According to the ancient pagan traditions, Svyatki is a time for fortune telling and caroling. During this period the magical spirits come to Earth and tell the truth about the unknown.
The Russian Orthodox Church has always banned fortune telling, but people used to do it in secret. Nowadays nobody takes it seriously, but rather as another opportunity to have a party and make jokes.
Epiphany concludes the two weeks of Svyatki marking the baptism of Jesus. On this day there is a big service in the Church with a consecration of water. The blessed water (Holy water) has a magic power and people drink it and sprinkle the house with it.
And the next day after Epiphany (January 20) is the last day for the New Year tree to be taken down.