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Bitcoin's Struggle For Direction Continues
BTC: Price: $3,850 | MCAP: $68.81 billion | 24-Hr Volume: $8.98 billion
Short-term trend: Neutral-to-bearish
Bitcoin is trapped in the range of $3,800 to $3,900 for a ninth straight day, contradicting the quick move toward the recent high of $4,190 suggested by the long-tailed doji candle created on Feb. 27.
The inability to post strong follow-through to the bullish candle may invite selling pressures, leading to a drop to the 100-day moving average, currently at $3,670.
While a downside move now looks likely, the short-term outlook would turn bearish only below $3,658 (Feb. 27 low). A UTC close below that level would shift risk in favor of a drop to $3,300-$3,122 (December low).
On the higher side, a move above $3,950 is needed to revive the short-term bullish outlook.
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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Bitcoin Diamond Shines BCD: Price: $0.98 | MCAP: $150.6 million | 24-Hr Volume: $26.9 million
Short-term trend: Overbought
One of today's best performing crypto BCD, is up more than 25 percent over a 24-hour period despite having conceded all of its early morning gains from a violent dump that began at around 00:32 UTC.
The daily RSI is printing overbought at 72.8, a sign that a further pullback is more likely, while volume has shot up accompanying the downward move.
Long-term trend: Bearish
The failure to break the lower high trend here demonstrates a weakness on the bull front, as it has been the case since Jan 13. 2018.
Until the market structure is broken with a new high set on the weekly chart above $1.25, respect for the bear trend will go a long way.
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New High Fails To Entice Further Gains
KMD: Price: $1.03 | MCAP: $114.7 million | 24-Hr Volume: $43.9 million
Short-term trend: Neutral-Bearish
A long wick retracement for Komodo on yesterday's (March 13) candlestick demonstrates extreme selling pressure which is underscored by the Chaikin Money Flow (CMF) dropping to new lows despite a fresh 139-day high at $1.53.
Long-term trend: Bearish
A rejection here also weakens the case for greater gains in the short to mid term with another assessment needing to be made on a second retest of the $1.53 resistance level.
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WAX/USD has pulled back sharply from the 2.5-month high of $0.074 seen earlier today, as anticipated by @CoinDeskMarkets.
As of writing, the cryptocurrency ranked 80 as per market capitalization on CoinMarketCap, is currently trading just below $0.06 on Bitfinex, representing a 4 percent gain on a 24-hour basis, but a 6 percent drop on the day (compared to yesterday's close price).
The correction could be extended further, possibly to the ascending 10-day moving average (MA), currently at $0.0493, if the relative strength index (RSI) on the hourly chart violates key support at 46.50.
That said, the bullish put forward by the rounding bottom formation on the 3-day chart would be invalidated if prices find acceptance under the bullish higher low of $0.038, created on Feb. 26. |
The stablecoin tether (USDT) is no longer backed 100 percent by the US dollar.
The "reserves" backing the stablecoin now include traditional currency and cash equivalents and may also include othre assets and receivables from loans made by Tether to third parties, which may include affiliated entities.
While the exact meaning of "other assets" is not clear, speculation is gathering steam that it represents the amount of US dollar held in cryptocurrencies.
Further, investors believe that by mentioning affiliated entities, Tether has openly admitted that it sends money to cryptocurrency exchange Bitfinex, which has overlapping management and owners with Tether Ltd the company that issues stablecoin USDT. |
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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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