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Struggling to Build On Breakout
BTC: Price: $8,070 | MCAP: $144 billion | 24-Hr Volume: $17.83 billion
Short-term trend: Neutral
Bitcoin witnessed a falling channel breakout on Wednesday. So far, however, the bulls have struggled to capitalize on the bullish development. The cryptocurrency is currently trading at $8,070, having hit a high of $8,290 in the U.S. trading hours yesterday.
The immediate outlook, therefore, stands neutralized. A price bounce to levels above $8,290 is needed to revive the case for a rise to $8,400-$8,500 range.
On the downside, $7,500 is the level to beat for the bears. A UTC close below that level would validate the bearish doji reversal confirmed last week and allow a deeper drop to $6,800.
Long-term trend: Bullish
Bitcoin's 50-candle and 100-candle moving averages on the three-day chart are about to produce a bullish crossover - a sign of long-term bull market momentum.
That is the first bullish crossover of the two averages since October 2015. Back then, the same cross marked the start of a long-term bull market.
Also, 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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Zcash Catching Breath After Big Breakout ZEC: Price: $88.64 | MCAP: $597.5 million | 24-Hr Volume: $463.6 million
Short-term trend: Pullback-Bullish
On June 12, ZEC had one of its best single day gains up 15.1 percent on a full body candle backed by strong volume legitimizing the move.
Prior to that, ZEC had suffered a 7.36 percent drop from June 7's local high at $84.10, but was succeeded by yesterday's strong bull rally, which subsequently, has setup a difficult task for the bears to overcome should they decide to switch the momentum in the favor.
Only a close below $77.51, which has already proven difficult, would result in greater downside to 71.53.
Long-term trend: Bullish
The long-term view remains heavily in favor of the bulls as they've utilized the neutral 50 line as a base of support on the daily RSI, hinting at a strong upward trend that will eventually need to surpass the $100 psychological price tag in order to shore up further investor confidence beyond a 6-month scope.
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THETA Binding Time THETA: Price: $0.1355 | MCAP: $119.9 million | 24-Hr Volume: $12.2 million
Short-term trend: Retracement
THETA continues its 3rd day straight in the red, down 3.46 percent over a 24-hour period and is making headway toward the 50 percent Fibonacci retracement level at $0.1261.
Should it arrive there, based on current projections, consider a potential bounce from that zone back toward the 38.2 percent retracement at $0.1437 should the RSI remain bullish above neutral 50 on the daily chart.
Long-term trend: Bullish
After driving up the price by more than 330 percent, beginning Jan. 14 and lasting until March 10, investors immediately lost confidence at the peak of $0.21 on March 11, impacting its short-term bullish trend as its price dove deep.
However, a bullish defense of the 78.6 percent Fibonacci retracement level allowed for greater investor confidence to reenter the fold over time, recovering half of its losses suffered from its most recent and significant sell-off.
Despite its short-term pullback, THETA has a good opportunity for continuation given its resumption of a bullish reversal pattern and a noticeable rise above former resistances at $0.10 on Feb. 10.
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Bitcoin's price rallied on Wednesday, but failed to close above key resistance at $8,237. The price printed a high of $8,292 before closing at $8,176 and is currently trading at $8,130.
Going by Wednesday's close, the resistance at $8,237 is again proving a tough nut to crack, as pointed out by @CoinDeskMarkets last Friday.
The resistance, however, could be breached in the next 24 hours, as the cryptocurrency has exited an eight-day long trading range of $7,500-$8,100 with a bullish breakout. Further, the 5- and 10-day moving averages (MAs) have again produced a bullish crossover.
On the downside, acceptance below the 200-hour moving average, currently at $8,000, would weaken the bullish case. The average worked as strong support multiple times earlier this month, restricting the downside in prices near $7,500. |
Bitcoin and majority of its peers are poised for fresh leg higher and investors should buy, Fundstrat technical strategist Rob Sluymer wrote in a note, according to Bloomberg.
Sluymer's bullish call is based on bitcoin's relative strength index (RSI) – a momentum indicator used to identify overbought or oversold conditions – turning bullish from neutral.
The 14-day RSI is currently seen at 54, having hit a low of 47 on June 9. A reading above 50 indicates bullish conditions while a below-50 print represents bearish conditions.
Further, an above-70 RSI is widely considered a sign the rally is overstretched. Meanwhile, a below-30 print is considered a sign the asset is oversold.
RSI is one of the most widely followed technical indicators. That said, trading on the basis of RSI alone could prove costly. The RSI being an indicator needs validation from price.
For instance, an overbought reading on the RSI will gain credence only if the price is showing signs of bullish exhaustion in the form of candlestick patterns like Doji, bearish engulfing, shooting star. |
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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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Bull Cross