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Bitcoin is Stuck in its Tracks
BTC: Price: $5,218 | MCAP: $92.8 billion | 24-Hr Volume: $16.2 billion
Short-term trend: Bullish
The bitcoin bulls have halted their charge above $5,300 for now and are looking to hold the higher low above $5,202, with only minimal ranging between $5,194 and $5,319 on the Coinbase exchange.
The bulls would do well to hold the current market structure otherwise greater losses could be in store down to $4,829 as per Fibonacci retracement theory on the daily chart.
Long-term trend: Bullish
Bitcoin's Super Guppy, a combination of exponential moving averages designed to signal when a trend changes from bearish to bullish and vice versa, has flipped green for the first time since Jan. 14, 2018.
The is a telling sign that the bulls have regained control of the markets and will continue to do so, so long as they hold above the hard fought $5,000 psychological price. Further, only a retreat below the 200 day MA would diminish the longer term outlook on bitcoin, currently located at $4,571 as per Coinbase prices.
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A Big Boost For Little Nano NANO: Price: $1.75 | MCAP: $233.6 million | 24-Hr Volume: 32.4 million
Short-term trend: Bullish potential
Nano is close to pushing beyond a well defined area of resistance once former support, whereby a break above would signal a longer-term bullish trend in play, given the fact that it would disrupt a long standing lower lower, lower high bearish market structure.
Long-term trend: Cautiously bullish
While Nano is enjoying its top spot on the day at CoinMarketCap, the longer-term prospects could encounter some roadblocks should the bears decide to reject the initial attempt to break above $1.83 in the coming days, if that occurs consider a retracement to $1.53.
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Ontology's Pillaging Profiteers ONT: Price: $1.46 | MCAP: $721.1 million | 24-Hr Volume: 91 million
Short-term trend: Pullback
Ontology is down 6.5 percent over a 24-hour basis having conceded defeat to the bears on multiple days, price action is now hurtling toward a confluence of support with the 26-period exponential moving average (EMA) and former resistances at $1.33.
If it manages to bounce from that area then that would signal the bulls are not totally out for the count and could reverse the trend, whereby a loss of the line would mean the bears are seeking to drive prices lower toward the 55-period EMA at $1.13
Long-term trend: Cautiously bullish
If the drawdown only manages another 6.5 percent in the coming days or weeks ahead then the bulls will likely regain confidence for another push higher.
However given the levels of volume that have been building each day with every consecutive price drop, it would not be impossible for the bulls to become exhausted and lose momentum thereby seeing a revisit to the aforementioned price tag of $1.13.
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After hitting an all-time-high in search interest at the same time bitcoin reached its all time price high in December of 2017, "bitcoin" search results have accompanied prices in its strong subsequent downtrend.
There is something to be said about this relationship, however. Studies have shown bitcoin's search interest can be revealing about its underlying trend and market conditions.
For example, periods of significantly low search results tend to precede large mark-ups in price and present the point of maximum financial opportunity.
On the other hand, periods of abnormally high search interest can reveal the formation of a speculative bubble in which case a subsequent breakdown becomes very likely, as is seen in the above image. |
 Institutional interest in cryptocurrency investment products has seen notable growth as of late.
Published in the Diar Newsletter, the CME was found to now make up over 60 percent of the trading volume in this category - an impressive increase from its percent share of just above 50 percent last month.
This may not come as a surprise given one of its largest competitors stopped offering bitcoin futures products last month, CBOE, so it's likely some of those clients simply made the transition to CME.
What is interesting however is the declining interest in Grayscale's Bitcoin Trust (GBTC). In early 2018, the volume behind GBTC comprised more than 50 percent of the total volume in this category, but now makes up under 24 percent - a near 50 decline in just over a year's time. |
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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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At a Standstill