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BTC: Price: $3,410 | MCAP: $60.75 billion | 24-Hr Volume: $5.26 billion
Outlook: Neutral-to-bullish
Bulls pin their hopes on falling wedge
Bitcoin's daily price range has dropped to levels last seen in the weeks leading up to the sell-off witnessed mid-November.
The daily trading range, the spread between the highest and lowest prices, fell to $33 yesterday – the lowest since Oct. 31, according to CoinMarketCap data. On that date, the leading cryptocurrency had witnessed a daily trading range of $32.
Back then, the cryptocurrency was sidelined above $6,300 for four weeks leading up to Nov. 14, when prices fell below $6,000 dashing hopes of a long-term bullish reversal.
The latest bout of consolidation is just seven days old and could end with a bullish breakout, as the gradual sell-off seen over the last six weeks has taken shape of a falling wedge - a bullish reversal pattern.
Notably, signs of bearish exhaustion have emerged in the last 24 hours. For instance, BTC witnessed a rising channel breakdown on the 4-hour yesterday. Even so, the psychological support of $3,400 continues to hold ground, signaling seller exhaustion.
As a result, BTC could well make a falling wedge breakout above $3,430 in the next 24 hours. That would open up upside toward $3,658 - the high the bearish gravestone doji carved out on Jan. 26.
A failure to capitalize on the potential breakout, however, would reinforce the primary bearish trend and allow a drop to December lows near $3,100.
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TRX: Price: $0.02683 | MCAP: $27.7 million | 24-Hr Volume: $2.5 million
Outlook: Cautiously bullish
TRON Outperforms Top 10
A 17-hour period of profit taking has consumed only a fraction of TRON's rally that saw a 12.29 percent rise in yesterday's price.
Up 4.86 percent, TRX is today's best performing top 10 cryptocurrency according to CoinMarketCap and CoinDesk data.
The possible reasoning behind Tron's major spike could be attributed to its recent ICO partnership with BitTorrent to create a token, which sold out in just minutes of its release.
The hourly chart reveals a current retest of prior resistances turned support at around $0.0267 and has been bouncing around a minor range to create indecisive candles for the last two periods.
Total volume will also need to increase substantially on the hour or risk falling through the support zone (marked yellow)
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Kraken Acquires Futures Startup: It was announced today that US-based cryptocurrency exchange Kraken has acquired the regulated futures trading startup Crypto Facilities in a “nine-figure” deal. The deal will allow Kraken users to trade spot as well as cash settled futures contracts for a number of cryptocurrencies including bitcoin, bitcoin cash, XRP, litecoin and ether. The acquisition will further benefit Kraken users by allowing them to trade futures on margin 24-7, which is a luxury existing US-based cryptocurrency futures offerings do not currently share. Due to regulatory constraints, Kraken users located in the U.S. will not be able to engage in futures trading.
FULL STORY
Crypto Exchanges Shutting Down: Not only are some individual cryptocurrencies and the teams behind them beginning to fail as a result of the broader market downturn, so are the exchanges themselves. In fact, 2019 has already claimed one crypto exchange casualty, Liqui. Liqui was ranked 181 in the top cryptocurrency exchanges by 24-hour trade volume but is now going out of business, citing a lack of liquidity and economic sense for the reason to close its doors. As long as the broader cryptocurrency market fails to provide meaningful returns, you can expect more exchanges that formed during the 2017 ICO boom and market bull run to waive the white flag.
FULL STORY |
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Litecoin's ether-denominated exchange rate is pulling back from yearly highs as anticipated by @CoinDeskMarkets.
At press time, LTC/ETH is trading is reporting marginal losses on the day at 0.31773, having hit a high of 0.3267 earlier today. The pullback is likely associated with the overbought conditions reported by the 14-day relative strength index.
That technical indicator is currently hovering well above 70.00 and at the levels last seen in Sept. 18.
Therefore, LTC could be in for a much deeper pullback. The dips, however, could be short-lived as investors who missed the near 90 degree rise from the Jan. 15 lows near 0.25 will likely enter the market on pullbacks. |
@MustStopMurad, in a series of tweets, presents a solid case about how bitcoin's current bear market could last longer-than-expected.
To start with, the leading cryptocurrency's biggest use case is still speculation and with global economy likely heading south, bitcoin - a risk asset - could continue to chart lower highs and lower lows for an extended period.
Further, we are yet to see a complete price and attention exhaustion from anyone except the absolute true believers, according to @MustStopMurad. Put simply, the bottom would be in once the wealth is transferred from speculators to believers or HODLers.
@MustStopMurad also argues that an extended bear market would help facilitate transfer of coins from weak hands to strong hands or value investors.
While these arguments sound logical, historical data suggests the cryptocurrency tends to bottom out in the year ahead of halving and tends to rally to new record highs in the following year. |
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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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Price Squeeze