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BTC: Price: $3,860 | MCAP: $69 billion | 24-Hr Volume: $9.21 billion
Outlook: Bullish
Remains On The Hunt for $4K
Bitcoin remains on the hunt for $4,000, having restored the bullish view put forward by the long-tailed doji candle of Feb. 27 with a strong bounce from the 100-day moving average earlier this week.
That said, $3,900 has proved a tough but to crack in the last 24 hours. The immediate bullish case would weaken if the latest rebound from the bullish 50-hour MA support fails to clear that psychological hurdle and could yield a pullback to levels below $3,800. A bearish reversal, however, would be confirmed only below the Feb. 27 low of $3,658.
It is worth noting that the bull revival signaled by the weekly chart indicators is still in the nascent stage. After all, bitcoin's price is yet to establish the most basic of all bullish technical patterns – a higher high and a higher low.
While prices have created a higher low around $3,300 in the last two months, a higher high would be confirmed if and when prices break above $4,236 – a bearish lower high created on Dec. 24.
So, the focus is on $4,236 and two more technical levels - $4,190 and $4,388 – which, if breached, will generate strong bullish cues. A convincing break above these resistance levels could be followed by a rally to $5,000.
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HT: Price: $1.84 | MCAP: $91.1 million | 24-Hr Volume: $47.1 million
Outlook: Neutral-cautiously bullish
Huobi Token Hungry For More
HT is up 18.94 percent and is one of today's best performing top 100 cryptocurrencies according to CoinMarketCap data after its price crossed a key support turned resistance at $1.59
HT now has to cross another known support turned resistance at $1.85, a task that may prove difficult given the fact that the daily RSI is printing extreme overbought and is at its highest point since June 4, 2018.
Still there is a strong case to be made for a bullish continuation due in part to growing (bullish) volume and increasing liquidity which will impact the overall performance for the rest of the week moving forward.
RVN: Price: $0.02804 | MCAP: $85.4 million | 24-Hr Volume: $31.9 million
Outlook: Cautiously bullish
Ravencoin Soars Higher
Yesterday we discussed RVN's potential for a rebound and the bulls did not disappoint as it rose 15 percent to new highs not seen since Nov. 18 before pushing further to stand at 16.8 percent on yesterday's closing trade.
Today's price action continues to fuel off its recent gains and is up 120 percent since the start of March but may enter a period of profit taking by savvy investors who take not of RVN's overbought nature as shown on the daily RSI. The stochastic is also printing overbought but has crossed bullish along with the short-term exponential moving averages (7, 21) marking the move as significantly bullish despite the odds.
However, with such a large increase in volatility as seen by the widening Bollinger Bands and a drop in growing (bullish) volume over the previous 2 days evokes concern as buying pressure needs to be supported by adequate liquidity.
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Korea's Double Faced Crypto Industry: The current blockchain and cryptocurrency atmosphere in Korea has been marred by consistent infighting between two government departments over whether or not they will back Distributed Ledger (DLT) technology and subsequently crypto. In December 2018, the Ministry of Small & Medium Enterprises and Startups (MMS) officially announced an end to 'notice of venture business certifications'. The main reasoning behind the cancellation was largely related to blockchain crypto, affecting well known top tier crypto exchanges such as Upbit and Coiniz. Three months later in early March of this year, two separate department within the Korean government (Ministry of Science of ICT and Internet and Security Agency) weighed in and publicly declared their support and early fostering of blockchain endeavors within the country.
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Venture Capitalists Discover Blockchain: While the realty is not a new one, Venture Capitalism (VC) more than doubled during the year of 2018 when compared to the previous year but where exactly does this money end up? Digital currency-related startups are attracting the lion's share and receive the majority of funding work relating to exchanges, issuance and trading of digital currencies as well as mining, wallets and payments. The prevailing reasons behind this fact are due in part to the majority of crypto having dropped by more than 80 percent since Dec. 2017 opening up a bargain for investors while there has also been a tightening of ICO regulations making it a more attractive environment for VC's.
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HOT: Price: $0.001051 | MCAP: $140 million | 24-Hr Volume: $7.7 million
Outlook: Short-term pullback
Holo In Trouble But Not Out
Holo is down a further 4.93 percent on the day and has struggled to mount a bullish revival since the short-term exponential moving averages (7, 26) crossed bearish on Feb. 27/28.
The pullback from the double top resistance at $0.001647 continues amid a drop in total volume and has been lacking since Feb. 18 when it attempted to push higher but faced stiff rejection.
The stochastic is firmly placed in oversold territory and crossed bullish 2 days prior, combined with the indecisive doji on current price action and the case for the bulls holding here, strengthens with each passing daily candle.
That of course largely depends upon whether or not an increase in growing (bullish) volume shows up for the remainder of the week.
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The pennant breakout, witnessed yesterday on LTC/BTC's hourly chart, has lived up to its reputation of being a bullish continuation pattern.
Litecoin is currently trading at 14564 sats, having printed a high of 14867 sats earlier today. That was the highest level since June 2018.
Looking at the hourly, it appears the cryptocurrency has recharged engines for another leg higher with a minor pullback to 14000 sats earlier today. The relative strength is again aligned in a more bull friendly manner, as opposed to overbought readings seen yesterday.
Further, the money flow index, also known as the volume-weighted RSI, is biased bullish. So, a break above 15000 sats cannot be ruled out.
The outlook as per the hourly chart would turn bearish of prices invalidate the bullish higher low pattern with a move below 14000 sats. |
Binance coin (BNB) has achieved fresh lift time high of 3801 sats today and is up more than 140 percent on a year-to-date basis.
The cryptocurrency now ranked seventh as per market value has out shined bitcoin, which has managed to eke out just 3.8 percent gain in the first two months of this year.
Further, as the article mentions, BNB is outperforming on more immediate time scales, including the last 7- and 30-day periods in which the cryptocurrency is printing 41.47 and 99.17 percent growth respectively, compared to BTC’s just 1.62 and 12.65 percent increases during the same time periods.
Looking forward, the activity on the cryptocurrency exchange Binance could only pick up with a potential bull market in bitcoin. So, the long-run path of least resistance for BNB is to the higher side. |
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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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Three Hurdles