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$4,040 is the level to beat for the bulls
BTC: Price: $3,966 | MCAP: $71 billion | 24-Hr Volume: $8.71 billion
Short-term trend: Bullish above $4,040
Bitcoin's ascent from the lows near $3,650 seen on Feb. 27 seems to have come to halt near $4,000 in the last 72 hours.
Notably, the leading cryptocurrency by market value is trapped in the range of 3,920-$4,020 for the fourth consecutive day, having created a bullish outside-reversal or "engulfing" candle in the three days to March 16.
That candlestick pattern occurs when the period begins with pessimism but ends on an optimistic note, engulfing the preceding period’s price action. While it is widely considered a bullish signal, traders usually wait for confirmation in the form of strong follow through, preferably a convincing move above the high of the engulfing candle.
Put simply, a convincing break above $4,040 – the high of the candle – is needed to validate the indicator. That would further reinforce the short-term bullish outlook put forward by the long-tailed doji candle created on Feb. 27 and allow a re-test of the recent highs near $4,200.
The prospects of a bull breakout above $4,040 would weaken if the cryptocurrency drops below the key support of $3,927 seen in the 4-hour chart.
Long-term trend: Neutral
The long-term outlook will remain neutral as long as prices are trapped between the 200-week simple moving average (SMA) support and the 200-week exponential moving average (EMA), currently at $3,404 and $4,106, respectively. A weekly close (Sunday, UTC) above the 200-week EMA would confirm a bearish-to-bullish trend change.
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Huobi Token Flying High HT: Price: $2.33 | MCAP: $119.5 million | 24-Hr Volume: $90.7 million
Short-term trend: Pullback
HT's amazing 130 percent gain over the last 37 days continues to soar since breaking a key resistance level on Feb. 11. and pulling away from a previous resistance flipped support.
Overbought conditions on the RSI and a question remaining on today's total volume means that HT will likely experience a pullback from its recent 8.66 percent spike.
Long-term trend: Bullish
HT's performance could be linked to an increase in trader activity and a pickup in demand for HT overall as the centralized exchange based asset is used to reduce trading fees on the Huobi exchange. The long-term prospects look brighter if the demand for crypto assets increases overtime invariably impacting its price in a positive way as they become rarer during busier trading periods.
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Enjin Coin Brief Retreat ENJ: Price: $0.19 | MCAP: $138.9 million | 24-Hr Volume: $52.9 million
Short-term trend: Pullback
Generally speaking, the 161.8 percent Fibonacci level is a well defined area for traders to take profit and exit their positions early, especially since the breakdown from Feb. 25's to March 8's exaggerated bearish divergence confirmed no further gains beyond $0.21.
What the price decides to do here will likely dictate the rest of the weeks' performance as a drop below the area marked red could entice the bears to increase their momentum.
Long-term trend: Bullish potential
ENJ's fundamentals are quite sound on paper and early demonstrations of its Ethereum-based ERC-1155 in-game ecosystems have been favorable.
However, despite the bullish news in early March, ENJ has a long way to go in order to cement its reputation as a project that can deliver but as long as steady announcements and upgrades keep coming, its price could continue to rise.
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Binance coin (BNB/BTC) is beginning to feel the pull of gravity, having completed a classic 5-wave uptrend structure near 40,000 sats over the last couple of days, as predicted by @ouimow.
The Elliott Wave comprises of five waves moving in the direction of the main trend, followed by three waves in a correction (totaling a 5-3 move).
Put simply, a deeper pullback, possibly to levels blow the immediate support of 34000 sats could unfold over the next few days. Validating that view is the bearish divergence of the 14-day relative strength index (RSI). |
Tezos (XTZ) is currently trading at $0.59 - the highest level since Dec. 24 - representing a 20 percent gain on a 24-hour basis.
The bearish-to-bullish trend change signaled by the symmetrical triangle breakout, confirmed earlier this month, is boding well for the cryptocurrency ranked 22 as per market capitalization.
More importantly, the bullish move seen in the last 24 hours looks to have legs as it is backed by a 54 percent rise in trading volumes, according to CoinMarketCap.
The cryptocurrency, therefore, could scale the key resistance at $0.60 (Dec. 24 high). That would only bolster the already bullish technical setup and yield a rally towards $1.00.
That said, a break above $0.60 may happen after a price pullback or could be followed by a temporary correction, as the 14-day relative strength index (RSI) is now reporting overbought conditions. |
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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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Awaiting Breakout