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BTC: Price: $3,560 | MCAP: $63 billion | 24-Hr Volume: $6.40 billion
Outlook: Bullish above $3,700
Weekly MACD is signaling waning bearish pressures
Bitcoin's six-day-long sideways action around $3,600 has neutralized the bullish view put forward by last Friday's high-volume falling wedge breakout.
The attention, therefore, has shifted to levels above $3,700, the first being $3,700, which is the high of the bullish outside-reversal candle created in three-days to Feb. 8. Acceptance above that level would confirm a short-term bullish reversal and open the doors to $4,000.
Another key level to watch out for in the short-term is $3,735 - the neckline of the inverse head-and-shoulders pattern on the 4-hour chart. A convincing move above the neckline hurdle would open up upside toward $4,100 (target as per the measured move method).
While a move above $3,700 will confirm a short-term bearish-to-bullish trend change, a break above the 21-month exponential moving average (EMA), currently at $5,334, is needed to confirm a long-term bullish breakout.
That move could happen in the next few months as historical data shows the cryptocurrency picks up a strong bid at least a year ahead of the halving event. Bitcoin is set to undergo reward halving in May 2020.
Validating that argument is bitcoin's weekly MACD, which diverged in favor of the bulls in December. Interestingly, a similar pattern had unfolded in January 2015, when BTC bottomed out near $150.
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Sending Bitcoin's Offline: Despite the crypto winter lasting into 2019 and refusing to thaw, development and innovation in the blockchain/cryptocurrency space continues to amaze. In Jan. of this year a cryptocurrency enthusiast in an unknown location in Eastern Europe paid with bitcoin to broadcast strange messages from a satellite while in another use case a user sent bitcoin to another using shortwave radio. The user was utilizing a free protocol for the shortwave communications to do the transactions. The protocol, identified as JS8Call, connects shortwave radio to a computer.
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The Blockchain Impact On Africa: Historically, Africa as a continent has always been the last one to implement any digital innovation or technological advacement and blockchain has been no exception. However, as demand for the technology increases on the continent so too does its experimentation and exploration for further use cases. Cryptocurrency has already provided local economies and villages with a means to personal banking and finance, something that has been extremely inaccessible for certain individuals in the past usually due to corruption and deceit from their local and national governments.
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ZEC: Price: $53.50 | MCAP: $311.26 million | 24-Hr Volume: $205.7 million
Outlook: Pullback-Cautiously bearish
Zcash Catches A Breath
Zcash is currently experiencing a pullback from a peak of $57.22 on the Binance exchange and is currently down 2.65 percent over a 24-hour period, hinting at greater drawdown as the day develops as seen by the topside wick on the current candle
Total volume has been increasing steadily backing the stairstep approach from the bulls yet now has to contend with an RSI divergence and a bear cross on the daily stochastic oscillator.
Despite the falling wedge breakout, it would seem the bears still wish to maintain their presence and continue to apply selling pressure whenever the price range becomes too great.
For now, see where the drawdown could take price, as only a drop below $50 would be considered a more aggressive move on the bears front.
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The privacy-focused recently crossed key descending trendline resistance in a move that looks very similar to the one seen in 2017.
It is worth noting that the first block on Zcash was mined in late 2016 and the block rewards are set to be halved every four years. So, the cryptocurrency would undergo its first halving in late 2020.
Rallies in anticipation of mining reward halving typically begin 1-1.5 year before the halving date. So, the bull breakout has happened at the opportune time.
Further, bitcoin, the world's largest cryptocurrency by market capitalization also set to undergo reward halving in May 2020, could pick up a strong bid in the next few months, adding to the bullish tone around ZEC. |
@AriDavidPaul put out a series of tweets yesterday, explaining how cryptocurrencies, especially privacy focused ones, could help governments could push for cashless societies.
Crypto fiat (i.e. government controlled permissioned cryptocurrencies) will make tax enforcement easy, help governments crackdown on money laundering, finance for terrorism and also 'turn off' the money to political dissidents, something that could spark human rights violation debate.
Ari Paul expects to first roll out crypto fiat. After all, the world's second-largest economy is already tracking and freezing electronic money. |
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| 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. |
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MACD Diverges