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quarta-feira, 27 de março de 2019

Bull Revival?

Bitcoin bounces off key support, EOS reports double digit gains
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March 27, 2019

  
Back above $4K

BTC: 
Price: $4,010 | MCAP: $71.66 billion | 24-Hr Volume: $11.24 billion

Short-term trend: Bearish

Bitcoin has once more rebounded from the 30-day moving average, thwarting a bearish move that saw prices drop below $3,920 on Monday.

The cryptocurrency looked set for a deeper drop below $3,800 yesterday, having dived out of the $3,920-$4,055 trading range on Monday. Despite the range breakdown and signs of bullish exhaustion on the longer duration charts, the 30-day MA support held ground, allowing BTC to move back above $4,000.

Essentially, the cryptocurrency has established a bullish higher low along the key average for the third time this month. That said, the short-term bullish view put forward by the long-tailed doji created on Feb. 27 would only be revived if there is a strong follow through to the rebound from the 30-day MA support, preferably a break above the recent high of $4,055 hit on March 21. A break above that level could yield a rally to resistance levels lined up at $4,190–$4,236.

A UTC close below the 30-day moving average, currently at $3,889, would put the bears in a commanding position, opening the doors for a drop to support levels at $3,775 (March 14 low) and $3,658 (Feb. 27 low).

Long-term trend: Neutral

The long-term outlook will remain neutral as long as prices are trapped between the 200-week simple moving average (SMA) support and the 200-week exponential moving average (EMA), currently at $3,404 and $4,106, respectively. A weekly close (Sunday, UTC) above the 200-week EMA would confirm a bearish-to-bullish trend change.

Read Analysis



 


EOS Desires Higher Highs

EOS: Price: $4.05 | MCAP: $3.62 billion | 24-Hr Volume: $2.2 billion

Short-term trend: Bullish above 200-day MA

EOS has broken above the 200-day moving average (MA) for the first time since Feb. 24 on the back of increasing bullish volume to stand 10 percent up on the day and one of the best performing crypto over a 24-hour period.

The RSI has only just begun to approach overbought territory (currently 67.8) and demonstrating room for further gains in the near-term, potentially targeting resistance (red line) at $4.30-4.50.

Long-term trend: Bullish potential

While the bearish market structure remains in tact, the recent moves in March and late Feb. have exposed the weakness on the sell side as the Chaikin Money Flow (CMF) reveals greater buying pressure since Feb. 8.

A loss of the 100-day moving average would confirm the bears are still firmly in control of the EOS market.


 

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Ravencoin Taking A Nap Mid Flight

RVN: Price: $0.053 | MCAP: $163.7 million | 24-Hr Volume: $47.1 million

Short-term trend: Pullback-neutral

One of today's worst performing cryptocurrencies in the top 100 at CoinMarketCap, RVN is starting to show cracks in its bullish rally triggered by a cross of the 100-daily moving average (blue line) on Feb. 28.

It came close to topping its all-time high at at $0.0657 but fell short at $0.0635 and has since been reeling from investor uncertainty that has the potential to deepen the drawdown to the 38.2 percent Fibonacci retracement level.

Long-term trend: Neutral

There is a bearish divergence that has formed with higher highs in price and lower highs on the RSI, hinting at a further pullback from a double top scenario that saw two attempts to push higher rejected on March 24 and 25.

However, given its recent attempt to attack the all-time high there is merit in expecting a continuation in the long-term given the fact that it experienced the largest investor uptick since first Nov. 2018.






Bitcoin has witnessed a bullish move in the last 14 hours as suggested by the hidden bullish divergence* of the 14-day relative strength index (RSI). 

Notably, the bullish view was backed by strong readings on the Chaikin Money Flow (CMF), which is a volume-weighted average of accumulation and distribution over a specified period. The indicator is used to gauge buying and selling pressure and is widely tracked by traders who believe that price follows volume. 

Positive readings indicate buying pressure, while sustained selling pushes the indicator below zero. When CMF oscillates right around the zero line, this indicates relatively equal buying and selling pressure, and no clear trend. 

*Hidden Bullish Divergence occurs during a correction in an uptrend when the RSI makes a lower low while the price action does not.
 




Willy Woo, one of the most widely followed crypto market analysts, sees bitcoin's price falling back to $3,500, as opposed to widespread belief the cryptocurrency is heading toward $5,000.

Woo's forecast is based on overbought readings on the NVT Signal (NVTS), which is calculated by dividing 
the network value by the 90-day moving average of daily transaction value. 

Levels above 150 represent the overbought zone and the area below 45 tends is oversold territory. An overbought reading, however, does not necessarily mean the price is going to drop. 

That said, the NVTS has dived out of the ascending trendline, as seen in the above tweet, confirming a bullish-to-bearish trend change. 

As a result, the move above $4,000 seen at press time could be short-lived. Validating that argument is the fact that the 21-week moving average, which served as strong resistance last year, is currently located near $3,950 and is still trending south, indicating a bearish setup. 

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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