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BTC: Price: $3,880 | MCAP: $69 billion | 24-Hr Volume: $10 billion
Outlook: Bullish
$3,900 is capping gains
Bitcoin is currently bouncing up from the 50-hour moving average (MA) and needs to find acceptance above the newfound resistance of $3,900 – a level which has acted as stiff resistance for last 72 hours.
The leading cryptocurrency by market value staged a quick recovery from the 100-day MA support earlier this week, reviving hopes of a quick move to $4,000.
In the last two days, however, the bullish momentum faded near $3,900 – the high of the candle with long upper shadow created on Feb. 28. Further, the spike to a 12-day high of $3,924 seen earlier today was short-lived with prices quickly falling back to lows near $3,860.
The failed breakout has not done significant damage to the bullish view, as prices are holding well above $3,658 (Feb. 27 low). That said, a deeper pullback to $3,750 could be seen if another failure at $3,900 is followed by a break below the bullish higher low of $3,826.
The short-term outlook would turn bearish if prices see a UTC close below $3,658 (the low of the long-tailed doji created on Feb. 27). That would expose levels below $3,500, although the drop could be short-lived as the longer duration indicators are flashing early signs of bull revival.
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RVN: Price: $0.03610 | MCAP: $110.8 million | 24-Hr Volume: $72.3 million
Outlook: Bull exhaustion-slight pullback
The Raven Crows Again
For the third day straight we are to feature Ravencoin again as it continues to defy the odds after yet another spike higher, jumping up 28.21 percent over a 24-hour basis.
Indeed the breakout from the falling wedge on Feb. 27 has continued to mount higher for 9 days, albeit one day where price action cooled and a small sell occurred on March 5 but did little to slow the bullish advance.
A declining Chaikin Money Flow (CMF) alongside an overbought RSI on the daily chart would indicate a pullback to the area marked $0.00268 as the most likely scenario. Volume is also beginning to drop significantly, an indication that the bulls are becoming exhausted as they approach the support turned resistance at $0.0408.
ENJ: Price: $0.12 | MCAP: $91.2 million | 24-Hr Volume: $47.1 million
Outlook: Bullish continuation
Enjincoin On Overdrive
ENJ continues to defy the primary market trend as it pushes to new highs not seen since May 22, 2018, 290 days ago.
The recent moves however appear to be losing steam in the form of increasing volume to back each subsequent move and that includes the 3-day, daily and intraday charts. However, given the fact that ENJ is still encased by the rumors of a Samsung partnership the possibility of bullish continuation increases tenfold, even if they are indeed rumors.
The Chaikin Money Flow (CMF) shows a slight dip in greater buying pressure but is still up considerably when compared to that of those wishing to sell.
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Mining Pool Concerns: Decentralization is the main selling point for cryptocurrencies, yet the formation of large mining pools may hinder the legitimacy of such a claim. In order to avoid taking years for a single, hobby miner to produce a bitcoin block, miners tend to join resources and collaboratively mine in groups known as mining pools. While efficient, mining pools for certain cryptocurrencies have grown large to the point where just a few pools can account for the majority of a particular blockchain’s hashrate, which in a sense is the antithesis of decentralization. For instance, this Medium report reveals just 6 mining pools account for 83 percent of ethereum’s hashrate and only 18–23% of bitcoin blocks were not mined by known pools.
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Fidelity Questions Ether Support: Fidelity Digital Asset’s (FDAS) custody and trading service went live this quarter but the company is now hesitant to add support for ether as a result of its latest hard fork. Hard forks tend to incite uncertainty around blockchain performance and market speculation, both of which are causing FDAS to take a more cautious approach to adding support for ether, even though FDAS President Tom Jessop recently stated “we’d love to have support [for] ether.” Protecting investors is a top priority for FDAS, so the firm will take a wait and see approach before adding ether or one of its prior forks ethereum classic who underwent a 51 percent attack in October.
FULL STORY
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THETA: Price: $0.13 | MCAP: $132.9 million | 24-Hr Volume: $10.5 million
Outlook: Bullish
THETA Dips But Doesn't Doubt
Theta token is down 4.9 percent over a 24-hour period after a bullish bounce from a dip to the 38.2 percent Fibonacci retracement zone on March 4 saw it bump up against resistance $0.154 2 days later.
From there price has continued a minimal range with a drop in falling (bearish) volume, a clear indication the bears are exhausted in any more attempts to push to lower supports in the near future.
The RSI has also dipped lower below overbought and stands at 63.73 (overbought is 70), while the Chaikin money flow (CMF), used to judge momentum and buying/selling pressure, shows the bulls are heavily favored still.
If Theta breaks higher, consider $0.19 (former supports) now turned reistance as the most likely place to take profit.
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A combination of overbought readings on the relative strength index (RSI) and stochastic and the falling volumes is beginning to weigh over LTC/BTC, as anticipated by @CoinDeskMarkets.
The cryptocurrency hit a low of 14277 sats earlier today and is currently down 1.2 percent on the day at 1.1440, having hit a high of 15155 yesterday.
The bearish volume divergence on the hourly chart has now become more pronounced. Further, the RSI on the 4-hour chart has rolled over from the overbought territor, confirming a bearish divergence.
So, LTC/BTC could see a deeper pullback, possibly to levels below 14000 sats in the next few hours. |
Ethereum's block count has spiked following successful implementation of an upgrade designed to effectively disable a piece of code in the software known as the “difficulty bomb,” for a period of 12 months.
The daily block count increased more than 1,500 blocks as block creation times dropped from 19 seconds to 14 seconds within a 24-hour period after the hard fork, which went live last Thursday.
Notably, the network hash rate has remained largely steady in the last seven days, which indicates that most miners on the ethereum network migrated to upgraded blockchain.
That said, a small but persistent number of miners have yet to implements upgrade, as mentioned in the article.
*Block is like a page of a ledger which records the most recent transaction, thereby making way for the next block or record in the blockchain.
*Hash rate is the total computational power being contributed by miners to create new blocks and validate transactions. |
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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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Knocking $3,900