 
|
Bitcoin Defends Trend
BTC: Price: $7,973 | MCAP: $141 billion | 24-Hr Volume: $19.42 billion
Short-term trend: Neutral
Bitcoin found acceptance below the 200-period moving average on the 4-hour time frame on June 9 for the first time in nearly three months, seemingly putting the bears back in short term control of the trend.
However, the dip below was on low sell volume and allowed the 4-hr RSI to reach oversold for the first time since late-March, giving prices just enough reason to quickly bounce back to trading above $8,000 and the MA.
After the latest recovery, is clear there is a rising support in play (blue) as well as descending (black) and horizontal resistance (red) trendiness.
Since the horizontal trendline located at $8,185 (Bitfinex prices) acted as both support and resistance on multiple occasions, it is now a key level for bulls to conquer as it is likely to again act as the main obstacle in between local highs of $9,109 or beyond.
On the other hand, If the rising support fails on high sell volume, a further spill towards $7,000 seems likely.
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.
Read Analysis
|
|
|
|
|
|
Litecoin's Halving Rally LTC/BTC: Price: 1508576 BTC | MCAP: 937,757 BTC | 24-Hr Volume: 583,394 BTC
Short-term trend: Bullish
Litecoin (LTC), the world's fourth-largest cryptocurrency by market capitalization, seems to have picked up a bid ahead of the mining reward halving, due on Aug. 8. LTC, which traded at $97.05 on June 4, is now changing hands at $117, having hit a high of $121 on Friday.
Notably, during the same time period, BTC went from $7,450 to $8,134 and is currently trading near $7,700.
Hence, its no surprise that LTC's BTC denominated exchange rate has rallied over the last four days. LTC/BTC rose to 15249 sats earlier today, the highest level since April 21. The cryptocurrency was trading at 13260 sats on June 6.
With the daily chart reporting bullish setup with a pennant breakout, LTC/BTC looks set to extend gains. However, trading volumes have tapered off over the last three days.
As a result, LTC could revisit the 10-day moving average (MA) support, currently at 14000 sats before rallying ahead of the mining reward halving.
Long-term trend: Bullish
LTC/BTC's three-day chart shows a bull flag breakout – a bullish continuation pattern which indicates the rally from December's low of 6880 sats has resumed.
Further, the price has established a bullish higher low at 13,000 sats. Therefore, the long-term outlook is bullish and the cryptocurrency could test and possibly break above April's high of 18,939 sats.
 |
|
|
|
|
|  We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets. Create an account on StockTwits and then subscribe! Subscribe Here |
|
XRP Is Down But Not Out MONA: Price: $0.3981 | MCAP: $16.84 billion | 24-Hr Volume: $1.84 billion
Short-term trend: Neutral
XRP is currently down 17 percent from the recent high of $0.47. Even so, the outlook remains neutral as the pullback has taken the shape of the falling wedge, bullish reversal pattern, as seen in the daily chart below.
A UTC close above the upper edge of the wedge would confirm a bullish reversal and open the doors to retest of $0.47 - a level which proved a tough nut to crack in May.
A bullish breakout looks likely, as trading volumes have dropped recently, a sign the pullback is temporary.
Long-term trend: Bullish
With the daily chart reporting bullish crossovers between the 50- and 200-day moving averages (MAs) and 100- and 200-day MAs, the long-term trend is looking bullish. A high-volume weekly close (Sunday, UTC) above $0.47 would further cement long-term bullish expectations.
 |
Bitcoin picked up a bid to print highs above $8,000 as called by @crypto_archy about six hours ago.
The cryptocurrency closed below $8,000 on Sunday, confirming a bearish doji reversal. Still, sellers were struggling to penetrate $7,500 earlier today.
@crypto_archy likely called the bullish move on the basis of the bear failure at key support and the slide in volumes dropped during the overnight price pullback.
While BTC has rallied to $8,000, it remains to be seen if sellers now take control and push prices all the way down to $6,800 in the short-term, as mentioned in the tweet.
It is worth noting that short-term charts are still biased bearish and the cryptocurrency has already backed off to $7,960 from the session high of $8,090. So, a fall back to $7,500 by day's end cannot be ruled out. |
A consensus seems to be building in the market place that bitcoin, the world's largest cryptocurrency by market capitalization, will reach new record highs above $20,000 in 2020, according to the latest survey conducted by @CoinDeskMarkets over the weekend.
As of now, 46 percent of voters expect BTC to hit record highs in 2020 while 25 percent see expect that to happen in 2021. Also, 24 percent believe the cryptocurrency could rise to levels above $20,000 before December 31.
Historical data shows the cryptocurrency tends to bottom out a year ahead of the mining reward halving and rises to record highs a year after the supply altering event.
So, if history is a guide, then BTC could clock new lifetime highs in 2021. This is because the mining reward halving is due in May 2020.
That said, the percentage of investors expecting record highs next year would rise sharply if BTC rises well above $10,000 over the next couple of months.
Also, the poll results indicate the bullish sentiment is far from being at extremes. So, the ongoing rally could continue.
|
|
| 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. |
|
| | | | |
Litecoin Gains Ground