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BTC: Price: $3,707 | MCAP: $65.99 billion | 24-Hr Volume: $8.51 billion
Outlook: Cautiously bullish
Weekly MACD At Highest Level Since January 2018
Bitcoin's drop to six-day lows below $3,700 has taken the shine off the bullish case put forward by last Wednesday's "long-tailed" doji candle. That said, a bearish reversal would be confirmed only if prices see a UTC close below $3,658 – the low of that bullish candle.
So far, that key support hasn't come into play. If indeed, BTC suffers a UTC close below $3,658, then deeper losses toward the recent lows near $3,300 cannot be ruled out.
That said, the breakdown may not happen or the ensuing losses could be short-lived, as the odds are getting stacked in favor of the bullish move on the weekly chart. For instance, the 5- and 10-week MAs have produced a bullish crossover for the first time since the third quarter of 2018. The widely-followed MACD histogram is currently at the highest level since January 2018.
The list doesn't end there. The money flow index, which incorporates both price and volume has is reporting a channel breakout, having carved a bullish divergence in December.
Therefore, a bullish move toward $4,000 could happen in the near-term, especially if the support at $3,700 holds ground, validating the bullish reversal signs on the weekly chart.
The bullish case would weaken only if a break below$3,658 is accompanied by a surge in daily trading volumes to levels near or well above the recent highs above $10 billion.
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Facebook & Telegram Where Bitcoin Failed: Despite the bearish market conditions that have contaminated the markets for the previous 13 months, major companies and institutions are working on their own cryptocurrency for use in the next generation of text messaging systems. Major names such as Facebook and Telegram are proposing to implement a payment system for immediate transference of value across borders with limited restrictions. This in turn increases exposure and usage of digital assets and boosts recognition as well as adoptability, something Facebook has been actively pivoting toward as the ongoing research of its own secret coin and rumors begins to swirl around the web.
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Blockchain Forks Explained: In most cases a blockchain fork represents a significant change to the underlying protocol or software of a particular blockchain. When one of these changes occurs the blockchain splits into two unique chains. How they interact depends on the kind of fork implemented, either being a soft or hard fork. A soft fork changes the rules or software of a blockchain that has backwards compatibility, meaning nodes that run on the old software are still able to interact with nodes running on new software. A hard fork is similar to a soft fork in a sense that changes are made to the underlying protocol/software with major difference being that hard forks do not possess the ability for backward compatibly and represents a step away from previous version of a particular chain.
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THETA: Price: $0.13 | MCAP: $125.7 million | 24-Hr Volume: $8.7 million
Outlook: Bull potential
Can THETA Hold The Line?
Theta is undergoing a slight pullback from its highest point since Nov. 30 and is currently today's biggest loser being down 10.16 percent over a 24-hour period.
However a case could be made for a retracement to 38.2 percent Fibonacci region as the Chaikin Money Flow (CMF) clearly demonstrates greater buying pressure and lowering volume period-period alongside a drop in falling (bearish volume) - a bullish assessment.
The Stochastic and RSI both show a healthy pullback and a necessary period of profit taking over 5 days has strengthened the case for a bullish defense and the potential to push higher this week, provided volume begins to build
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@fle_pie is citing $3 as the level to defend for the EOS bulls, else there could be sharp losses.
Indeed, $3 is now a strong support, having persistently capped upside for almost two months leading up to the high-volume bullish breakout on Feb. 18.
EOS bulls, therefore, need to defend that level. The fact that the 50-day moving average (MA) is holding above the 10-day MA suggests any dip below that key support could be short-lived.
The bullish MA studies, however, would take a back set if volumes spike after break below $3.00. In that case, a near 90-degree drop to Jan. 28 low of $2.18 could be seen.
As of writing, EOS/USD is trading at $3.26 on Bitfinex. The probability of a drop to $3.00 or below would rise if price close today below $3.35, validating the big bearish outside reversal candle carved on Feb. 24.
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CoinDesk's article takes note of the positive signal generated by the weekly chart money flow index – an index which incorporates both bitcoin's price and trading volume.
The indicator made a higher low in mid-December, contradicting bitcoin's drop to 15-month low of 3,122. The bullish divergence – higher low on indicator as opposed to lower low on price – is widely considered a sign of bearish-to-bullish trend change.
The bears, therefore, are forewarned that any drop toward the recent lows near $3,300 could be short-lived, unless it is accompanied by a big rise in trading volumes.
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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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Bear Trap?