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MACD Turns Bearish
BTC: Price: $10,620 | MCAP: $189.29 billion | 24-Hr Volume: $21.96 billion
Short-term trend: Bearish
Bitcoin bounced up from the 50-day moving average on Monday and closed above $10,700. However, in the last 12 hours or so, the bulls have failed to keep prices above $11,000.
In fact, BTC seems to have created another bearish lower high around $11,000 on the 4-hour chart. Further, the moving average convergence divergence (MACD) histogram on the three-day chart has turned bearish (below zero) for the first time since December.
Also, there are signs of buyer exhaustion above $12,000 on the weekly chart.
Hence, a drop to the July 2 low of $9,614 looks likely. a violation there would expose the next support lined up at $9,097 (May 30 high).
A break above $12,000, preferably a weekly close, is needed to revive the bullish view.
Long-term trend: Bullish
Bitcoin closed last month with 25.89 percent gains, confirming a five-month winning streak, which is the longest since 2017.
With the double-digit gains, the cryptocurrency further cemented the falling channel breakout witnessed in April. The 5- and 10-month moving averages are trending north, indicating a bullish setup. As a result, the path of least resistance is to the higher side, more so, as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.
Hence, investors may view any pullback to levels below $9,000, as just another chance to get involved in the bull market.
The outlook will remain bullish as long as prices are held above the 200-day moving average, currently lined up just below $6,000.
Read Analysis
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0x Rebound ZRX: Price: $0.25 | MCAP: $155.4 million | 24-Hr Volume: $128.7 million
Short-term trend: Oversold bounce
ZRX is one of today's best performing crypto in the top 100, up x percent over a 24-hour period after bouncing from oversold territory as seen on the daily RSI.
The awesome oscillator is demonstrating further downside potential which hints at a short-term rally fizzling as quickly as it came, highlighting the need to retest prior lows at $0.23.
Long-term trend: Bearish
ZRX set a new low yearly low at $0.20 on July 15 underscoring its inability to create new highs needed for a bullish continuation in its price.
Only a solid close back above the 61.8 percent Fibonacci retracement level would be enough to throw into contention, the newly formed downward trend.
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| Komodo Pivots South KMD: Price: $1.26 | MCAP: $146.4 million | 24-Hr Volume: $7.1 million
Short-term trend: Cautiously bearish
Down 6.17 percent over a 24-hour period, the immediate short-term trend for KMD has switched bearish as today's candle passed below a key Fibonacci retracement (pivot point) at 50 percent.
If the bulls fail to scale back above the pivot point then consider a deeper draw-down to $1.95 in the coming days, supported by another tick down on the histogram bars on the awesome oscillator (AO).
Long-term trend: Pullback
KMD remains bullishly bid above its 200-day moving average at $1.07 but will likely continue to suffer a pullback to that point should similar conditions remain throughout the month as the greater markets begin to cool from the Facebook hype.
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@leb_crypto predicted a bounce from $9,800 two days ago when bitcoin was trading at $9,900 and looking south... talk about front running charts!
The forecast was based on the bullish divergence of the relative strength index (RSI), a widely followed momentum indicator.
A bullish divergence is confirmed when the RSI charts higher lows, contradicting lower lows on prices. The pattern is widely considered a sign of bearish exhaustion, especially if it appears on bigger time frames, i.e. daily, weekly etc.
A bearish divergence occurs when the RSI creates lower highs against higher highs on price and is considered a sign of buyer exhaustion.
However, trading on the basis of RSI divergences alone is recommended. Traders should also take note of volume and seek confirmation of other technical indicators and price action in general. |
Bitcoin's price has come under pressure off late due to growing calls for scrutiny of Facebook's cryptocurrency Libra and cryptocurrencies in general.
Last week, the US Federal Reserve President Jerome Powell said that Facebook's crypto project should be halted until concerns from privacy to money-laundering were addressed.
Further, President Trump demanded that firms involved in crypto markets seek banking charter and subject themselves to US and global regulations. Trump also criticized bitcoin calling it an asset with little standing or dependability.
As a result, the price of a single bitcoin has dropped from $13,200 to $10,000 over the last seven days.
The crypto community, however, is not deterred by calls for regulation and the resulting drop in prices.
in a survey conducted by @CoinDeskMarkets, more than 40 percent of respondents expect bitcoin to continue shining bright for the rest of the year despite increasing calls for regulation. It is worth noting that the cryptocurrency is already up close to 200 percent on a year-to-date basis.
Meanwhile, 31 percent of respondents feel the regulation threat could damage the bull market. Technically speaking, the long-term bullish outlook would be invalidated only if prices drop below the 200-day moving average, currently located just below $6,000.
The undecided lot (27 percent) will likely join "Hell naw" group if bitcoin's price regains poise in the next few days and rises to $14,000.
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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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Tell Tale Indicator