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Bulls Need Progress Soon
BTC: Price: $3,983 | MCAP: $71.05 billion | 24-Hr Volume: $10.44 billion
Short-term trend: Bullish
Bitcoin fell below $4,000 on Thursday, engulfing the price action seen in the preceding four days. The outlook, however, remains bullish as the cryptocurrency has bounced up from the ascending trendline connecting the Feb. 8 and Mar. 4 lows, leaving the higher lows pattern intact.
So, the cryptocurrency is still on the hunt for a breakout above the crucial three-day chart resistance of $4,040. That could be followed by a rally toward the recent high of $4,190.
The immediate outlook would turn bearish if prices find acceptance below $3,920 (previous day’s low). A bearish close, if confirmed, could yield a drop to $3,700–$3,658 (Feb. 27 low).
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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Tezos Still Up Despite Small Retreat XTZ: Price: $0.7 | MCAP: $510.8 million | 24-Hr Volume: $11.6 million
Short-term trend: Bullish above the 38.2 percent Fib
XTZ has endured a 17 percent loss after a quick sell-off from its recent 5-day, 83 percent breakout was responded in kind by the bears falling toward the 23.6 percent Fibonacci retracement level on the daily chart.
The short-term trend remains bullish above the 38.2 percent Fibonacci retracement level and short to mid-term bearish below as that would print a loss of the potential bullish market structure thanks in part to its most recent price action.
Long-term trend: Bullish
The daily RSI is at its highest point since it was first listed on the Kraken exchange back in Oct. 2018 a sign over exhaustion as the RSI currently dips below 70, however, if it does maintain a higher low then the technicals would begin to align with a longer-term bullish assessment.
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BitTorrent Token Breaks Bearish Once More BTT: Price: $0.0465 | MCAP: $131.4 million | 24-Hr Volume: $44.7 million
Short-term trend: Short-term bearish
BTT has dropped below the 200-period moving average (MA) on the hourly chart, a sign that short-term sentiment has switched bearish, considering its previous historical relationship with that line.
Volume has also dropped off as investors look to other opportunistic assets and appear to be abandoning the idea of a higher high than that of March 18th's.
It is worth noting that BTT is relatively new asset and does not have enough price history, which could be studied to gauge long-term trend.
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IOTA/BTC closed at 8070 sats yesterday, activating twin bullish cues: - An inverse head-and-shoulders bullish reversal, as mentioned in the above tweet
- A violation of the most basic of all bearish patterns - a lower high, lower low.
So far, however, the follow-through has been negative, which takes the shine off the bullish developments.
That said, markets often crowd out weak hands with a re-test of the sub-breakout level, before rallying. Hence, a bounce from the ascending (bullish) 10-day moving average, currently at 7560 sats, cannot be ruled out. |
Trading volumes in bitcoin and other cryptocurrency recently spiked to levels last seen in the second quarter of 2018, leading many to conclude that the bear market has ended.
While that makes sense, reports are doing the rounds that a huge percentage of cryptocurrency trading volume is suspicious.
At least $2 billion in volume per day is the result of wash trading, particularly on unregulated exchanges, according to @nsquaredcrypto.
A "Wash Trade" – one of the most common manipulation checks cited by regulators in enforcement actions – involves trading both sides with a single account to create misleading, artificial activity in the marketplace.
If true, interpreting the sharp rise in trading volumes witnessed in the last few weeks as sign of market bottoming out could prove costly. |
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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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Consolidation Continues