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Monthly Close Pivotal
BTC: Price: $4,000 | MCAP: $71 billion | 24-Hr Volume: $9.73 billion
Short-term trend: Bullish above $4,055
Bitcoin bounced up from the 30-day moving average (MA) earlier this week, invalidating Monday's bearish close below $3,920. The bull reversal, however, would be confirmed if and when prices establish a new higher high above the March 21 high of $4,055.
That would also confirm a bull flag breakout on the 4-hour chart - a bullish continuation pattern which usually accelerates the preceding bullish move.
A break above $4,055, if confirmed, would expose the February high of $4,190 - the high of the bullish engulfing candle created last month.
A bullish engulfing candle occurs when price action falls of a specific period falls outside the high and low of the preceding period and is widely considered an early sign of bullish reversal, especially when it appears after a prolonged sell-off, as is the case with BTC.
That said, traders usually wait for more credible signs of trend change, preferably a break above the candle's high. Put simply, a close above $4,190 on March 31 could invite stronger buying pressure.
The prospect of a bullish monthly close above $4,190 would drop sharply if prices find acceptance under the 30-day moving average, currently at $3,900. That average line has served as strong support at least three times this month.
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.
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Raven Flies With All-Time Highs RVN: Price: $0.0647 | MCAP: $208.3 million | 24-Hr Volume: $58 million
Short-term trend: Neutral-cautiously bullish
Yesterday we discussed RVN's potential for continuation given the recent uptick in investor interest and that has proven to be true as it reached a new high at $0.0687 early this morning at 00:15 UTC.
We concerned with the bearish divergence on the daily RSI, but so far price action has not responded as it broke through topside with modest volume.
Still there is merit in preparing for a deeper pullback courtesy of oversold indicators and a euphoric run that will need some time for investors to reassess their financial goals.
Long-term trend: Bullish
Setting new highs underscores the level of interest from longer-term investors as the buying pressure increased on top of those already holding the asset.
If this pattern continues a new floor could be set when a higher low forms, cementing a proper bull run as we move into Q2.
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Huobi Token Losing Steam HT: Price: $2.39 | MCAP: $121.2 million | 24-Hr Volume: $61.1 million
Short-term trend: Bearish
The short-term bearish pullback continues for HT on its third straight day and is down 0.47 percent over a 24-hour period.
The dip in the hourly RSI has forced it bearish below 50 while the Chaikin Money Flow (CMF) begins to move toward neutral 0.
Long-term trend: Neutral-cautiously bullish
A case can be made for a much larger bull flag forming on the daily chart which would could set scope for $3.86 in the coming months but that will depend largely on whether or not investors see a use for HT over-time.
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One of the big reasons why bitcoin and other cryptocurrencies could serve better as store of value than fiat currencies is the clarity and fixed nature of the monetary policy, as stated by @CryptoCulgin.
For instance, bitcoin's inflation rate is 3.84% annually. In 2020, this rate will decrease, and the block reward will be halved. Meanwhile, the inflation rate of STEEM, the cryptocurrency that powers the social media and content-focused Steem blockchain, is currently 8 percent and set to drop 0.5 percent every year, meaning cryptocurrencies are deflationary.
This is in stark contrast to fiat currencies like the US dollar, whose supply is increased as and when the Fed deems fit and more importantly, the monetary expansion seldom stops, resulting in a steady decline in the purchasing power of the currency. |
Ethereum's ether token is sidelined in the narrow range of $125-$140 since Feb. 24.
A prolonged period of low volatility-range bound activity often paves way for a big move on either side. So, the best thing to do is to trade in the direction of the breakout.
If the upper edge of the range is breached, then prices could rise as high as $160, as mentioned by @pierre_crypt0.
The breakout, however, could end up trapping buyers on wrong side of the market if volumes fail to pick up with the move above $140.
As of writing, ETH/USD is trading at $139 on Bitfinex, representing little change on a 24-hour basis. |
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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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Comatose At $4K