Tug-Of-War

Bitcoin is trapped in a $250 range

To view this email as a web page, go here.

March 1, 2019   We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets.  Create an account on StockTwits and then subscribe! Subscribe Here   BTC: Price: $3,820 | MCAP: $68 billion | 24-Hr Volume: $8.38 billion Outlook: Bullish above $3,900 Indecisive Market Bitcoin market has turned indecisive in the last 48 hours with buyers restricting downside and sellers ensuring the upside remains capped near $3,900. The immediate outlook, therefore, is neutral.  The tug-of-war, however, is more likely to end with a breakout above $3,900, as the dip demand witnessed on Wednesday reinforced the high-volume bullish triangle breakout, confirmed on Feb. 19.  Also, so far, the follow-through to the pullback from yesterday's high of $3,897 has been anything but bearish. Further, early signs of bullish reversal have emerged on longer duration charts.  As a result, a range breakout looks likely and could yield a move toward $4,190. If prices close above that level on Sunday, then a bullish hammer reversal would be confirmed on the weekly chart.  On the downside, Wednesday's low of $3,658 is the level to beat for the bears. A violation there would put the focus back on the bearish view put forward by last Sunday’s high-volume sell-off and could yield a drop to $3,400. Read Analysis STEEM: Price: $0.42  | MCAP: $131.6 million | 24-Hr Volume: $13.6 million Outlook: Bullish Full of STEEM and Ready to Rise Steem is up 22.38 percent and riding high after crossing above the 55-day exponential moving average (EMA) on Feb. 16, a short-term move that can in some cases, expresses the finality of the move. That assessment is further strengthened by the fact that $0.46 has stood as significant resistance since it was rejected twice, first on the 21-22. Nov followed by another rejection on the Jan. 23 A close above that level would negate the view of a short-term pullback and allow for a continuation to the 200-period moving average (unmarked) at $0.56, while a failure to secure the long-term trend will likely invoke a retest along the aforementioned 55-day EMA at $0.33. The Chaikin Money Flow (CMF) shows buying pressure exceeding sellers and provides additional weight for a hold of the current higher low market structure. ICX: Price: $0.30 | MCAP: $141.5 million | 24-Hr Volume: $32 million Outlook: Minor pullback likely ICON's Flashing Bullish On Low Volume Up 9.76 percent over a 24-hour period, ICX has entered into overbought territory as seen on the daily RSI, with a drop in growing (bullish) volume while price action moved topside. An unfavorable assessment for the bulls who desire a close above local resistances at $0.3070 in order to see a continuation in the near term. The CMF is printing greater buying pressure coupled with a 3-soldier setup in a candlestick formation but we will need to begin seeing numbers by the bulls in order to sustain any further moves higher. If it does manage to break local resistances, consider the 161.8 percent Fibonacci extension as an area most likely to see traders taking profit from if prices manage to drive on with increasing volume. JPM Coin Market Disruption?: A JPMorgan investor slide, recently leaked by user @econoar on twitter, shows the long-term vision JPM Coin intends to fulfill. They state that their stablecoin, issued on the Quorom blockchain, will be compatible with others while providing 24/7, 365 days a year global value transfer. The coin will be used to issue payments in USD first before moving onto other major trading pairs such as the EUR/USD or AUD/USD in the near future. The Interbank Information Network (IIN) has been deemed inefficient under its current model with the vision aimed at increasing transparency, network security, reducing costs and increasing direct communication. JPMorgan currently has 185+ banks signed up and are on target to becoming the largest blockchain-based banking information network rivalling Ripple and its subsidiary coin XRP for top spot in blockchain banking. FULL STORY The Cost Of Compliance: Compliance is of paramount importance and most businesses understand the costs associated with creating a fairer and more transparent environment upon which they can operate. But the cost of compliance has seen a steady rise over the past decade with high fees/potential fines acting as a barrier of entry for a lot of start-up/new businesses. Since the Global Financial Crisis in 2008, $27 billion in fines have been issued globally amongst financial institutions alone with a large push in regulatory technology (regtech) implementation. This in turn has a knock on effect, whereby limitations to economic growth and business viability impede upon a company's long-term prospects which is especially true within the blockchain and crypto industry.  FULL STORY   PUNDI: Price: $0.000727  | MCAP: $38.8 million | 24-Hr Volume: $15 million Outlook: Cautiously bearish Pundi In Danger Of Dropping Further PundiX is currently down 7.22 percent over a 24-hour basis and has resumed its travels toward the lower supporting trendline within the rising wedge on the daily chart. The good news is that total volume has dropped completely amid the fall in price, hinting at exhaustion and a short-term bounce to defend the support line should retrace that far. The Chaikin Money Flow (CMF) is still providing signs of greater buying pressure as it prints a reading of 0.1275 (greater buying pressure above 0), while the RSI is displaying higher lows and a minimal range, an indication price action is currently weaker. If the wedge does decide to breakdown, consider a target of $0.000600 as this would land right along the support line that has held in contention for over 33 days. The Money Flow Index (MFI) is a momentum indicator that measures the flow of money into and out of a security over a specified period of time. It is also known as volume-weighted RSI and hence many traders look out for signs of bullish or bearish divergences.  On BTC's weekly chart, the MFI created a higher low (bullish divergence) as prices slipped to a lower low near $3,100. Put simply, the sell volume weakened during the drop to fresh multi-month lows in December.  So, that divergence (higher low on MFI) is considered an early sign of bullish reversal. The moving average convergence divergence (MACD) histogram is also echoing similar message.  Add to that, bitcoin's tendency to pick up a strong bid at least a year ahead of the mining reward halving, and the probability of a strong bullish move in the near future appears high.  The leading cryptocurrency is scheduled to undergo its third mining reward halving in July next year.  Bitcoin's adjusted on-chain transaction value is creeping up from October lows - has diverged from falling price.  Historical data shows the on-chain transacion value had bottomed out well before bitcoin hit a low of $152 in January 2015. So, if history is any guide, then the positive divergence of the on-chain transaction value could be considered a sign of an impending bullish recovery in bitcoin's price. *On-Chain transactions are the ones which modify the blockchain and depend on the blockchain to determine its validity. An uptick in on-chain transaction could be considered a sign the cryptocurrency is being used for more than merely speculative purposes.  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. Copyright © 2018 CoinDesk, All rights reserved.  Our mailing address is:  250 Park Avenue South New York, NY, 10003, US  Want to change how you receive these emails? You can update your preferences or unsubscribe from this list