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Consolidation Continues
BTC: Price: $7,770 | MCAP: $138.39 billion | 24-Hr Volume: $16.45 billion
Short-term trend: Neutral
With bitcoin trapped largely in a narrow range of $7,500-$8,100 for the seventh day, the short-term outlook is neutral.
The price is likely to test the lower end of the trading range in the next 24 hours, as the moving averages on the 4-hour chart are biased bearish. For instance, the 50-candle MA is trending south, having produced a bearish crossover with the 100-candle MA on June 7.
Further, the 50-candle MA has just crossed below the 200-candle MA. Also, the bounce from lows near $7,500 to $8,000 seen on Monday lacked the volume support.
That said, the outlook would turn bearish if the price finds acceptance below the recent low of $7,432. That would validate the bearish doji reversal confirmed by Sunday's close below $8,000 and open the doors to a deeper sell-off below $7,000.
A bearish channel breakout on the 4-hour chart would put the bulls in a commanding position and allow a rally to $8,500.
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.
Therefore, the path of least resistance is to the higher side. 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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Nebulas Breaks Higher NAS: Price: $1.94 | MCAP: $93.7 million | 24-Hr Volume: $119.2
Short-term trend: Pullback
NAS has broken above a prior resistance level at $1.67 on June 10 established by April 12's exhausted wick, creating a new opportunity to tackle the next significant hurdle at $2.41 should similar volume levels hold up on today's current candle.
The most likely outcome, however, would be a price pullback during a period of profit taking from savvy investors, with a potential retest at $1.67, courtesy of an overbought RSI on the daily chart.
Long-term trend: Bullish
Yesterday's (June 10) significant increase in total volume demonstrated an outlier on the day, hinting at buying pressures created through automated buying/selling bots and a large orders being executed from larger players.
If interest on the asset remains high by today's close, look toward the weekly chart to see whether the rally holds against any major sell-offs in the next few days.
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Hypercash Sinks On The Day HC: Price: $2.31 | MCAP: $101 million | 24-Hr Volume: $13.6 million
Short-term trend: Pulllback
Hypercash is down 3.36 percent over a 24-hour period and is one of today's biggest losers, however, given yesterday's retracement into a potential higher low close on the current candle, then the odds begin to increase in bullish favor should prices hold.
Momentum is floating just below overbought territory, hinting at exhaustion in the short-term and a pullback to prior price lows at $2.14.
Long-term trend: Bullish
A close below $2.03 would begin to threaten the bull market structure that has been ongoing since June 6 when prices rose above that level, breaking the downward trend felt throughout the second half of 2018.
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Bitcoin tested the 4-hour chart 200-candle moving average (MA) and bounced up to $8,000 over the last seven days, as predicted by @tradingroomapp.
In fact, the cryptocurrency has found takers below the 200-candle MA three times in the last seven days and has tested $8,000 multiple times.
As a result, what we have now is a $700 trading range of $7,500-$8,100. A violation of the trading range will likely set to the tone for the next short-term move.
It is worth noting that BTC is currently trading below the 200-candle MA, currently located at $7,893. Should the price fail to recover back above the key average, a deeper slide toward $7,000 may unfold in the short-term. |
Litecoin's non-price metrics continue to rise in the run up to the mining reward halving, scheduled in Aug. 8, 2019.
Notably, the hashrate – a measure of miner’s performance or the speed at which the miner solves the algorithm – rose to a new all-time high of over 400 trillion hashes per second on Monday.
It is worth noting that the mining power is currently up more than 150 percent from the low of 146.2118 seen on Dec. 12, 2018, according to BitInfoCharts.
The recent rise in the hashrate could be associated with rumors that a new mining hardware, currently deployed at Bitmain's mining farms, will be released in the near future.
On Aug. 8, the reward for mining on litecoin’s blockchain will be reduced from 25 LTC to 12.5 LTC. The shift means miners will be adding fewer coins to the ecosystem after August, possibly leading to supply deficit. |
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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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BTC In No Man's Land