BTC: Price: $3,820 | MCAP: $68 billion | 24-Hr Volume: $8.38 billion
Outlook: Bullish
Long-Tailed Candle Signals Dip Demand
Bitcoin (BTC) staged a quick recovery from lows near $3,650 yesterday before closing at UTC with moderate gains near $3,800.
Essentially, the cryptocurrency defended the former resistance-turned-support of the upper edge of the triangle pattern with a long-tailed doji – a sign of dip demand.
As a result, a re-test of $4,000 could be on the cards – more so, as the triangle breakout, confirmed last week, is still valid and is backed by bullish readings on the 3-day chart MACD and Chaikin money flow (CMF).
All-in-all, BTC is heading into a historically weak month on a positive note and may end March with strong gains if prices jumped above $4,190 in a week or two, validating the inverted bullish hammer seen in the weekly chart. That candlestick pattern is widely considered a sign of bullish reversal.
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RVN: Price: $0.014 | MCAP: $38.8 million | 24-Hr Volume: $15 million
Outlook: Pullback to lower highs
Ravencoin Flaps Its Wings
Ravencoin, the open source blockchain project that specializes in the creation and peer-to-peer transfer of digital assets, is currently up 9.33 percent over a 24-hour period and has seen an injection of $2.4 million to its total market cap over that same timeframe.
RVN has now hit a point of exhaustion on the bull front as seen by a large drop in growing (bullish) volume as it touched the $0.0147 local resistance today amid a strong start to the open, but that doesn't necessarily mean they can't go higher.
The daily chart shows that buying pressure currently exceeds sellers and represents the strongest move above the Chaikin Money Flow's (CMF) neutral 0 line since it was first listed on the Binance exchange. This would indicate a potential for continuation, after a pullback to lower highs at $0.01250 - $0.01173 has done its dash due in part to overbought RSI conditions (not shown).
THETA: Price: $0.14 | MCAP: $125.1 million | 24-Hr Volume: $35.9 million
Outlook: Potential continuation post pullback
THETA Shoots For The Stars
Theta is up a further 7.15 percent on the day after climbing to a new high not seen since July 26, 2018, 218 days ago on Feb 26.
An area of support along the 38.2 percent Fibonacci retracement line (previously resistance) is the most likely zone where price will stall after a period of profit taking ensues post breakout.
This area represents a good indication of legitimacy in Theta's most recent bullish move as a pass below would negate the mid-term view of higher highs and higher lows moving forward.
The RSI (not shown) is printing extreme overbought and adds weight to a pullback, but will not discredit bull momentum in the mid-term should it remain at higher levels.
As long as the CMF remains above 0 on the 2-day chart, bulls have the advantage to see greater gains in the coming week, provided growing volume sustains its run heading into March.
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Ether is Forking Today: The long awaited forks of the world’s second largest cryptocurrency by market cap is expected to occur today, barring any unforeseen delays. The two forks, termed Constantinople and St. Petersburg, when activated will reduce the block reward issuance from 5 to 3 ETH. This will effectively reduce ETH’s inflation from 7.5 to 4.5 percent, but is only intended to be a temporary measure until new ETH miners are introduced to the network in the following upgrade known as Serenity. Constantinople has already been delayed once, so many are eager to have the upgrade done and over with. CEO of MyCrypto Taylor Monahan affirmed this sentiment by stating the Constantinople fork has been a “distraction” and what needs to be focused on now is “the path forward for ethereum.”
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Crypto Sentiment Study: Partner at Wing VC Zachary DeWitt conducted a sentiment study regarding the cryptocurrency market by polling 91 people in the industry. The sample size is small, but the study did reveal some unique findings pertaining to the outlook those familiar with cryptocurrencies have on the broader market. Interestingly, nearly 70 percent of the those polled said they are going to be crypto net buyers over the next three months, 51 percent of which claimed BTC would be their cryptocurrency of choice if only able to purchase one. The longer term outlook of the group is even more bullish. The average anticipated price of BTC at the end of 2020 was $86,351 while the median was $35,000.
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MANA: Price: $0.04475 | MCAP: $45.5 million | 24-Hr Volume: $14.7 million
Outlook: Cautiously bullish
Decentraland Cools Off From Recent News
MANA has retraced 78.6 percent as per Fibonacci after its recent announcement regarding the HTC Exodus 1 partnership amid a period of profit taking after climbing to 60-day highs, discussed in yesterday's analysis.
Price action has landed and bounced off the aforementioned Fibonacci level creating a higher low pullback and giving credence to another retest of the 50% pivot point at $0.04676.
The main concern lay in the total amount of 4-hour volume which has remained quite low despite producing a decent-sized green candle in its most recent move.
If the bulls don't begin showing up in higher numbers MANA could risk reversing recent gains and dropping back toward the 78.6 percent retracement zone but at this stage the odds are stacked in their favor as the stochastic looks ready to cross bullish.
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As anticipated by @CoinDeskMarkets, the bear flag breakdown - a bearish continuation pattern - witnessed yesterday, ended up trapping the bears on the wrong side of the markets.
Indeed, the cryptocurrency fell to lows near $3,650, only to bounce back quickly to levels above $3,800, reinforcing the bullish trend change signaled by the last week's high-volume triangle breakout.
Bear flag breakdown often yields a sustained acceleration of the preceding bearish move.
In BTC's case, however, the pattern failed, not surprisingly though, as there was little sell volume, meaning the dip was largely due to profit taking on longs as opposed to fresh selling.
To cut the long story short, trades should always keep an eye on whether volumes are confirming bullish or bearish breakouts. |
Almost three equal parts!
The investor community stands divided on which way ethereum's ether token will go after the much-anticipated Constantinople hard fork.
As of now, 37 percent of voters are expecting ether to drop post-fork, as opposed to 29 percent who expect the cryptocurrency to begin a new bull run.
If history is anything to go by, ether could drop sharply after the optimization upgrade.
The cryptocurrency had witnessed a 20 percent slide, as spike in volatility with the Byzantium hard fork release on Oct. 16, 2017 had forced traders to unwinding their long positions. |
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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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'MARCH'ing Higher