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Chipping away at key resistance at $4,040
BTC: Price: $4,038 | MCAP: $72 billion | 24-Hr Volume: $9.97 billion
Short-term trend: Bullish above $4,040
Bitcoin's struggle to cross the resistance at $4,040 (Bitstamp prices) - the high of the bullish outside reversal candle created in three days to March 16 - continues for fifth straight day.
The probability of the breakout, however, remains high, as the path of least resistance is on the higher side, according to the higher lows and ascending 5- and 10-candle moving averages (MAs) on the daily chart.
Supporting the bullish case is the triangle breakout on the 4-hour chart and several weekly chart indicators flashing early signs of bearish-to-bullish trend change.
However, any gains above the long-term falling channel, currently at $4,070 as per the weekly line chart, could be short-lived, as the 21-week moving average, which served as a strong resistance last year, is still trending south.
That said, the cryptocurrency could repeat history with a sustainable channel breakout later this year, similar to the one seen in October 2015.
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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The Raven Doesn't Fly It Soars RVN: Price: $0.0465 | MCAP: $131.4 million | 24-Hr Volume: $44.7 million
Short-term trend: Pullback
RavenCoin is on a tear after jumping 18 percent on yesterday's candle and pushing the price beyond an established support turned resistance like a hot knife through butter.
However, overbought conditions and a lower high on the daily RSI is presenting a bearish divergence, a sign that a pullback and sell-off is likely for the short-term but remains bullish if it can hold most of its ground.
Long-term trend: Bullish potential
This marks the 4th green candle in a week for RVN and is providing hope for loyal bag holders but is doing so on the back of decreasing volume, a sign that bullish retail investors are losing the war of attrition.
However, considering how much ground has been gained in the last month, there is validity in the fact that it needs a larger than normal drop in order to disrupt the bull's momentum that has been slowly building since Feb 26.
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REPO Finding Support At A Crucial Time HT: Price: $0.61 | MCAP: $119.5 million | 24-Hr Volume: $90.7 million
Short-term trend: Corrective bounce
Travelling within a 73-day channel after breaking bullish on Dec. 22, 2018, REPO is attempting a recovery bounce from yesterday's 20 percent dump.
The 100-period moving average (MA) shows relative trend line channel support while local supports stand at around $0.52-$0.53.
Long-term trend: Neutral-bullish
Long-term potential for REPO provided it doesn't break down out of the channel range. Average volume could be enough to sustain current price levels for a while as can be seen since first breaking into the upper echelons on Jan 4.
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Tezos continues to rise as expected, having witnessed a symmetrical triangle breakout or a bearish-to-bullish trend change on the three-day chart earlier this month.
XTZ/USD clocked a fresh three-month high of $0.7466 earlier today on Bitfinex and is currently trading at $0.7119, representing 20 and 44 percent gains on a 24-hour and weekly basis, respectively.
The 14-day relative strength index (RSI) is now reporting extreme overbought conditions. So far, however, there are no signs of bullish exhaustion on the daily chart. It is worth noting that the overbought/oversold indicators can stay overbought longer that sellers' can stay short in strong trending market like that of Tezos.
So, traders should take note of the overbought readings on the RSI only after signs of bullish exhaustion like candles with long upper shadow, doji candle, gravestone doji emerge on the daily chart.
Till then, the bias remains bullish and any pullbacks could be met with dip demand. |
EOS/BTC witnessed a bull flag breakout earlier this month, as seen in the daily chart above.
That pattern usually accelerates the preceding bullish move. So far, however, EOS/BTC hasn't found takers and may see stronger sell-off if prices re-enter the flag.
A failed breakout often ends up inviting strong bearish pressures. A fall back into the flag, therefore, could be followed by a slide toward key support at 8000 sats.
Validating that bearish view is the 14-day relative strength index (RSI) threatening a drop below 50.00. |
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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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History Repeating Itself?