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Buyer Exhaustion
BTC: Price: $3,966 | MCAP: $71 billion | 24-Hr Volume: $8.71 billion
Short-term trend: Bearish
Bitcoin created a doji candle yesterday, signaling bullish exhaustion near the key resistance of the 21-week moving average (MA), currently at $4,073. As a result, As a result, a price pullback could be in the offing in the next 24 hours. A break below $3,930 (flag support on 4-hour chart) would further strengthen the case for a pullback and expose support levels lined up at $3,890 and $3,755.
The bearish outlook, however, would be invalidated if prices find acceptance above $4,000 in the next few hours, confirming a flag breakout on the 4-hour chart. That could yield a rally toward $4,236.
Having said that, any gains above the 21-week simple moving average of $4,073 will likely be transient, though, as long as that average is sloping downwards.
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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Kin Continues To Dominate Kin: Price: $0.0000710 | MCAP: $50.7 million | 24-Hr Volume: $1.5 million
Short-term trend: Bull breakout
Sliding into the category of small-cap coins (>$50m) from the micro-cap (<$50m) category and up 45 percent over a 24-hour period, Kin continues to dominate the daily chart.
Volume has also shot up and is at its highest point since Oct. 10, 2018 as it smashed two key resistance levels, one former support, while the other was a previously known point of contention.
Long-term trend: Bullish potential
Rising above Oct. 2018 resistances has given weight to the argument for higher highs and a continuation on from its 190 percent rise over the last 8 days.
However, volume will need to sustain at current levels if indeed we are to see any new highs set for this month.
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Testing The Waters MOAC: Price: $0.6 | MCAP: $42.8 million | 24-Hr Volume: $53,336
Short-term trend: Back testing supports (bullish above)
A point of contention for MOAC bag holders as price action moves to test former resistance flipped support sending it to the bottom of the leader board in the top 100 coins by market value at CoinMarketCap.
However, despite being down more than 14 percent, MOAC has an opportunity to bounce here, cementing a more significant higher low (from that of Feb. 24's lows).
Long-term trend: Neutral-bull biased
Recent market structure has thrown into contention, the state of the primary bear trend (still desiring multi-month highs) as March stands out as the second month in a row to see a new high on previous months'.
Dropping below the aforementioned support line would negate the bullish assessment.
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The Constantinople hard fork, a planned two-part upgrade to the world's second-largest cryptocurrency, went live at the end of February, but failed to move the needle on ethereum's ether (ETH) token, as anticipated by 34 percent of total voters who participated in CoinDeskMarkets' poll.
The hard fork activation was smooth with no large fluctuations in either transaction volume or number of smart contract message calls.
The hash rate also remained largely steady post-fork, indicating that most miners on the ethereum network upgraded their computer servers to the upgraded chain.
So, there was little reason for sharp moves in ETH's price.
ETH/USD is currently trading at $140 on Bitfinex, representing little change on the day. The cryptocurrency is sidelined in the range of $125-$145 since Feb. 25. |
Bitcoin, the leading cryptocurrency by market capitalization, is seen rising to $5,000 in the near-term, a CoinDeskMarkets' poll shows.
As seen above, more than 50 percent voters are expecting the recovery rally from the December lows near $3,100 to continue, while 32 percent see prices falling back to $3,000.
The bullish sentiment would further strengthen if the cryptocurrency invalidates the most basic of all bearish technical patterns – a lower high, lower low – with a move above $4,236.
As of writing, BTC is trading near $4,000, representing a 28 percent rise on the low of $3,122 printed in December. |
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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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Bearish Tinge