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BTC: Price: $3,820 | MCAP: $68.24 billion | 24-Hr Volume: $7.64 billion
Outlook: Bearish below $3,700
Bitcoin Looks Set To End Record Monthly Losing Streak
With prices up 10 percent from the monthly opening price of $3,434, bitcoin looks set to end the six-month record losing streak.
More importantly, the cryptocurrency could stay bid in March - a weak month for the leading cryptocurrency since 2014 – as signs of bearish exhaustion have emerged on the weekly chart.
The 50- and 100-week moving averages (MAs) have produced a bearish crossover, which is widely considered a contrary indicator. Further, BTC created an inverted bullish hammer last week – a sign of potential trend reversal higher.
Meanwhile, on the three-day chart, BTC has created a bearish outside reversal, weakening the bullish case to some extent. That said, a bearish reversal would be confirmed only if prices see a UTC close below $3,714.
As long as prices are holding above that levels with ascending 5- and 10-candle MAs, the probability of a recovery to $4,000 will remain high.
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ELF: Price: $0.16 | MCAP: $46.4 million | 24-Hr Volume: $22.3 million
Outlook: Pullback from local resistance
AELF Hits Another Higher High
ELF is up 15.26 percent over a 24-hour period after rising on low volume to break to a new high not seen in over 99 days.
The higher low market structure has provided a solid base upon which the bulls have utilized as strong support on their march toward their most recent peak at $0.17.
A pullback is now the most plausible outcome, given the fact that the 4-hour RSI has hit a double top right along the overbought line at 70 and has since retraced slightly, hinting at further draw down potential in the short-term.
If price action falls below previous highs, located at $0.15, then consider an opening of the previous swing low marked at the highest point (in red) on the chart.
MANA: Price: $0.052 | MCAP: $54.4 million | 24-Hr Volume: $35.6 million
Outlook: Pullback
Decentraland Reaching For The Stars
With the recent announcement of the HTC Exodus 1 partnership, MANA is currently riding high, up 41.5 percent after climbing to 60-day highs.
Granted, the news has been quite bullish for the ambitious crypto with the largest showing in 4-hour volume since Dec. 7 of last year.
That total has now been significantly reduced, in spite of a current rise in price, hinting at a reversal in yesterday's gains as the bulls hit a point of exhaustion.
The 4-hour RSI is firmly resting in extreme overbought territory and will eventually need to cool, hinting at potential downside in the coming day.
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Bollinger Bands Explained: Bollinger bands are an indicator used in technical analysis to gauge a given asset's volatility and price action. Created by financial analyst John Bollinger nearly 40 years ago, the indicator is still used throughout all financial markets and has even become a staple in the world of cryptocurrency trading. Its methodology involves 2 and -2 standard deviations (the bands) from a 20 period moving (the basis), which may sound complex, but is one of the easier indicators to use when analysing a price chart. Simply put, periods of low and high volatility are represented by narrow and wide bands respectively. The direction price breaks out of the narrowed bands usually confirms the direction of the subsequent trend. Cryptocurrencies often experience periods of high and low volatility, so Bollinger bands should be on every crypto traders tool belt.
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Buffet Talks Bitcoin: Globally recognized billionaire investor Warren Buffet shared his views on blockchain technology and bitcoin in an interview on Monday with CNBC’s Becky Quick. In the past, Buffet went as far to say bitcoin was “rat poison squared” and re-affirmed his opinions in the latest interview by stating people view bitcoin as “a delusion." His opinions on the space were not all negative though. Buffet went on to admit that blockchain technology itself is “ingenious,” specifically admiring the technology for its ability to “have a limited supply and make it harder and more expensive to create them as you go.” It should be noted Buffet dislikes gold for a similar reason as bitcoin, which is due to the fact he does not believe it produces anything of value.
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The "Coinbase Effect" is fading, meaning the markets are no longer able to capitalize on the knee-jerk rally triggered by listing on Coinbase – one of the largest cryptocurrency exchanges in the world.
For instance, XRP jumped 10 percent immediately following the announcement, only to surrender major chunk of gains within 24 hours.
Also, Zcash (ZEC), which had spiked 16 percent, following Coinbase listing on Nov. 29, gave up almost entire gains the very next day.
At the height of the crypto market frenzy, exchange listings were followed by stellar rallies.
The fading Coinbase effect is not necessarily a bad thing. In fact, it could be considered a sign the froth (speculative money) has left the market. |
Ether price volatility could spike, leading to deeper losses, courtesy of an upcoming ethereum upgrade.
The Constantinople hard fork, a planned two-part upgrade to the world's second-largest cryptocurrency, is scheduled to occur in the next 24-36 hours at block 7,280,000 on the ethereum blockchain.
Historical data shows ether price volatility had spiked with the Byzantium hard fork release on Oct. 16, 2017 and the resulting uncertainty had forced traders to sell ETH and unwind their long positions leading to a 20 percent price slide.
The history could repeat itself... |
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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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