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BTC: Price: $3,400 | MCAP: $60.50 billion | 24-Hr Volume: $5.50 billion
Outlook: Bullish above 6H 50-candle MA
Sustained rally in Litecoin may bode well for BTC and broader markets
Bitcoin continues to languish in bearish territory below the 50-candle moving average (MA) on the 6-hour chart, currently at $3,417.
Meanwhile litecoin, the fourth largest cryptocurrency by market capitalization, is reporting double-digit gains at press time. LTC's BTC-denominated exchange rate jumped to seven-month highs earlier today.
Notably, the pair is currently trading well above the inverse head-and-shoulders neckline level of 0.010182 BTC. A UTC close above that level would confirm a bullish breakout and open the doors to 0.013 BTC (target as per the measured move method).
A breakout, if confirmed, could keep LTC better bid over the weekend and the resulting rise may end up boosting risk appetite in broader markets.
The outlook for bitcoin would turn bullish if prices find acceptance above the 6-hour chart 50-candle MA. That would open up upside toward $3,650 (high of the bearish gravestone doji carved out on Jan. 26.
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ETC: Price: $3.86 | MCAP: $417.1 million | 24-Hr Volume: $147.7 million
Outlook: Short-term retracement
Ether Classic Takes Bull Breather
Up 2.5 percent over a 24-hour period, ETC takes a breather from the continual lower high market structure after hitting a 51-day low two days prior.
The bounce provided from a touch along oversold conditions on the daily RSI provided much needed respite for the sorely battered bulls who still fail to show up in significant numbers to reverse the trend.
However, if the short-term retracement can extend into a rally beyond $4 in the near future then that would go a long way in restoring bullish confidence and making a stronger case to break the bearish pattern.
Volatility has also dropped, seen on the average true range indicator (ATR), an indication price action is weak at current levels and may look to retest local supports at $3.70
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Quadriga Faces Uncertain Future: Canadian cryptocurrency exchange Quadriga has been rocked by a huge issue when its founder Gerald Cotten suddenly passed away in Dec. while on travels through India. Cotten was the only person who handled customer's funds estimated at $190 million in fiat and digital currencies most of which were held in cold storage, to which the company now claims is unable to access their clients accounts. No one, including his widowed partner, possess any knowledge on the whereabouts of the encryption keys or passwords he may have used.
FULL STORY
Decentralized Exchanges: Decentralized exchanges possess characteristics unique to the financial world in that they allow users to hold and control their own fund. Further, there is no third party such as a bank or other financial institution that controls or monitors your fund. They are extremely secure in a sense that your fund remains safe from malicious attack rebuffed by the blockchain protocol. With decentralized exchanges, users need not worry about privacy issues, providing anonymity and differing significantly to that of KYC centralized exchanges.
FULL STORY |
| MARKETS 101 Q: What is the stochastic oscillator?
A: The stochastic oscillator is a traders tool used to define the momentum and shift of a particular trend. |
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BNB: Price: $7.88 | MCAP: $1.09 billion | 24-Hr Volume: $84.5 million
Outlook: Retracement-bearish below $7.15
Binance Bulls Ask What's Next?
Binance Token is down 4.91 percent on the day after a pullback from an 84-day high of $8.76 and is currently down 10.41 percent from the local high.
Yesterday we discussed BNB's pullback potential due in part to the RSI sitting in oversold conditions and traders took note, triggering a short-term sell off that continues at time of writing.
BNB will need to retrace 38.2 percent, below $7.15, as per Fibonacci retracement theory, in order to break the higher low higher high trend that has been on-going since Dec. 14 (56-days).
XEM: Price: $0.03747 | MCAP: $333.5 million | 24-Hr Volume: $17.8 million
Outlook: Bear-biased
NEM's Potential Higher Low
Up 5.89 percent over a 24-hour period, XEM failed to close out a stronger candle close on yesterday's trading session. Granted the move came in response to extremely oversold conditions on the daily RSI as well as a drop to new lows thereafter, to levels not seen since Feb. 2017.
However, if the bulls can maintain buy pressure to prop up the higher low candle throughout the trading period, they could stand a greater chance of taking out previous highs located at $0.0426.
But for now with momentum down, it may be best to wait for the outcome and for it to provide a clearer market structure signal.
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Bitcoin rallies on block reward halving as it boosts stock-to-flow ratio.
The stock-to-flow ratio is the amount of the asset/commodity that is held in reserves divided by the amount produced every year. Halving essentially reduced the number of bitcoin's produced (supply). The ratio, therefore, goes up after halving, pushing prices higher.
Flow is quantity measured over time and stock is as an accumulation of flows over time. So for bitcoin, flow is the block reward with a new block mined roughly say ten minutes. |
@MatiGreenspan is drawing parallels between traditional financial assets and major cryptocurrencies.
Of note is the reference to ethereum as digital crude oil. Black gold (oil) is what fueled rapid industrialization across the globe.
On similar lines, Ethereum has become the platform of choice for entrepreneurs looking to launch decentralized, blockchain-based projects.
@MatiGreenspan also mentions stablecoins as digital fiat, which makes sense as most of them are backed by US dollar - fiat currency. |
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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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Litecoin Spikes