC and other national securities regulators increases substantially. Petro and Cryptoruble, for example, are all but outlawed for any US resident or citizen; the future looks messy for cryptos going forward.

Crypto Technicals

Bitcoin's Hourly chart is currently drawing in an upward trendline with swing support priced in at 7,780, and a secondary swing support level at the 50% Fibo retracement, at 7,240. Daily charts have Ichimoku support between 7,400 and 6,900, while price is days away from trading beneath a bearish kumo cloud.