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Upside Again Capped Near $8,100
BTC: Price: $8,000 | MCAP: $142.20 billion | 24-Hr Volume: $18.19 billion
Short-term trend: Neutral
Bitcoin is lacking a clear directional bias for the eighth consecutive day with prices stuck in $7,500-$8,100 trading range.
The price clocked a high of $8,090 in early European trading hours today and is currently trading around $8,000. That is BTC's fourth failure in the five days near $8,100.
The outlook, therefore, would turn bullish if the price finds acceptance above $8,100 on the back of high volumes. The breakout would open the doors to $8,500.
On the downside, a UTC close below $7,500 would validate the bearish doji reversal seen on the weekly chart and allow a deeper drop to $6,800.
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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WAX Winding Up WAX: Price: $0.1062 | MCAP: $101.3 million | 24-Hr Volume: $2.1 million
Short-term trend: Neutral
Wax has risen 11.25 percent over a 24-hour period and is one of the best performers in the top 100 at CoinMarketCap after June 10's 28 percent rise in value brought its prices in contention with a prior gap resistance zone between $0.1039 and $0.1102.
Closing above that zone is key for continuation in its price and momentum with an opportunity to challenge the July, 2018 resistance at $0.1522, provided enough volume is backing the play and the RSI rest below 70 on the daily chart, currently 61.4.
Long-term trend: Bullish
Breaking to a new peak high above April 21's price of $0.092, WAX has now opened up a new opportunity to break the oppressive downward trend that continues to linger amongst certain alt coins. However, prices currently reside above the 100 and 200 day moving averages (not shown) and is usually indicative of greater bullish conditions in the market.
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MonaCoin's Opportune Moment MONA: Price: $2.04 | MCAP: $135.2 million | 24-Hr Volume: $9.9 million
Short-term trend: Slight bearish-neutral
Down 5.53 percent over a 24-hour period, MONA continues its 4th consecutive day in the red which subsequently is beginning to form a falling wedge on the daily chart, thanks in part to its limited range between $2.01 and $2.48.
The MACD crossed bearish on June 10 as the cycle flipped to show greater selling pressure had taken over for the short-term, however, there exists an opportunity for a bullish break above the upper sloping trendline. If that even should occur, keep an eye on volume for the day to see if the move is supported.
Long-term trend: Bullish
Given its recent upswings on April 5, April 20 and May 31, MONA is still firmly bullish above its prior resistance zone at $1.27, only a dip below the neutral 50 line on the daily RSI would open contention to visit lower supports, created by a wick dip on June 6 at $1.93.
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CELR's BTC-denominated exchange rate witnessed a pennant breakout ealier today, as anticipated by @crypto_rand, and the cryptocurrency is now reporting 5 percent gains on the day.
As of writing, CELR/BTC is trading at 260 sats, having hit a high of 280 sats at 08:00 UTC.
The breakout has failed to yield a sustainable rally, possibly because trading volumes dropped following a move above the pennant resistance of $250.
The immediate bullish outlook stands neutralized and 280 sats is now the level to beat for the bulls.
That said, the outlook would turn bearish only if the price falls below 227 sats. |
@Pladizow is arguing here that the cyclical or bear market bottoms in bitcoin's price could be identified with the help of bitcoin's *difficulty adjustment.
Historical data shows, the cryptocurrency's difficulty adjustment has declined only 7 times till now on a monthly basis and these decreases marked major bottoms in bitcoin's price.
For instance, the difficulty adjustment dipped 21 percent in December 2018 to five months lows. Interestingly, bitcoin's price bottomed out at $3,122 in the same month, as per Bitstamp data.
Further, with the difficulty adjustment falling by 26 percent and 11 percent in October and November 2011, respectively, bitcoin's price bottomed out at $2.25.
So, in future, traders can use difficulty adjustment graph to validate or confirm the bottoming out pattern signaled by technical studies.
*Difficulty is a measure of how difficult it is to find a hash below a given target. Bitcoin's blockchain adjusts difficulty according to the amount of mining power (hashrate) on the network.
When there’s less mining power, the competition to validate blocks declines and the difficulty is reduced. When there is more power and competitions, the difficulty is increased. |
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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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Consolidation Continues