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Ascending Triangle Watch
BTC: Price: $5,255 | MCAP: $92.8 billion | 24-Hr Volume: $13.8 billion
Short-term trend: Bullish potential
Bitcoin's successful close of the higher low seen April 9 is a welcome sight for the bulls who are looking to continue their run above the two key long-term 100 and 200 day moving averages.
$5,200 support has currently shown its resilience against minor attacks from the bears over the last 24-hours and will continue to act as a barometer for momentum should prices retrace below.
There is an ascending triangle in play on the intraday charts, that if broken out from (current resistance lies at $5,354 on Coinbase), could fuel a move above $5,800 as per the pattern's measured move.
Long-term trend: Bull biased
Both long-term moving averages are also beginning to converge as the 100-period MA moves upward toward the 200-period MA, whereby a cross would signal significant bullish market conditions.
So long as price remains above the 200-day MA, BTC's market will defend its new-found bull bias.
Read Analysis
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EOS's Breakout EOS: Price: $5.93 | MCAP: $5.3 billion | 24-Hr Volume: 3.34 billion
Short-term trend: Bullish
EOS's break from the ascending triangle places the measured move (calculated from the base of the triangle and added to the breakout point) squarely at $6.06 on the hourly chart.
The move is a welcome sight for EOS bulls who continue to strive northward, having climbed 61.67 percent since March 26
Long-term trend: Bullish
This week's move above $5.45 looks promising for continuation of the current bullish trend, should price resume within the triangle, consider the current breakout to be a false signal and a move to the downside as a possible avenue.
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|  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 |
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On The Verge Of Something Big XVG: Price: $0.009782 | MCAP: $154.1 million | 24-Hr Volume: 12.7 million
Short-term trend: Consolidation
The post sell-off consolidation continues on the 4-hour chart as a long-tail wick is demonstrating resilience on the bull front and a defense along the $0.009675 support zone.
However, should prices dip below that point then a revisit to post break-out supports at $0.009345 would be the next likely landing pad.
Long-term trend: Neutral-cautiously bullish
The long-term trend is fairly neutral given the fact that the weekly chart is printing an indecisive doji with a Chaikin Money Flow indicator moving southside, demonstrating greater sell pressure.
If prices fail to scale above recent highs in the coming week, then the bears may feel embolden to revisit aforementioned support levels and beyond.
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 Yes, it can be very difficult to turn a profit when trading at times, but it doesn't always have to be that way.
One of the simpler trading strategies can be identifying price patterns and playing its breakouts or breakdowns.
Case in point being EOS/BTC in the above tweet.
Yesterday, we spotted a simple and clear symmetrical triangle forming on the hourly chart, which was hinting at bullish continuation since the pattern had formed in an uptrend.
By simply buying while its price was inside the pattern or once the price broke out, it would have allowed a trader to profit from the near 8 percent increase that EOS is flashing today. |
Ethereum's (ETH) trading volume across exchanges has risen considerably since last October, as @sassai0x notes.
Indeed, ETH's average 30-day exchange volume has jumped from $1.4 billion in late October to $5.6 billion today - a near 300 percent increase.
According to Bitwise Asset Management, these numbers should be taken with a grain of salt however, as it found 95 percent of reported cryptocurrency trading volume to be fake.
That said, data provider OnchainFX shows ETH's "real" trading volume, which only takes into account the volume from trusted exchanges, now is roughly half of bitcoin's (BTC) real trade volume, even though ETH's market cap is just one fifth of BTC's.
This is a sign of growing investor interest behind ETH, which could be seen as a positive since cryptocurrencies are largely a speculative asset class that need strong interest from the public in order to flourish like they once did.
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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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A Slow Advance