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Consolidating on Tuesday's rally
BTC: Price: $5,020 | MCAP: $88 billion | 24-Hr Volume: $21.08 billion
Short-term trend: Minor pullback likely
Bitcoin could see a minor pullback to $4,700 in the next day or two, as the hourly chart relative strength index (RSI) has rolled over from overbought territory, having charted lower highs earlier today. That bearish divergence indicates the bullish momentum has weakened. The case for pullback, however, would weaken if price finds acceptance above $4,081, in which case, the crucial 21-month exponential moving average (EMA) resistance at $5,200 could be put to test.
Long-term trend: Bullish
Bitcoin invalidated the longer-run bearish lower highs, lower lows pattern with a convincing move above $4,236 (Dec. 24 high) yesterday. The outlook, therefore, will remain bullish while prices are trading above that former resistance-turned-support. Validating that argument are the ascending 5- and 10-week moving averages and the fact that BTC is trading above the 50-, 100- and 200-day MAs for the first time since December 2017.
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Bitcoin Cash Crowned Today's King BCH: Price: $269 | MCAP: $4.65 billion | 24-Hr Volume: 2.27 billion
Short-term trend: Bullish above 200-DMA
Bitcoin Cash is today's best performing crypto in the top 100 at CoinMarketCap by far, up 55 percent and 20 percent more than that of second place winner Metaverse ETP.
It follows suit after bitcoin's breakout yesterday pushed prices above a key moving average, used to gauge directional bias. BCH has done the same and would now like to close out today above that line.
Long-term trend: Bullish
Prices are continuing to build off of former resistances converted into support, creating a series of higher highs on the monthly chart; a positive sign for the bulls.
Notably, BCH seems to have found acceptance above the widely-followed 200-day MA, currently at $252. Further, it has pierced the trendline trending south from December 2017 highs. The path of least resistance is therefore to the higher side.
The bullish case, however, would weaken if prices fall back below the 200-day average line.
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Raven Coin Rests Its Wings RVN: Price: $0.05955 | MCAP: $200 million | 24-Hr Volume: 47.5 million
Short-term trend: Pullback into higher highs
RVN has currently entered into pullback mode with former resistances acting as supports after a drastic range from yesterday's candle resulted in indecisiveness. However given its recent trend, there is a case to be made that, provided it can continue scaling to new heights, the outlook is bullish with continuation.
Long-term trend: Bullish
RVN rose an incredible 348 percent during the month of March and took the charts by storm, setting a new all-time high for the open-source network's coin.
There's also a hidden bullish divergence that can be seen, hinting at another breakout soon which would spark further investor interest and add weight for higher highs.
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Bitcoin's 14-day relative strength index (RSI) jumped to the highest level in over a year on Tuesday, signaling overbought conditions.
So far, however, it has had little impact on bitcoin's price, which faded a minor drop to $4,700 seen in the US trading hours yesterday and rose back to the $5,080 earlier today.
Traders would have been better off ignoring the overbought reading on the RSI, as advised by @CoinDeskMarkets.
It is worth noting that indicators follow price. So, the overbought reading on the RSI would gain credence if and when signs of bullish exhaustion emerge on the daily chart. |
@TraderKoz is hopeful that fresh fiat will soon enter the crypto waters considering the hype generated by bitcoin's sudden surge to 4.5-month highs above $5,000.
Indeed, that could happen, as bitcoin's big move may have reinforced expectations of BTC breaking into a bull market ahead of the mining reward halving, due in August 2020.
The process aimed at controlling inflation is repeated every four years and tends to put a bid under the cryptocurrency at least a year in advance, according to historical data.
As a result, investors sitting on the sidelines could feel tempted to enter the market in the next few days, especially if the price consolidates on the latest breakout. |
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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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$5K A Magnet