Make-or-Break Range

Bitcoin is trapped between key MAs, while altcoins are teasing bullish reversal

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Sponsored by   March 13, 2019 BTC: Price: $3,870 | MCAP: $68.60 billion | 24-Hr Volume: $9.44 billion Outlook: Neutral as per weekly chart Trapped Between Key MAs Bitcoin is trapped in a key trading range defined by the 200-week simple moving average (SMA) and the 200-week exponential moving average (EMA), currently at $3,404 and $4,106, respectively. The 200-week EMA was breached in the third week of November and has served as strong resistance ever since. On the downside, the 200-week SMA has put brakes on the sell-off at least three times in the last three months. With prices stuck between key MAs, the immediate outlook as per the weekly chart is neutral.  A weekly close (Sunday, UTC) above $4,106 would confirm a longer-term bearish-to-bullish trend change and could fuel a rally toward $5,000. A weekly close below $3,404 could revive the sell-off from November highs above $6,500 and allow a drop to levels below $3,000. That said, with several longer-term indicators flashing early signs of bull reversal, the probability of bitcoin confirming a bearish-to-bullish trend change with a weekly close (Sunday, UTC) above the 200-week EMA at $4,106 appears high. The odds of a drop to the lower edge of the trading range would improve if BTC invalidates a bullish candlestick pattern created on Feb. 27 with a move below $3,658. Read Analysis SPONSOR SECTION Zebpay is leading the Crypto Exchange industry with its declaration that trading fees are a thing of the past. Zebpay is committed to reducing all friction in the use of Cryptos and our Zero trading fee promise is a definitive step in this direction. Sign Up Free   BNB: Price: $15.31 | MCAP: $2.1 billion | 24-Hr Volume: $172 million Outlook:  Bullish Binance Coin Enjoys Modest Boost Up 5.91 percent over a 24-hour period and stalling out after yesterday's modest rise BNB is beginning to form an ascending triangle based off topside resistances around $15.90-$15.80. The main cause for concern however, rests within the daily RSI which is printing an exaggerated bearish divergence to that of current price action between March 5 and March 13 with lower highs on the indicator and similar highs in price. The Chaikin Money Flow (CMF) is showing higher highs given the fact that greater buying pressure has increased significantly over the last two weeks but has begun to peak and may see a slight retracement. The Awesome Oscillator (AO), used to judge momentum of a given trend, shows declining bars in favor of the bears as they attempt another sell-off within the ascending triangle, which is typically bullish by nature if there is a constant play for upper resistances. Keep an eye on volume in the short-term as the bears will most likely attempt to drive prices lower in order to pick up a cheaper bid or to take profit from the dip post Feb. 18 when prices retraced to a support converted from a prior resistance. DASH: Price: $91.64 | MCAP: $789.8 million | 24-Hr Volume: $313 million Outlook:  Pullback DASHing Up But Not Out Dash is up 9.09 percent and riding high over a 24-hour period after jumping from a prior bullish doji on the daily chart with backing from the largest injection of volume since Dec. 24. Despite multiple attempts on Dec. 20, Feb. 24 and now March 12, DASH is looking contentious in the face of a bearish divergence that has formed on the relative strength index (RSI). The Chaikin Money Flow (CMF) shows greater buying pressure currently above the neutral 0 line, but has begun to flatten out and reverse to the sellers side, hinting at a short-term pullback with modest outcomes. The Awesome Oscillator hints at the slightest uptick on its bars and shows that much more is needed to break the $96.41 resistance level that has had DASH trapped for 108 days now.   We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets.  Create an account on StockTwits and then subscribe! Subscribe Here   Corporate Influence On Blockchain Adoption: Adoption isn't only about building innovative technology. Its also driven by a range of emotions based on trust, greed, passion and fear with the systems that people choose to build determining the role crypto plays in the future. The way in which the world's largest corporations decide to use blockchain technology will fundamentally shape the evolution and long-term societal impact these technologies will inherently bring. Companies like Facebook, IBM, Intel and now Samsung ultimately increase the rate of adoption ten fold by exposing the newfound concept to its global audiences. FULL STORY Preserving Ethereum's Most Crucial Strength: Throughout most of its existence, Ethereum has been a place for those wishing to learn and build within the confines of a respectful and friendly community. Nowhere else is this on greater show than at developer conferences, github forums and hackathons in recent years. However some prominent members are beginning to feel the shift in the community spirit and stating that their once beloved haven is beset with trolls hellbent on disrupting development and progress. Those that are seeking quick profits from the endeavor are simply not in it for the long-term while those trolls who loathe Ethereum can't stand to see it succeed. FULL STORY   THETA: Price: $0.126 | MCAP: $126.4 million | 24-Hr Volume: $39 million Outlook:  Neutral-Bull reversal potential THETA Digs Deep THETA retraced right back to the 78.6 percent Fibonacci zone at around $0.11 before a weaker bounce was offered a second time around by bulls as price crashed right through prior supports. Down 14.89 percent over a 24-hour period, THETA is today's worst performing top 100 crypto at CoinMarketCap and has found only small comfort in the fact that price action has stalled post breakdown as the bulls attempt to catch a breath. If prices do continue to drag down consider the 78.6 percent Fibonacci zone first then the 100 percent retracement level should buying pressure give way to a capitulation and harsher sell-off. However, should the bulls decide to break above the pivot point at the 50 percent Fibonacci zone at around $0.15 a case for greater gains could be had as it back-tests the 38.2 percent line. A few alternative cryptocurrencies (altcoins) like TRX, BNB have delivered spectacular returns on a year-to-date basis.  Further, names like VET, ONT, EOS have charted major bullish reversal patterns like the inverse head-and-shoulders and double bottom over the last three months.  That has triggered speculation of an altcoin comeback from the bear run of the past year.  The altcoin market cap chart, however, is yet to take out the trendline sloping downwards from record highs reached in January 2018, as seen in the above tweet. So, the bear market is still intact.  A weekly close above that trendline is needed to confirm a bearish-to-bullish trend change in the altcoin market.  Bitcoin's active addresses have risen sharply from the lows seen in mid-January amid flat-to-bearish price action.  Active addresses are those that have engaged in cryptocurrency transactions at any point during the last 24-hours. As a result, the metric is widely considered a measure of coin's popularity.  While that makes sense, bitcoin's price does not always track active addresses higher. In fact, bitcoin's active addresses had reportedly spiked in days leading up to Nov. 14 – a day when BTC revived the bear market with a strong move below $6,000. Put simply, active addresses do not represent the nature of the cryptocurrency transaction. Investors move from fiat to crypto or rotate money from cryptocurrency to fiat. In both cases, the count of active addresses rises.  It remains to be seen if the recent spike in active addresses is due to investors moving out of bitcoin or pourning fresh fiat into the leading cryptocurrency by market capitalization.  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. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list