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Bid Above $9,000
BTC: Price: $9,280 | MCAP: $164.47 billion | 24-Hr Volume: $20.71 billion
Short-term trend: Bullish
Bitcoin jumped to 13-month highs near $9,400 on Sunday and closed last week with 17.57 percent gains, invalidating the bearish view put forward by the doji reversal confirmed by June 8's close below $8,000.
More importantly, the cryptocurrency seems to have found acceptance above $9,000 over the last 24 hours. Therefore, the path of least resistance is to the higher side.
The hype surrounding Facebook's foray into cryptocurrencies could keep BTC better bid over the next 24 hours. On the higher side, key resistance is seen at $9,442, which is the 38.2 percent Fibonacci retracement of the sell-off from December 2017 highs to December 2018 lows. A break higher would expose the psychological resistance of $10.000.
On the downside, Sunday's low of $8,805 is the level to beat for sellers. A violation there would expose the 200-hour moving average, currently located at $8,300.
A UTC close below $7,500 is needed to invalidate the bullish outlook.
Long-term trend: Bullish
BTC closed last month with 62 percent gains – the highest since August 2017 – reinforcing the falling wedge breakout confirmed by April's candle.
Further, the 5- and 10-month moving averages have produced a bullish crossover for the first time since September/October 2015.
The long-term bullish outlook would be invalidated if and when the price finds acceptance below May's low of $5,263.
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Stratis Couldn't Close It STRAT: Price: $1.01 | MCAP: $106.6 million | 24-Hr Volume: $30.5 million
Short-term trend: Neutral-cautiously bearish
Despite being up by more than 17 percent over a 24-hour period, yesterday's candle demonstrates strong resistance beyond $1.08-$1.10 as it failed to close out above.
However, today's current price action has so far seen a maximum drawdown to prior resistances now confirmed as support at $0.9945 on the daily chart. If prices maintain their current levels then that would open up the possibility for continuation in the short-term.
Long-term trend: Neutral-cautiously bearish
Until firm close beyond aforementioned resistances occurs, consider STRAT to remain sideways bid for quite some time until enough buying pressure enters the STRAT market, or sellers force its price back below the 8-period exponential moving average at $0.9545.
Watch for a rise on the Chaikin Money Flow to determine if buying pressure is regaining a hold over momentum, required for another attempt higher.
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Project PAI Cannot Fly PAI: Price: $0.04200 | MCAP: $76.1 million | 24-Hr Volume: $2.3 million
Short-term trend: Bearish
Yesterday's 30 percent bullish rise has been immediately countered by the bears as its price opened 22 percent down from its prior close on June 16.
The gap presents a problem for PAI bulls signalling stiff resistance above $0.042, coupled with a bearish RSI below 50 and greater sell pressure as shown by the Chaikin Money Flow, the odds of recovering any time soon, seem low.
Long-term trend: Bearish
A drop below the 8-period exponential moving average (EMA) on the 3-day chart shows that price action has dropped bearish and the most recent attempts by the bulls to push higher on May 13, May 25 and June 9 have all but been denied.
Only a firm close above $0.0835 resistance would be enough to overthrow the bearish yoke and break the long-term downward trend that has been on-going for PAI since it was first listed on the Bitfinex exchange.
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Binance coin's (BNB) bitcoin-denominated exchange rate fell below 35,000 sats over the weekend, having confirmed a bearish doji reversal with a close well below 41,559 sats on Friday, as predicted by @CoinDeskMarkets.
BNB took a beating after over the weekend as Binance.com's decision to exclude all users in the U.S., forced investors to rotate money out of BNB and into bitcoin (BTC).
As of writing, BNB/BTC is trading at 36,000 sats, representing nearly 20 percent losses on the high of 44,843 sats seen on Thursday.
The daily chart shows, the 14-day relative strength index has dipped into bearish territory below 50 and the 5- and 10-day moving averages are trending south. As a result, BNB looks set to test the long-term ascending trendline, currently located at 33,400 sats. |
Peter Schiff, the CEO of Euro Pacific Capital, believes Facebook's Libra coin will outshine bitcoin on stability and ease of use as a medium of exchange.
Libra will be stable, and much easier and cheaper to use as a medium of exchange and will target bitcoin's market – unbanked in nations with high inflation, Schiff tweeted recently.
Bitcoin's price, however, has rallied sharply ahead of Facebook's white paper launch on Tuesday. Notably, the cryptocurrency is currently trading 22 percent higher from lows near $7,500 seen a week ago.
So, it seems safe to say that markets are currently considering Facebook's foray into cryptocurrencies as net positive for bitcoin and broader markets.
Spencer Bogart, General Partner at Blockchain Capital, believes Facebook’s crypto effort is among the most bullish external tailwinds for bitcoin in 2019/2020, as it will ease the friction in acquiring digital assets by creating a circular economy.
Also, there is a consensus in the investor community that Facebook’s crypto will create awareness that a private, non-central bank issued currency can exist, leading to increased adoption of bitcoin and other cryptocurrencies. |
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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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13-Month High