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BTC: Price: $3,600 | MCAP: $64.10 billion | 24-Hr Volume: $6.39 billion
Outlook: Bullish
Bitcoin eyes $4,000
Bitcoin jumped to $3,711 on Friday - the highest level since Jan. 19 and ended the day with a 7.8 percent gain. That's the biggest single-day rise since Dec. 28.
The rally to three-week highs confirmed a falling wedge breakout, which represents a bearish-to-bullish trend change. More importantly, trading volumes jumped 54.6 percent to a seven-week high of $7.73 billion on Friday.
The bullish breakout, therefore, looks legitimate and is backed by the 14-day relative strength index (RSI) printing bullish levels above 50.00 and the ascending 5- and 10-day moving averages (MAs).
Therefore, BTC could soon beat the 50-day MA hurdle lined up at $3,642 and rise toward the key resistance levels of $3,800 and $4,000.
A break below the Jan. 29 low of $3,322 would invalidate the bullish setup. That looks unlikely, though, as the high-volume wedge breakout has confirmed bearish exhaustion signaled by falling volumes on the weekly chart.
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LTC: Price: $44 | MCAP: $2.8 billion | 24-Hr Volume: $1.4 billion
Outlook: Bull biased
Half Of Litecoin's Marketcap Traded In 24-Hours
Half of the total amount of litecoin's total $2.8 billion market capitalization was traded over a 24-hour period as it became one of the hottest crypto over the course of the weekend.
However, there are early warning signs beginning to take shape in the form of total volume falling period to period alongside a rise in prices - a bearish volume analysis. Indeed, the rally seen Feb. 8 was spurred on by the exponential moving average bull cross that broke a month long high and set a new 3-month high at $47 two days later.
Volatility, as measured by the average true range (ATR) indicator shows a higher low pullback, meaning momentum is still about and could be enough to shift prices back down toward local supports at $42.70.
BNB: Price: $9.26 | MCAP: $1.2 billion | 24-Hr Volume: $123.3 million
Outlook: Cautiously bullish
Higher Highs Make For Awesome Display
Binance Coin is up another 3.16 percent over a 24-hour basis and is continuing its higher high market structure on the daily chart. More interestingly, the move was backed by a large injection in volume seen by analysing CoinMarketCap data that shows more than half of BNB's market capitalization traded over a 24-hour period, leading analysts to concede the move as legitimate.
Volatility is also beginning to increase, seen by a movement along the scale for the ATR, currently sitting at 5.28.
BNB will need to see similar levels of growing volume period to period in order to maintain the same level of buying pressure that has forced bears to concede to the higher low, higher high market structure.
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| MARKETS 101 Q: What is the MACD
A: The Moving Average Convergence Divergence is a traders tool used to define the momentum and shift of a particular trend. |
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ETP: Price: $0.61 | MCAP: $32.2 million | 24-Hr Volume: $759,601
Outlook: Bearish-Short-term bull potential
Potential Rising Wedge Dogs Expectations
Metaverse ETP is down 2.96 percent over a 24-hour basis and is yet to break a 13-day trending support line (marked at bottom of rising wedge) despite low levels of volume and unconvincing buying pressure.
A falling wedge, typically bearish in nature, has also formed during the same period as price struggled to push higher with any sort of conviction despite Feb. 8's bullish crypto market surge.
The pullback from the 4-hour RSI shows a failure to contend with higher prices as the bulls all but dissipated toward the end of the daily close.
Two touches from price is all that is required to validate a rising wedge pattern so be mindful of any larger sell-offs that can pierce aforementioned trending support to create a new lower low pattern.
If prices hold however, that would go a long way into restoring bullish confidence for the upcoming week.
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@AltcoinPsycho is rightfully warning investors that Friday's bullish move, though encouraging, is not enough to turn macro bullish on the leading cryptocurrency.
A major bullish breakout would be confirmed if and when the leading cryptocurrency violates the bearish lower high with a move above $4,100.
So, the outlook remains bearish while prices are held below that levels.
That said, the prospects if a move above $4,100 have improved following Friday's high-volume falling wedge breakout. |
Bitcoin hash rate - the total computing power of the Bitcoin network - rose to three months on Friday.
Soon, BTC followed suit by jumping to highs above $3,700, validating the theory put forward by many that price follows hash rate.
The rationale behind that argument is miners would dedicate more efforts to mining bitcoin only when they anticipate bullish move. So, a rising hash rate is considered a sign of an increased miners' confidence, while falling hash rate is considered a sign miners are losing confidence and jumping.
That argument sounds logical, though, price does not always follow the hash rate. For bitcoin's hash rate rose sharply through the 2018, but seldom had a positive impact on price. |
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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 Breakout