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Bitcoin Market Indecisive
BTC: Price: $5,140 | MCAP: $91 billion | 24-Hr Volume: $11.27 billion
Short-term trend: Neutral
Bitcoin created a doji candle last week, a sign of indecision in the market. As a result, the immediate bullish outlook stands neutralized.
It is worth noting that the doji candle has appeared following a falling channel breakout – a similar pattern had paved the way for a bull market in 2015.
So, the doji candle could be considered a sign of indecision among the bulls. That buyer exhaustion would gain credence if the price finds acceptance under $3,912 (Doji low), in which case a deeper drop toward the 200-day moving average (MA), currently at $4,527, could be seen.
The outlook, however, would turn bullish again if the cryptocurrency defends $5,000 for the next day or two despite the signs of indecision on the weekly chart.
Long-term trend: Bullish
The longer-run bearish-to-bullish trend change signaled by the falling channel breakout on the weekly chart would remain valid as long as the price is holding above $4,527 – the support of the upper edge of that bearish channel.
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Tezos Reaches For The Stars XTZ: Price: $1.17 | MCAP: $780.8 million | 24-Hr Volume: 8.4 million
Short-term trend: Pullback
Tezos is one of today's top performing crypto and is currently up 21.9 percent over a 24-hour period after climbing above wick resistances at $1.17-$1.18 backed by the largest increase in volume in 10 days on yesterday's 18 percent jump in price.
The onus now rests with the bulls whereby holding above $1.02 on a potential pullback could mean a continuation with a push to new highs not seen in over 150 days at $1.33 thanks to bullish price action with an RSI reading above 50.
Long-term trend: Cautiously bullish
An uptick in momentum is needed according to the Weighted Volume MACD in order to avoid a bearish divergence in price because a failure to do so would result in XTZ's bullish price action is running out of steam.
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Enjin Coin Goes To Sleep Once More ENJ: Price: 0.00003067 BTC | MCAP: $121.69 million | 24-Hr Volume: 31.09 million
Short-term trend: bearish
Down 9.7 percent over 24-hours, ENJ appears to be taking another nap and trending south with a minimal price range of 4 percent on today's candle.
Since copping a rejection on April 13, the RSI has trending bearish below 50 despite a 20.5 percent jump in its price on the same day while yesterday the bears failed to match the strength of the bullish pump volume wise and has resulted in minimal draw down that could continue for the next 24-hours.
Long-term trend: bullish
At some stage another opportunistic push higher could be on the table for the Samsung partnered crypto and will be confirmed should the MACD lines converge in bullish fashion and a breakout from the potential bull flag that has begun forming on the daily chart.
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Bitcoin could soon end up creating a head-and-shoulders bearish reversal pattern on the 4-hour chart, according to Josh_Rager.
We agree with the assessment as signs of bullish exhaustion have emerged on the weekly chart in the form of a doji candle. Further, the left shoulder and the head has already been formed.
The probability of BTC creating the right shoulder with a drop to the neckline support near $5,000 looks strong as the bounce from Friday's low of $4,912 is backed by falling volumes. As of writing, 24-hour trading volume is seen at $10 billion – down 52 percent from the high of $21 billion seen earlier this month.
A break below the neckline support, if confirmed, would create room for a slide to levels near $4,620 (target as per the measured move method). |
Litecoin's hash rate – a measuring unit of the processing power of litecoin's blockchain – hit a record high of 337.5925T last week, triggering speculation of further price rally.
It is worth noting that the computing power (hash rate) goes up as the difficulty increases, which in turn has a direct relationship with the number of miners operating on the blockchain. So, it could be said that the hash rate goes up with the numbers of miners on the blockchain.
Hence, many consider hash rate as a barometer of miner confidence and expect the price to closely track the movement in the key barometer.
Litecoin, however, is unlikely to follow suit in the short-term, as the hash power seems to have risen in response to the cryptocurrency's 268 percent surge from the lows near $20 seen in December. Further, mining efficiency may have played a role in pushing up the computing power. |
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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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Rally Stalled