BTC: Price: $3,580 | MCAP: $63.80 billion | 24-Hr Volume: $5.91 billion
Outlook: Bullish above $3,700
Sidelined Near $3,600
Bitcoin is trading directionless for the sixth day straight. The sideways churn has poured cold water over the optimism generated by last Friday's high-volume bullish move from lows below $3,4500 to highs above $3,700. So weak has been the follow through to that bullish that prices have failed to challenge even the highs above $3,700 seen last Friday.
The immediate outlook, therefore, is neutral and $3,711 (Feb. 8 high) is the new level to beat for the bulls.
break above that level would validate the bullish outside reversal candle seen in the 3-day chart and open the doors for a sustained move above $4,000. That looks likely as the cryptocurrency's 4-hour chart is reporting a falling wedge breakout.
The bears will likely capitalize and drive prices back toward $3,400 if the breakout fails and prices move below $3,531 (wedge low). Read Analysis
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XEM: Price: $0.04450 | MCAP: $393.03 million | 24-Hr Volume: $23.3 million
Outlook: Short-term pullback
NEM Sets A Higher High
NEM has broken the lower high (LH) market structure for the first time since Dec. 24 of last year and is currently up 5.78 percent over a 24-hour period.
Having hit a previously established resistance zone around $0.04647 at 00:55 UTC early this morning, NEM has since retraced 3.1 percent, dogged by the 4-hour RSI sitting in overbought territory.
The exponential moving averages (21, 55) have crossed bullish, hinting at another push for a possible third leg up that could set scope for $0.05523 (previous local support zone).
Total volume has remained steady and has seen the largest injection over the last 5 days since Feb. 7, an indication the bulls are looking to test the resilience of the bears.
In the short-term (day), expect a pullback and consolidation at lower supports at $0.04300, courtesy of overextended indicators.
XTZ: Price: $0.43 | MCAP: $261.4 million | 24-Hr Volume: $2.6 million
Outlook: Consolidation-Higher highs
Tezos Goes For A Climb
Up 8.29 percent and trending between two key Fibonacci levels, Tezos is attempting to break the lower high structure, held since Dec. 28 on the 2-day chart.
Having crossed bullish on the stochastic on Feb. 6, the case has now been strengthened for the bulls to continue making higher highs, provided the body of the candle closes today above prior resistances marked from Jan. 23's high of $0.44.
A minor concern lay in the current candle wick, which demonstrates prices caught between the 78.6 percent and 100 percent trend-based Fibonacci extension points hinting at a consolidation period taking place on the lower time frames.
Should that breakdown, expect price action to be marred by the 21-period exponential moving average that have suppressed the price since it was first listed on the Kraken exchange back in Oct. last year.
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JP Morgan Launched Own Crypto: One of the world’s largest investment banks and financial services companies J.P. Morgan has launched its own cryptocurrency called JPM Coin. The news comes as a surprise to many given CEO Jamie Dimon is one of the most prominent bitcoin critics, at one point publicly calling it a “fraud.” Indeed it seems the tides have changed for the investment bank as JPM Coin will now be used to settle a portion of its transactions between its wholesale clients in real time. In its first iteration, the cryptocurrency will be a USD pegged stable coin but “the product and technology is currency agnostics” according to the FAQ, so it may provide cash-on-ledger solutions to other blockchains at a later date.
FULL STORY
Can SWIFT Be Improved By Blockchain?: Society of Worldwise Interbank Financial Telecommunications (SWIFT) is a system used around the world by financial institutions and banks to facilitate the payment of money transfers across borders. SWIFT is not a bank, it simply facilitates the compliance and tracking of the transfers across nations. While it has been deemed as extremely secure by its proponents there are vulnerabilities to its security, seen last year when hackers took control of a Russian-partnered SWIFT bank and moved $6 million USD to their own private accounts. Banks now have to improvise and could seek to mitigate fraudulent behaviour by implementing and utilizing some of the safeguards cryptocurrencies inherently bring.
FULL STORY
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XMR: Price: $47.16 | MCAP: $792 million | 24-Hr Volume: $58.8 million
Outlook: Consolidation-Cautiously bearish
Monero Counts Its Lucky Stars
Consolidation post-break is the most likely event to occur leading into the rest of today's trading session, given the support line along the 21-day exponential moving average (EMA).
The lesser pullback from yesterday's sell-off has all but created lower lower and increases the chances for a longer period of indecision before the awesome oscillator flips to the downside, signaling further drawdown.
Volume showed up in a big way yesterday as well, an indication that the move from the bears was legitimate but was not enough to pressure the bulls to give up their dug in positions along the aforementioned EMA.
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JPMorgan's plan to move dollars via blockchain could poses a threat to the Ripple blockchain network - a payment infrastructure which can help banks execute faster cross border transactions at low cost.
The banking giant has launched a stablecoin called JPM Coin for its clients to use in cross-border payments.
While Ripple CEO Brad Garlinghouse believes XRP will beat any bank-backed cryptocurrency, Bloomberg's Joe Weisenthal believes JPM coin - if it turns out to be good - would absolutely obliterate Ripple. |
As per the above tweet, call writing (selling) is seen at $3,750, $3,875 and $4,000 strikes. Notably, investors are selling calls expiring in February and March.
A trader sells a call options when he anticipates a flat-to-negative action in the underlying. So, it could be said that options market expects BTC to remain below $3,875 till the end of March.
A call seller receives the premium that the buyer of the call option pays and that is the maximum profit he can earn if the option expires out-of-the-money, that is, spot price remains above the option strike on the day of expiry.
Selling a call option, however, is a risky strategy, as the writer could suffer big losses if the market picks up a strong bid. For example, If BTC closes at $4,000 on March 29, then call writers at $3,750 would suffer loss equivalent of $250 (spot minus strike) multiplied by lot size and adjusted for initial premium received.
So, higher the market goes above the strike price, bigger the loss. Hence, call writers face the risk of unlimited loss and limited profit (initial premium received). |
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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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Sideways Churn Continues