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Sell The Fact
BTC: Price: $9,150 | MCAP: $162.75 billion | 24-Hr Volume: $15.75 billion
Short-term trend: Minor pullback likely
Facebook officially announced its cryptocurrency Libra in European trading hours. The social media giant's move is widely being referred to by experts as the biggest tailwind for bitcoin, the world's leading cryptocurrency by market capitalization.
So far, however, the news has failed to put a strong bid under bitcoin. That validates our argument put forward on Monday that the markets priced in the news over the weekend, when the cryptocurrency rallied from $8,200 to highs above $9,300.
As a result, BTC may see "sell the fact" price pullback to key support at $8,820 in the next 24 hours. Acceptance below that level would expose the 10-day price average at $8,500.
On the higher side, a high-volume above the crucial Fibonacci retracement level of $9,442 is needed to strengthen the case for a rise to $10,000.
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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MonaCoin Blasting Off MONA: Price: $2.40 | MCAP: $158.1 million | 24-Hr Volume: $2.3 million
Short-term trend: Pullback
MONA's bullish breakout from the falling wedge on June 16 freed up the momentum needed to continue pushing beyond previous wick resistances at $2.24 and 2.42 during this week's trading period.
Up 5 percent on the day, MONA now looks set to retrace slightly after printing a third topside candle wick, pointing to indecision and weakening momentum.
Keep an eye on volume levels similar to those seen on April 20 for an indication on whether an entry is justified or if further drawdown is more likely.
Long-term trend: Bullish
Given MONA's current market structure is significantly higher than the previous region of consolidation during the period between April 21 and May 30, prices are bullishly bid in the mid to long-term, lest a firm close below $1.04 should occur.
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OmiseGo Bye Bye OMG: Price: $2.08 | MCAP: $290.5 million | 24-Hr Volume: $98.5 million
Short-term trend: Neutral
OMG is one of today's worst performing crypto in the top 100 at CoinMarketCap, down 6.4 percent over a 24-hour period and looks tentatively toward further draw down should it close out below the 38.2 percent Fibonacci retracement by day's end.
The hope for the bulls in the short-term rests with a bullish divergence on the 4-hour chart and an uptick on the Chaikin Money Flow showing a reduction in selling pressure overall, just keep an eye on growing (bullish) volume.
Long-term trend: Slight bullish
The monthly chart reveals an interesting insight into its overall market structure with a long-tailed wick and a higher low body, aiming for a close above the previous monthly close $2.26.
The overall trend is bullish, but recent market activity for OMG is halting its advance.
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President Trump put out a tweet this morning criticizing the European Central Bank (ECB) President Draghi's dovish comments and the resulting depreciation of Euro.
The ECB head said more rate cuts are a part of the central bank's tool kit. It is worth noting the central bank is currently running a negative interest rate policy (NIRP) and the Fed is already under pressure from the White House to deliver rate cuts.
Other major central banks like the Bank of Japan, Swiss National Bank are also running NIRPs. Further, the Reserve Bank of Australia cut rates to a record low of 1.25 percent earlier this month and is expected to deliver two more rate cuts by December. Asian central banks are also cutting borrowing costs.
Changpeng Zhao, CEO of Binance – the world's largest cryptocurrency by trading volumes – believes major central banks pushing for ultra accomodative monetary policies could end up boosting the pace of cryptocurrency adoptions.
Zhao's argument has merit as rate cuts would further add monetary supply to an already overblown monetary base, leading to a drop in the purchasing power (high inflation) of the fiat currencies.
Investors, therefore, could switch to fixed supply options – cryptocurrencies. Put simply, bitcoin and other cryptocurrencies could end up being hedges for monetary policy madness. |
CoinDesk's article sheds light on Facebook's launch of two cryptocurrencies.
Yes you read it right, the social media giant has rolled out two cryptocurrencies - Libra and Libra investment token.
While Libra will be broadly available to public and may tap into bitcoin's market of unbanked high inflation nations, the investment token is a security, which will be sold only to the founding corporate members of the project’s governing consortium, known as the Libra Association, and accredited investors.
Libra will be backed by a basket of fiat currencies and government securities and the interest earned on that collateral will go to holders of the investment tokens. |
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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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Libra Launched