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Consolidating Inside of a Triangle
BTC: Price: $7,842 | MCAP: $138.8 billion | 24-Hr Volume: $24 billion
Short-term trend: Neutral
Bitcoin fell below the Bollinger band median on the 4-hour time frame indicating a possible short term trend change in favor of the bears.
That said, bitcoin's price is trading within the boundaries of an ascending triangle pattern (bullish continuation) so its price action will remain neutral biased as long as the pattern's confines are respected between $7,300 and $8,300.
Acceptance below the rising support would likely initiate a more significant sell-off potentially towards $6,800 support in the near term, whereas a high volume break above the triangle resistance would be a sign of bullish continuation and set scope for a measured move of roughly $9,750 created by adding the base range of the triangle to the breakout point.
Long-term trend: Bullish
Bitcoin bounced up sharply from the 5-week moving average (MA) last week and closed on a positive note, reinforcing the bullish view put forward by that ascending average.
There have also been two bullish crossovers in the last week: one of the 5- and 100-week MAs, and another of the 10- and 50-week MAs, suggesting the path of least resistance is to the higher side.
Further, the cryptocurrency is trading well above the historically strong resistance of the 50-week and 100-week moving averages, validating the bearish-to-bullish trend change signaled by the violation of bearish lower highs pattern seen on April 2.
Also, supporting the longer run bullish case is the two-week MACD histogram's positive turn, the first since February 2018. Further, the 14-week relative strength index (RSI) is holding well above the key resistance range of 53.00–55.00.
The longer run bullish outlook would be neutralized if the price finds acceptance below the 200-day MA, currently at $4,468.
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Above $100 Once Again BCHSV: Price: $101 | MCAP: $1.8 billion | 24-Hr Volume: $809.4 million
Short-term trend: Bullish breakout
The SV variant of bitcoin cash is today's best performing crypto in the top 100 at CoinMarketCap and is currently up 61 percent at the time of writing, demonstrating a strong and rapid upward move. A pullback to prior highs, should prices hold here, means that a bullish higher high , higher low market structure on the daily timeframe is beginning to take shape, a good sign for the bulls overall.
Long-term trend: Bullish
The push back above $100 can be viewed as significant given its previous attempt to push higher on May 15 followed by a deep drawdown into the current breakout candlestick and has changed trend direction and momentum as it moves toward the monthly close. Only a convincing close below $96 would be enough to jeopardize the hard-fought territory for BCHSV.
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Down For The Day BTT: Price: $0.001876 | MCAP: $245.4 million | 24-Hr Volume: $295.1 million
Short-term trend: Pullback-neutral
The recent pullback seen on BitTorrent tokens' latest move below $0.002 has taken prices further down than the previous pullback witnessed May 18-May 20, meaning price action itself may beginning to wane for the BTT bulls.
Long-term trend: Bullish
The long-term trend remains bullish so long as prices continue along its path of higher highs and higher lows, best viewed from the daily chart demonstrating minimal drawdown and a strong break so far from the previous 58-day channel that had been trapping price.
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A symmetrical triangle breakout seen in ENJ/BTC’s 4-hour chart in the early Asian trading hours today ended up fueling a price rise to the falling trendline resistance, as anticipated by @CoinDeskMarkets.
ENJ/BTC jumped to a high of 2442 sats and is currently trading at 2162 sats.
The pullback marks a rejection at the falling trendline. As a result, the immediate bullish outlook stands neutralized.
A daily close above today’s high of 2442 sats would validate the cryptocurrency’s strong defense of the 200-day moving average in the last ten days and confirm a short-term bearish-to-bullish trend change.
On the downside, the 200-day MA, currently at 1846 sats is the level to beat for the bears. |
Bitcoin may be overdue for a significant price pullback, according to historical data.
The crypto market leader had witnessed sharp price pullbacks of 30 percent or more at least nine times during the previous bull cycle.
So, if history is a guide, then a potential slide to $5,600 from the current price of $8,000 could be considered a healthy correction.
The historical data also indicates the textbook definition of a bear market – a condition in which prices fall 20 percent or more from the recent highs amid widespread pessimism – is not applicable to bitcoin.
A price slide of 40 percent or more could be considered a sign of a bear market. |
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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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