BTC: Price: $3,635 | MCAP: $63.78 billion | 24-Hr Volume: $6.18 billion
Outlook: Bullish
Bitcoin bulls await flag breakout
Bitcoin's pullback from three-week highs seen on Friday could turn out to be a blessing in disguise for bulls if prices jump above $3,630 in the next few hours.
That move would confirm an upside break of the bull flag charted ion the 4-hour chart over the last 72 hours. That pattern often ends up mimicking the preceding bullish move.
So, a breakout, if confirmed, would open up upside toward $4,000 (length of the preceding bull move added to breakout price).
t is worth noting that Friday's move to highs above $3,700 confirmed a falling wedge breakout. Put simply, the bulls appear to be in control and could soon force a flag breakout.
However, a failure to do so could prove costly, as the flag's horizontal length (duration) would exceed the pole's height in the next few hours, deeming the bullish continuation setup invalid.
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KMD: Price: 0.0001884 BTC | MCAP: $76.1 million | 24-Hr Volume: $2.5 million
Outlook: Bullish potential
Does The Dragon Bite?
Komodo's bitcoin denomination is up 1.56 percent while its USD pairing is up 6.47 percent over a 24-hour basis and has found footing along the Feb. 2 - Feb. 4 support line.
Yesterday's weaker close, seen by the topside wick, demonstrates an unwillingness by the bears to relinquish their stranglehold over current conditions.
However, today's daily candle is beginning to shape up in bullish fashion as price begins to slowly consolidate higher.
The MACD shows that a bullish cross is beginning to form just slightly above the neutral 0 line, hinting at the potential to push higher.
Therefore if it can surpass prior wick highs at 2025 satoshis consider a change in the market trend, conversely if it fails to break higher over the week, there could be further draw down potential to prior wick supports at 1703 satoshis.
DASH: Price: $80.90 | MCAP: $684.2 million | 24-Hr Volume: $228.3
Outlook: Bullish potential
DASHing To Old Heights
DASH is up 5.89 percent with the potential to rise higher on the day given its recent bullish climb to highs not seen since the Jan. 10 crypto market sell-off that ripped into bitcoin and altcoin alike.
The MACD is hinting at one more leg up, with an opportunity for a continuation in higher highs, given the low total volume and weaker price action on the open.
The RSI is currently sitting at 63.00 and has room to breathe, albeit not by much, yet DASH could see one more attempt to push higher before exhausting all buying pressure.
If it can surpass prior highs at $84.37, then that would go a long way in boosting bullish confidence.
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New Bitcoin ETF Proposal: A unique exchange traded fund (ETF) has been proposed that would invest in bitcoin futures as well as debt positions tradable on U.S. exchanges. Put forth by Reality Shares ETF Trust, the ETF if approved would be hinged on a portfolio consisting of cash settled bitcoin futures initially from the Chicago futures exchanges, Cboe and CME, as well as “high-quality, short-term sovereign debt instruments.” Coincidentally, the proposal was submitted just three days after SEC Commissioner Robert J. Jackson Jr. stated he thinks a bitcoin ETF will be approved “eventually.”
FULL STORY
Crypto Volatility Report: SFOX released their volatility report last Thursday marking the month of Feb. "mildly bullish", as per their SFOX 'Multi-Factor Market Index'. According to their research BTC, LTC, ETH and BCH all experienced steady declines in their 30-day historical volatility over the course of Jan. However, those major names were more volatile than the S&P 500 and gold throughout last month. Volatility and correlation data from Jan. suggest that the effects of BCH/BSV relationship may be getting more stable and with the crypto market becoming more focused on building rather than hype.
FULL STORY |
| MARKETS 101 Q: What is a bull/bear flag?
A: Bull and bear flags are continuation patterns that signal a move that can be measured using the height of the pole. |
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HC: Price: $1.16 | MCAP: $49.8 million | 24-Hr Volume: $2.2 million
Outlook: Neutral-slight bearish
The Trend Is Your Friend
The higher low market structure that has plagued Hypercash for months now resumes in bearish fashion despite its recent 41 percent climb over a 3-day period.
The current candle signals a desire to trend lower given the rejection on the lower high wick seen Feb. 10.
The MACD signal line sits just below 0, an indication that the bears are winning slightly in the tug-o-war.
While the saving grace may lay within the total daily volume; If the bears do end up stalling out and fail to pressure the bulls harder, low volume will be the metric you should keep your eye on.
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Binance coin (BNB/BTC) is witnessing a technical correction as expected.
As of writing, BNB/BTC is trading at 0.00254 on Binance, having tested the ascending 5-day moving average (MA) support of 0.0025 soon before press time.
The pullback could be extended further, as the 14-day relative strength index (RSI) is still reporting extreme overbought conditions. Meanwhile, the 4-hour chart RSI has diverged in favor of the bears.
A UTC close below the 10-day MA, currently at 0.0023, would neutralize the immediate bullish setup and yield consolidation. |
Litecoin crossed the 12-month-long falling trendline last week and seems to have found acceptance above the 200-week moving average. These are indeed bullish developments and point to better days ahead.
Validating that bullish case is historical data, which suggests the cryptocurrency could rally ahead of the halving event scheduled in August.
Litecoin underwent its first halving - a process designed to create supply deficit and avoid inflation - in August 2015. More importantly, the cryptocurrency bottomed out in January 2015 and rallied more than 500 percent in three months leading up to July.
Put simply, markets priced in drop in supplies (halving) in advance and the recent rally has triggered speculation that history could be repeating itself. |
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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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Bull Bias Intact