BTC: Price: $3,600 | MCAP: $63.77 billion | 24-Hr Volume: $6.54 billion
Outlook: Neutral
50-day MA is capping gains
Bitcoin is struggling to cross the 50-day moving average hurdle for the fifth straight day. The repeated failure at that key hurdle has neutralized the bullish outlook put forward by Friday’s falling wedge breakout.
Further, the sideways action below the 50-day MA has invalidated the bull flag pattern seen in the 4-hour hart yesterday. So, the bullish case appears to have weakened and the probability of a drop to levels below $3,400 would rise if the 50-day MA hurdle remains intact for another 24 hours.
On the higher side, a break above the 50-day MA, currently at $3,630, would revive the bullish view and could yield a rally to $3,730, which is the neckline of the inverse head-and-shoulders pattern. A violation there would confirm a transition from the bearish lower high lower low pattern to the bullish higher high and higher low pattern and open the doors to $4,130 (target as per the measured move method).
So, while a break above the 50-day MA would revive the bullish outlook, only an acceptance above the neckline hurdle of $3,730 would put $4,000 back on the table.
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The Intelligent Investor: Supposedly, investors in the cryptocurrency space have "gone home", optimists have "packed their bags" while the pessimists are "running the show" - a true indication of who is in control of the markets. But now, more so than ever, opportunities are beginning to be expanded upon with real companies looking ahead toward future growth and expansion once again. CoinDesk covered the Wall Street Cheat Sheet , but it has been further noted that the markets may have transitioned into the 'depression stage' with an eye on the state of the market in terms of emotional and erratic price action.
FULL STORY
Fact or Fantasy: The Financial Times recently assessed the approach it believes cryptocurrency advocates take toward market realities and theory. Deposing the idea of "anarchistic libertarianism" that people like Nouriel Roubini of New York University see the crypto movement as; The Financial Times takes a look at digital money, outside the realm of crypto as a means to fulfil the current gaps crypto is attempting to plug. It goes on to detail the cryptocurrency bubble from its inception up until present day.
FULL STORY |
| MARKETS 101 Q: What is the RSI?
A: The relative strength index (RSI) is a trader's tool used to define the momentum of a trend based on overbought/sold conditions. |
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VERI: Price: $18.60 | MCAP: $76.1 million | 24-Hr Volume: $2.5 million
Outlook: Cautiously bearish
Weak Bounce For Veritaseum
Veritaseum's weaker bounce on the daily RSI demonstrates a slowing up of buying pressure and a drop in momentum as seen on the average true range indicator dipping down (ATR).
Down 10.56 percent over a 24-hour basis, according to CoinMarketCap data, VERI looks to the broadening descending wedge for hope of a stronger rebound than the one currently experienced on the daily RSI.
Total volume has increased slightly, giving credence to the latest moves down, however, if the bulls manage to increase buying pressure for the better part of today, expect a breakout from the wedge.
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EOS/BTC seems to have resumed the rally from December lows following the channel breakout, confirmed on Feb. 8.
The cryptocurrency jumped to 0.0008228 BTC yesterday - the highest level since Nov, 27 - and is currently trading at 0.0007945 BTC.
The pullback is likely associated with the overbought conditions reported by the 14-day relative strength index, but has done no damage to the bullish setup, signaled by the channel breakout. Further, the price is still holding above the ascending (bullish) 10-day MA.
The path of least resistance, therefore, remains to the higher side. |
The Mayer multiple - created by Trace Mayer - is the multiple of current Bitcoin price over the 200-day moving average (MA).
A Mayer multiple above 1 indicates bitcoin's price is holding above the 200-day MA, while a below-1 reading is seen when the cryptocurrency is trading below its key long-term average.
Seen in the above tweet, BTC is currently sitting well below the 200-day MA, yielding a Mayer multiple of 0.0677.
Many consider the 200-day MA as a barometer of whether the cryptocurrency is in a long-term bear/bull market. So, a below-1 Mayer multiple could be considered a sign of the bear market and vice versa.
Further, an unusually high number, represented a big gap between price and its 200-day MA could be considered a sign of bubble. |
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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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Staying Neutral