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BTC: Price: $3,940 | MCAP: $69.92 billion | 24-Hr Volume: $9 billion
Outlook: Bullish
Rally Has Substance
Bitcoin jumped above $3,800 on Monday confirming both the inverse head-and-shoulders breakout on the 4-hour chart and triangle breakout on the daily chart.
Trading volumes on that day jumped above $9 billion for the first time since May 2018, validating the bullish developments. Volumes rose further to $9.93 billion yesterday, which indicates that investor interest has increased post-breakout.
Therefore, recent rally appears to have substance and prices could rise towards $4,236 (Dec. 24 high) in the near-term, albeit after a minor bout of consolidation or pullback, as the indicators on the 4-hour chart and daily charts are reporting overbought conditions.
A break below Monday’s low of $3,614 would invalidate the bullish setup, although that looks unlikely, as longer duration charts are beginning to align in favor of the bulls. For instance, BTC’s current 3-day candle looks set to close well above $3,711. That would add credence to the bullish outside reversal candle created in three-days to Feb. 8 and bring potential for a move towards $4,429 (38.2 percent Fibonacci retracement of the sell-off from November highs to December lows).
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BNB: Price: $11.11 | MCAP: $3.48 billion | 24-Hr Volume: $2.18 billion
Outlook: Bullish
Binance Punts Bears In The Mouth
Binance Token is today's best performing cryptocurrency in the top 10, up 13.68 percent and has recently converted an previously established resistance level into support, an indication the bulls are overpowering the bears.
In addition, total growing (bullish) volume has steadily been increasing since early Dec. and provides an insight into a possible change in trend for the mid-term should similar levels be sustained throughout the rest of Feb.
Local RSI support can also be found above 50 a stronger bullish signal as it currently rests in overbought territory and may trigger a larger pullback in the days ahead.
As long as it can maintain the higher low higher high market structure then the bullish bias would remain intact as liquidity slowly picks up with investor interests looking to the mid-term (1-3 months).
XLM: Price: $0.08779 | MCAP: $3.48 billion | 24-Hr Volume: $2.18 billion
Outlook: Cautiously bullish
Stellar Prepares Its Jets
Stellar is holding ground and is currently up 4.13 percent during this week's bullish market rally which gave a nice boost to prices across the board.
After pulling back slightly from yesterday's UTC close, the bulls have managed enough buying pressure throughout to curb a drop to lower lows, printing a higher low in the process.
Currently, price action is caught between two key Fibonacci extensions (78.6 and 61.8 percent) and is looking more and more bullish with each passing hour as total falling volume dropped sharply alongside a drop in prices, a positive sign.
Mind the hidden bearish divergence however, marked from Jan. 8 to Feb. 15 as that usually points to greater downside potential, if it holds the current higher low and pushes beyond however, ignore the divergence warning.
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Ways To Reduce Your Risk Exposure: Risk is associated and inherent in any market or investment and cryptocurrency is no exception to that rule, but there are ways you can mitigate your risk and your exposure to it. Starting primarily by doing your own research and understanding what it is about a particular asset class that you're interested in and the reasons why the project exists. Diversifying your portfolio is another step you can take to mitigate risk, by investing in multiple assets you intentionally spread your risk across the board. While remaining active with your investment portfolio is another big factor to reducing your overall risk.
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ETF Countdown To Restart Tomorrow: A bitcoin exchange-traded fund (ETF) proposal submitted to the Securities and Exchange Commission (SEC) for a second time by VanEck, SolidX and the Cboe BZX Exchange, is set to take effect this Wednesday (Feb. 20). The governing rules provide a 45-day turn around in terms of a response from the SEC on the application's outcome, ranging from approval, rejection or extension. The notice of proposal was first listed on the SEC's website on Feb. 13 and the SEC must respond by April. 5 at the latest, with the possibility of giving itself an extension.
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XRP: Price: $0.3334 | MCAP: $13.75 billion | 24-Hr Volume: $891 million
Outlook: Bullish
Bullish outlook intact
XRP is currently reporting a 1.7 percent drop on a 24-hour basis, according to CoinMarketCap, but will likely ran higher on the list of winners in the next few days, as the technicals are biased bullish.
To start with, XRP's 6.5 percent rise on Monday confirmed a falling wedge breakout – a bearish-to-bullish trend change. The 14-day RSI is biased bullish with an above-50 reading and pointing north. Further, the 5- and 10-day moving averages (MAs) are trending higher.
Indeed, the cryptocurrency carved out a doji with long upper shadow yesterday at the 100-day MA hurdle. That, however, has done little damage to the bullish setup discussed above, as prices have bounced off strongly from the ascending 5-day MA earlier today.
All-in-all, XRP could soon rise above the 100-day MA, currently at $0.3532 and test the 200-day MA at $0.3820 in the near-term. The bullish setup, however, would weaken if prices close below the 10-day MA.
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The symmetrical triangle breakout seen in EOS/USD's hourly chart earlier today revived the preceding bullish trend, as expected.
As of writing, EOS/USD is trading at $3.91 on Bitfinex, having clocked a high of $4.03 a few minutes before press time – the highest level since Nov. 20.
The relative strength indices (RSIs) on the daily, 4-hour and hourly charts is reporting overbought conditions. As a result, prices could fall back to $3.70-$3.50 in the next 24 hours or so. The outlook, however, would remain bullish as long as prices are held above $3.00. |
Litecoin, the world's fifth largest cryptocurrency by market capitalization, is up more than 60 percent on a year-to-date basis and is now probing the crucial resistance zone of $48-$50.
As noted by @fle_pie, that level acted as a strong support multiple times in three months leading up to October end. As a result, a convincing break above $50 could be considered a major bullish breakout.
A strong rejection there, however, could embolden the bears, although that looks unlikely as the current rally has substance – trading volumes have jumped to levels last seen in February 2018.
Further, the cryptocurrency is set to undergo mining reward halving in August and historical data shows the cryptocurrency tends to price in the supply deficit in advance. |
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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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Volumes Return