Bulls' Day Out

Cryptocurrencies pick up a strong bid

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February 18, 2019 BTC: Price: $3,800 | MCAP: $66.64 billion | 24-Hr Volume: $8.30 billion Outlook: Bullish At one-month highs Bitcoin jumped to a 5.5-week high of $3,783 soon before press time - the highest level since Jan. 10 - according to Bitstamp data and could rise further toward $4,000 in the short-term, price-volume analysis indicates.  To start with, the break above $3,700 seen today looks legitimate as 24-hour trading volumes have jumped above $8 billion for the first time since Dec. 20. Further, BTC/USD longs on Bitfinex rose to 38,237 BTC earlier today – the highest level since March 30, 2018.  Meanwhile, the inverse head-and-shoulders breakout seen in the 4-hour chart indicates scope for a rally to $4,030 (target as per the measured height method). And last but not the least, the high-volume inverse head-and-shoulders breakout will likely ensure that BTC sees a UTC close above $3,760 today. That would confirm a symmetrical triangle breakout on the daily chart.  So, the odds appear stacked in favor of a rally to $4,000. The bullish view would be invalidated if prices drop below the last week's low of $3,530, although that looks unlikely.    Read Analysis ETH: Price: $144  | MCAP: $15 billion | 24-Hr Volume: $5.12 billion Outlook: Consolidation-Cautiously bullish Ether's Strong Performance Ether is today's top 10 best performing crypto up 9.41 percent over 24-hours after a strong showing by the bulls set a 39-day high of $135. However, a period of indecision has now gripped current price action and is demonstrating an unwillingness to move above or below the 23.6 percent Fibonacci retracement line as the opening trading session begins a new weekly cycle. The Chaikin money flow shows smaller peaks forming below 0 as time progresses, hinting at less selling pressure and more potential buyers entering longer-term positions. While total volume increased slightly on the previous week from Feb. 11 to Feb. 17 lacking a larger body to close out for a stronger finish thereby evoking hesitancy amongst investors as the new week begins. XMR: Price: $50.14  | MCAP: $842 million | 24-Hr Volume: $55 million Outlook: Cautiously bullish Monero Hungry For Higher Highs Monero's 3.89 percent rise over 24-hours speaks volumes to the selling pressure along the 55-period exponential moving average as it peaks out at $50. There's room for continual growth as the stochastic crosses bullish on the daily chart and is trending above 50.00 while the RSI breaks its 10-day lower high structure. Yesterday's total volume shows a slight increase on the previous days' demonstrating greater buying pressure as it made its way toward the aforementioned 55-DEMA. Jumping that hurdle will be key moving forward as it would signal a bullish trend change and a chance to reach for higher highs. Applications Of Blockchain In Energy: European energy traders recently conducted a 12-week test on a blockchain pushed by Oil giants British Petroleum and Eni. Granted research is still in its infancy but the ultimate goal is to run independent blockchain oil and gas trades alongside their live trading platforms. The test however, revealed an error in trading volume efficiently that would have otherwise cost a lot of time rectifying. In addition asset integrity and maintenance are likely to be improved by adding sensors to particular assets, able to be tracked on a blockchain platform with increased accountability and transparency. FULL STORY Banks To Drive Another Boom?: With JP Morgan entering into the crypto fray, the banking sector as a whole is beginning to have a change of heart to the once despised digital assets.  Despite JP Morgan's CEO being a vocal critic of bank issuing crypto, they join a growing list of household names within the financial sector including NASDAQ, Ameritrade the New York Stock Exchange and Fidelity to name but a few. As time unfolds and the cryptocurrency industry begins to mature, the rate of adoption spurred on by trusted financial institutions will continue to compound as brokers look to allocate a portion of their client's retirement portfolios to crypto. FULL STORY     We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets.  Create an account on StockTwits and then subscribe! Subscribe Here   ​Ethereum's ether (ETH) token is flying high, having witnessed a high-volume triangle breakout yesterday, as noted by @nebraskangooner.  As of writing, ETH/USD is trading at $146 on Bitfinex, the highest level since Jan. 10 and up 13 percent on the day. The cryptocurrency set a bullish higher-high with a move above $130 yesterday, and has found acceptance above the 50- and 100-day moving averages (MAs).  Therefore, January highs above $165 could come into play in the next few days, although the next leg higher could be preceded by a minor pullback, as the relative strength indices on both the hourly and 4-hour charts is now reporting overbought conditions.   ADA/BTC confirmed a falling wedge breakout on Feb. 8 with a close at 1113 sats. That pattern indicates the pullback from January highs has likely ended and bulls have regained control.  The bullish argument would gain further credence if ADA manages to set a bullish higher high with a move above 1172 sats (Feb. 10 high).  More importantly, with RSI reporting bullish conditions with an above 50 reading, ADA's close above 1172 sats could be followed by a rally to the inverse head-and-shoulders neckline of 1342 sats.  Put simply, the probability of ADA completing an inverse head-and-shoulders pattern would rise if and when the immediate hurdle at 1172 sats is crossed on a UTC closing basis.  Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list