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BTC: Price: $3,410 | MCAP: $60 billion | 24-Hr Volume: $5.28 billion
Outlook: Bullish
Bitcoin has charted a falling wedge pattern
Bitcoin closed in the red for a record sixth straight month in January, reinforcing the primary bearish trend.
Therefore, there is consensus in the market that December lows near $3,100 could be put to test soon.
Even so, all is not lost for the bulls, as a closer look at the daily chart reveals the cryptocurrency has charted a falling wedge - a bullish reversal pattern.
A convincing move above $3,450 would confirm a falling wedge breakout or short-term bearish-to-bullish trend change and open up upside toward $3,658 - the high of the bearish gravestone doji carved out on Jan. 26. A violation there would only strengthen the short-term bullish case.
The prospects of a bull breakout, however, would weaken if the 200-day moving average (MA) of $3,317 is breached. That would bolster the already bearish long-term technical setup and strengthen the odds of a drop to $3,000.
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LOOM: Price: $0.04409 | MCAP: $27.7 million | 24-Hr Volume: $2.5 million
Outlook: Cautiously bearish
LOOM Reaches For The Stars
Loom has set a new intra-weekly high after rising above the Jan. 31 peak of $0.0449, however, the good times may not last as it failed to reach higher on the day.
Up 10.92 percent, the odds for holding above the prior resistance level at $0.0435 seem fairly small as traders look to profit take their recent earnings.
If the pullback runs deep then LOOM could be in for further losses as the month progresses, while conversely if it holds above then the bulls would have room to take another leap higher, courtesy of falling selling pressure.
The RSI has peaked after reaching heights not seen since Jan 24 at 56.21 and has dipped to a higher low with its most recent price action, indicating exhaustion for the current period and consolidation before another major move down.
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Bitcoin's Longest Bear Market: Bitcoin is now officially in its longest bear market ever after passing 411 consecutive days to take the undesired title from reigning years 2013-2015. Now in its 413th day of a lower high trend, bitcoin has been reacting to its "halving" effect, whereby the amount of new coin released to the public is cut in half, limiting the supply and driving prices to new heights. Past events show prices bottomed 378 days before its 2012 halving event spurred it to new heights, rising 510 percent. The same instance occurred in 2016 where prices again bottomed 539 days before the halving paved a smooth run for the historic 2017 bull rally. With 495 days to go until the next bitcoin halving in 2020, an end to the longest bear market in crypto history might just be around the corner.
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Cryptocurrency And Real Estate: In early 2018, three homes were purchased on the U.S and U.K markets using cryptocurrency as payment in what became the first instance of its kind. Real estate is an asset of value that can be sold fractionally, providing more people an opportunity to profit from the income generated via property investments. In the case of blockchain and cryptocurrency integration, each fraction, represented by a token, can be independently traded, effectively liquidising the real estate market. This would provide greater access to those currently facing barriers to entry such as high fees and scarcity. Additionally, smart contracts provide increased efficiency by streamlining the paperwork process that usually requires several government bodies, lawyers and agents to oversee.
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| MARKETS 101 Q: What is the stochastic oscillator?
A: The stochastic is a trader's tool used to judge the momentum and strength of a given trend. |
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REP: Price: $14.16 | MCAP: $153.9 million | 24-Hr Volume: $10.7 million Outlook: Bearish
Augur's Pullback Well Underway
There's no escaping the lower high pattern on the 6-hour chart for REP which has fallen 10.15 percent over a 24-hour basis to land itself as one of the worst performing crypto of the day.
After a bullish divergence on the RSI (Jan. 13 - Jan. 28) broke to the topside, prices peaked at $14.10 before being rejected from the lower high, knocking prices down another 14.44 percent.
Total volume is also trending back at levels before the massive spike seen on Jan. 14 and with a drop in activity and momentum, the ability for the bulls to hold the lower high and break into a higher high is severely limited.
 MANA: Price: $0.03336 | MCAP: $35.1 million | 24-Hr Volume: $1.2 million Outlook: Potential fakeout
Decentraland Coiling For A Breakout
The falling wedge on the daily chart for MANA is hard to ignore and providing some hope after dropping another 4.15 percent on the day.
Indeed most of the crypto market is in a sea of red once again, as the market ebbs and flows in the on-going bear cycle, but potential gains to be made are there and this time around is no exception as a measured breakout from the falling wedge takes its price back up toward $0.12000 (recent peak).
If price action takes a sideways stance during a period of consolidation, then invalidate the pattern and consider another drop down to new lows as February continues to play out.
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XRP/USD has created a large head-and-shoulders bearish reversal pattern on the weekly chart.
As noted by @SatoshiLatino, The bullish-to-bearish trend change would be confirmed below the neckline support of $0.29.
The breakdown, if confirmed, would open open the doors to $0.18 (November 2017 low). In fact, it could go much lower, given the head high is well above $3.5.
A head-and-shoulders breakdown is widely considered a strong bearish reversal indicator as it essentially represents a transition from the bullish higher low and higher high pattern to the bearish lower high and lower low pattern. |
As of writing, more than $2 million ether (ETH) - the token which powers ethereum's blockchain - locked up in the MakerDAO smart contract. That is a significant rise from $1 million seen in mid-November.
Notably, the number stood below the $2 million mark a couple of days ago. The rise in the amount locked in MakerDAO could be considered a warning of an impending ETH sell-off below $100.
MakerDAO's DAI - the first decentralized stablecoin on the etherum blockchain - tends to be over-collateralized by 200% to 300%, meaning for every DAI generated, there is at least $2-$3 worth of ETH locked up. As a result, more ETH needs to be locked up to keep DAI collateralized in the event of ether price sell-off. |
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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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Bullish Wedge