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BTC: Price: $3,840 | MCAP: $68.53 billion | 24-Hr Volume: $10.16 billion
Outlook: Bullish
Charts Lean Bullish
Bitcoin has erased losses seen on Monday with a strong bounce from the bullish 5-week moving average (MA) support of $3,703. That has raised the odds of a rally to the psychological hurdle of $4,000.
Backing that bullish view is the flag breakout on the hourly chart. That bullish continuation pattern is known to accelerate preceding bullish move, As a result, doors look open for a rally to $4,040 (target as per the measured move method).
Further gains cannot be ruled out, as a number of weekly chart indicators like the moving average convergence divergence (MACD) histogram, the money flow index (MFI) and the 5- and 10-week MAs are signaling that the path of least resistance is to the higher side.
That said, the recovery is still in the nascent stage. So optimism generated by the bullish technical indicators could fizzle out quickly if price breaks below the key support at $3,658 – the low of the bullish long-tailed doji created on Feb. 27.
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BTC Mining Profits Rebound: In February, bitcoin mining revenues fell to its lowest amount since 2017 of just $195 million. According to the Diar newsletter however, revenues are back on the rise for the first time since bitcoin’s last price boom. The newsletter eludes to the recent increase in profits leading to more capital expenditure on the latest mining equipment by mining operations just to stay afloat. Data further shows the latest release of the flagship product from mining company Bitmain, the Antminer S15, has already sold out twice over since going on sale earlier this year. Fans of Bitmain products may find the wait worthwhile as data from Diar also reveals the Antminer S15 is currently averaging a return 84% greater than that of its predecessor.
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TUSD Instant Proof of Funds: Certain stablecoins have been criticized for being dishonest in regards to their solvency or ability to provide a true one dollar backing to each issued stablecoin. Announced on Tuesday, True USD (TUSD) is aiming to improve such transparency by offering a real-time dashboard of TrueUSD funds. Usually accounting and consulting firm Cohen & Co would provide monthly attestation to publicly disclose this information, but the new dashboard will cut the wait time down to just seconds. The dashboard is being privately built by accounting firm Armanino, and is anticipated to open to the public in early April of this year allowing anyone to see TUSD balances and collateralized funds.
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RVN: Price: $0.0233 | MCAP: $69.2 million | 24-Hr Volume: $23.7 million
Outlook: Bullish reversal
Ravencoin Wings Are Clipped For Now
RVN is down 0.94 percent today and is one of the few in the red over a 24-hour basis after the greater markets experienced a bullish bounce that saw prices recover between 1-28 percent.
The drop in falling (bearish) volume alongside a sideways/down trending pullback marks a bullish volume analysis while the Awesome Oscillator (AO) is demonstrating an end to the current cycle but remains and has remained bullish since Feb. 25.
The primary resistance lay along the 161.8 percent Fibonacci extension zone at around $0.03-$0.032 (highlighted red) marks the main hurdle the bulls will need to scale in the coming days in order to reinvigorate bullish confidence.
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Bitcoin bounced from the 5-week moving average (MA) support iyesterday as predicted by @CoinDeskMarkets, validating the bullish view put forward by that ascending indicator.
As mentioned in the tweet, the 5-day and 10-day MAs have produced a bullish crossover - the first since August 2018. Supporting that bullish development in the weekly chart moving average convergence divergence, which is currently printing a strongest bullish signal since January 2018. The money flow index on the weekly chart is also signaling a bearish-to-bullish trend change and the RSI has breached the falling trendline.
Notably, all these early signs of bullish signals have emerged at least 17 months before the mining reward halving, due in May 2020.
Interestingly, past data shows the cryptocurrency tends to pick up a strong bid a year before it cuts mining rewards by half.
Put simply, both technicals and fundamentals seem to have aligned in favor of a rally. |
Litecoin has rallied 80 percent so far this year, reviving memories of the solid rally seen in the first quarter of 2015.
Back then, bitcoin and other cryptocurrencies had started showing signs of revival, having suffered sharp losses in the 13-month period of December 2013 to January 2015.
LTC, however, had picked up a strong bid in January and exited the bear market in June – four months before BTC's bull breakout.
With litecoin again leading the revival, traders are expecting bitcoin to follow suit, which makes sense as historical data shows both bitcoin and litecoin begin rallying well before the mining reward halving.
And more importantly, LTC sees reward halving almost 10 months before mining rewards on bitcoin's blockchain drop. |
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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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