Awaiting Dip Demand

Crypto bulls need progress soon

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February 26, 2019   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   BTC: Price: $3,800 | MCAP: $67.5 billion | 24-Hr Volume: $8.61 billion Outlook: Neutral-to-bearish Bulls need progress soon Bitcoin created a big bearish outside reversal candle on Sunday, weakening the bullish view put forward by last week's  high-volume break above $3,800.  The cryptocurrency, however, managed to close above $3,714 yesterday. The path of least resistance, therefore, is still to the higher side. The long-short ratio is also holding near the high of 1.5 seen earlier this month, signaling bullish market sentiment.  So far, however, the bulls have not taken advantage of better entry levels offered by Sunday's price drop, leaving the cryptocurrency directionless around $3,800.  If the dip demand remains elusive for another day or two, then the focus will likely shift to the primary bearish trend, in which case, deeper losses toward $3,400 could be seen. Validating that argument is the bear flag pattern seen on the hourly chart, which often ends up accelerating the preceding bullish move.  So, while the defense of $3,700 is encouraging, a  positive follow-through is needed soon to ensure the focus does not shift to the primary bearish trend.  Read Analysis ENJ: Price: $0.08  | MCAP: $66.2 million | 24-Hr Volume: $57.4 million Outlook: Short-term pullback Enjin Coin Riding High On Bullish Rumours Enjin Coin is up 135 percent over 24-hours and is today's best performing coin among the top 100 at  CoinMarketCap after rumours began circulating yesterday evening regarding Samsung's potential partnership with Enjin to back the cryptocurrency wallet on the recently released Samsung S10 flagship phone. The RSI is firmly entrenched in overbought territory, a sign that the asset will likely experience a pullback in the coming days but the retracement will depend upon increased buying pressure in the form of continuous investor interest that will ultimately lead it to greater heights. Total volume has dropped alongside price, a clear indication the bears are facing uncertainty and exhaustion as longs far exceed shorts at the time of writing, meaning a downside break would only come about if the bulls decide to profit take and forfeit their recently gained 8-month highs. XRP: Price: $0.32  | MCAP: $13.4 billion | 24-Hr Volume: $1.05 billion Outlook: Bullish potential XRP Coinbase Listing Refuels Ripples' Rockets XRP's quick comeback from Feb 24's vicious sell-off has provided weight to the ascending triangle formation on the daily chart as price stalls near the upper trend line post breakout from the listing of XRP to Coinbase Pro. Over a 24-hour period, XRP has managed to climb and remain 7.29 percent up and is trending slightly bullish due in large part to a weakened bear front from low volume and a tiny higher low illustrating minimal willpower to proceed further down. The RSI is sitting at 55.6, bullish above 50, with room to breathe if the bulls decide to take another stab at the 50 and 61.8 percent Fibonacci extension points at $0.34 and $0.35 respectively. Coinbase Pro is Listing XRP: Coinbase Pro, the trading platform owned by Coinbase that is geared towards more experienced traders, announced on Monday that it will be listing XRP. The price of XRP quickly experienced a notable uptick of close to 10 percent following the news, a usual occurrence when either Coinbase or Coinbase Pro adds support for a new cryptocurrency. Coinbase is the largest US based cryptocurrency exchange and only offers a handful of tokens for trading, so when it or its counterpart lists a new cryptocurrency, investors quickly buy up the token in an attempt to profit from a potential increase in cash flow. FULL STORY Can Utility Tokens Rise Again?: Utility tokens could be facing a trend reversal according to Coinone's cryptocurrency research arm CGEX. With the bearish market downturn after the 2017 ICO boom that set off unprecedented higher highs, utility tokens now appear more attractive, provided they meet strict criteria of legitimacy and potential use case viability. They believe project teams will initially launch commercial products with similar maturity to that of typical series A round ventures with the potential to drive prices up while simultaneously enabling new investors to enter the market. The current stage still remains shrouded in uncertainty however, with the strategy geared toward finding the 'true potential' amongst utility tokens. FULL STORY   John McAfee is "On the Money" here.  Bull runs take time to develop, as investors who burned their hands during the bear market remain on the sidelines until a credible sign of bottoming out emerges.  As a result, a series of failed bullish breakouts usually precedes before the bull run begins. For instance, BTC teased bearish-to-bullish trend change for seven months before finally beginning the ascent in October/November 2015.  Traders, therefore, should study weekly charts as they weed out daily fluctuations - sputters and spurts - and offer a better picture of the market sentiment, as is the case with BTC. The leading cryptocurrency witnessed a high-volume break above $4,000 last week only to fall back below $3,800. So, BTC's daily chart is no longer painting a bullish picture. The weekly chart, however, is still showing early signs of bullish reversal.  Its change of fortunes for Bitcoin SV (BCHSV). The cryptocurrency has moved out of the falling wedge, signaling a bearish-to-bullish trend change.  The bullish setup would gain credence if the cryptocurrency sees a UTC close above the 78.6 percent Fibonacci extension.  A bullish close could happen in a day or two as the breakout is backed by surge in trading volumes  to $237 million from $100 million seen yesterday. Further, the 14-day relative strength index (RSI) is looking north, having moved into bullish territory above 50.00.  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. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list