Bull Case Intact

Cryptocurrencies could pick up a strong bid over the weekend

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February 22, 2019 BTC: Price: $3,940 | MCAP: $70.22 billion | 24-Hr Volume: $7.40 billion Outlook: Bullish The Pause That Refreshes Bitcoin's three-day price consolidation near $3,900 has taken the shape of a bull flag on the 4-hour chart.  A 4-hour close above $3,930 would confirm a flag breakout and open the doors to $4,330 (target as per the measured move method). That looks likely as longer-duration charts are biased toward the bulls. Monday's high-volume triangle breakout is still valid, while a bullish crossover between the 5- and 10-day exponential moving averages (EMAs) on the 3-day chart indicates a positive shift in market sentiment. Further, the cryptocurrency seems to have found acceptance above the 10-week MA, which is beginning to curl upwards in favor of the bulls. As a result, the cryptocurrency could trade on the offensive over the weekend.  Even so, it's important that traders remain flexible, as another rejection at $4,000 may put the focus back on the fact that the primary trend is still bearish and could yield a deeper drop to the 100-day moving average (MA), currently located below $3,800. Read Analysis QASH: Price: $0.10  | MCAP: $35.5 million | 24-Hr Volume: $823,500 Outlook: Consolidation Taking Profits Above Key EMA QASH is currently up 30.48 percent on the day after climbing above the 55-day exponential moving (EMA) average before hitting a point of exhaustion as profits were bagged at $0.12 according to Bitfinex exchange data. The quick move above the EMA, shows that the short-term buying pressure had enough gusto to break an important prior resistance at $0.09 but now appears to be slowing down. The 90-day falling wedge breakout has therefore been temporarily halted by a minor sell-off, but with such little volume its possible the bears don't have enough momentum to swing to lower lows in the near-term. The stochastic bear cross and RSI approaching overbought conditions add fuel to the fire for a case to see further drawdown, but the bears will really need to pick up speed in order to break below the 38.2 percent Fibonacci retracement line. If it does, consider a pick up in buying pressure at around $0.81 along the 61.8 percent Fibonacci retracement. ONT: Price: $0.79  | MCAP: $254.4 million | 24-Hr Volume: $13.6 million Outlook: Bullish potential Ontology Continues Its Run Ontology is up 5.36 percent over a 24-hour basis and climbing once more to the 100 percent Fibonacci extension and trending above the 55-day exponential moving average (EMA), a short-term bullish move. However, ONT now looks to be exhausted as both bullish growing and bearish falling volume dropped while prices made new highs; a bearish volume analysis according to theoretical materials. The RSI is printing overbought conditions, an indication of a short-term pullback from current levels while the stochastic has bull crossed and shot up above 80 to stand at its highest levels since Aug. 28 where shortly after prices plummeted. Keep your eye for any break below $0.65 (confluence of EMA support and Fibonacci retracement) as that will highlight the bears willingness to resume the primary lower high trend. Crypto Venture Fund Raises $125M: Pantera Capital, a venture fund focused on investments in the cryptocurrency industry, have already raised $125 million of its $175 million funding goal, which is expected to close in March. The firm is no stranger to investments in this space as the new fund will be the firm’s third. The new fund won't be exactly the same as Pantera’s past funds though, in that it will invest in “more-mature companies” this time around. The new fund may even become Pantera’s most diverse one yet. Past funds from the firm have invested in a total of 44 companies to date, yet the new fund is expected to included 30-50 while targeting equity in custody, commercial exchanges, asset management, institutional tools, infrastructure and marketplaces. FULL STORY The Future Of Decentralized Exchanges: Binance Labs' Incubation Program, a venture arm of Binance empowering cryptocurrency and blockchain entrepreneurs, has recently announced a planned upgrade to increase security and scalability known as Injective Protocol. Injective Protocol was designed by Eric Chen and Albert Chong and refers to a fully decentralized, front-running proof layer-2 exchange that allows for trust less liquidity sharing . After being banned by the Coinbase exchange a while back, they went in search for Decentralized Exchanges (DEX's) and discovered the poor user experience and poor liquidity sharing among crypto assets and set out to increase transparency and security. FULL STORY     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   FCT: Price: $6.52  | MCAP: $56.7 million | 24-Hr Volume: $161,852 Outlook: Bear biased Factom Needing Assistance Factom is at risk of falling to November lows at $4.58 if volume is to continue its current trend, while the RSI hangs tentatively at 44.5, just below bullish. The total falling (bearish) volume has remained relatively low, but the same can be said for momentum as neither side seems capable of converting a full body candlestick on the weekly chart. With 3-days until closing period, whereby a pickup in volatility as a result of increased liquidity occurs, FCT may be able to clinch on and hold the current higher low structure on the pullback from the Dec. 19, $19.22 high. If it fails, consider a drop to previous Oct 2018 highs at $4.90. Bitcoin's futures market curve has normalized to a great extent, as seen in the above chart.  The contracts for further dates are trading at even higher prices. As a result the curve is sloping upwards, signaling a bullish shift in market sentiment.  That said, the market is still not completely convinced, according to @skew_markets. That is evident from the fact that June expiry contracts are trading at a discount. The curve, therefore, flattens out beyond May 2019 That, however, could change if the cryptocurrency sees a high-volume break above $4,000. The 50-week moving average (MA) of bitcoin's price is about to cross its 100-week MA from above. As per technical theory, that crossover is a bearish sign.  In reality, however, the confirmation of the bearish crossover of 50- and 100-week MA is itself a product of prolonged bear market and is usually followed by a bullish reversal.  For instance, the averages produced a bear cross in the second quarter of 2015 - four months after the bear market ran out of steam. More importantly, BTC witnessed a bullish reversal in October 2015. So, the impending crossover could be considered a sign the cryptocurrency has bottomed out at December lows near $3,100. 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