BTC Eying Continuation

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April 8, 2019 Bitcoin's Weekend Hustle BTC: Price: $5,216 | MCAP: $91 billion | 24-Hr Volume: $17.4 billion Short-term trend: Bullish  Bitcoin rose another $200 over the weekend, beginning April 6, with the potential for continuation towards $5,500 suggested by the formation of an ascending triangle pattern. More upside would be confirmed with a daily close above the pattern's resistance located at $5,350 (Coinbase prices).  The daily RSI continues to post overbought conditions but investors are unlikely to heed to its call as the possibility for a bearish-to-bullish trend change looms ever closer. What's more, an overbought RSI reading can be a sign of a strong market if prices continue to rise despite its overextension.  Long-term trend: Bullish Since trading above the 200 day moving average and posting a higher high on the weekly time frame, bitcoin's macro market structure has shifted from bearish to bullish.  Only a close below the 200 day MA and former resistance turned support $4,236 (Dec. 24 high) would negate the longer term bullish outlook.  Read Analysis Ether Classic Hits 216-Day High ETC: Price: $7.05 | MCAP: $772 million | 24-Hr Volume: 1.2 billion Short-term trend:  Overbought Ether classic rose to fresh 216-day highs after a strong weekend performance saw prices flashing green across the crypto markets. A long wick retracement can be seen on the daily chart, highlighting increased pressure from the bears, forcing a lower high on today's open. The price pullback is likely to last while the RSI remains in overbought territory. Long-term trend: Cautiously bullish ETC/USD has found acceptance above the 200 day moving average, which generally is regarded as the line between a strong market and one that is not.  For this reason, the outlook is bullish with some added caution due to the overbought reading and long upper shadow on the daily candlestick.    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   Metaverse Hits The Breaks  ETP: Price: $0.80 | MCAP: $56 million | 24-Hr Volume: 9.7 million Short-term trend:  Neutral A short-term pullback from an ascending triangle breakout seen April 2 has petered out into indecisiveness with thin candle body closes and long wicks throughout most of last week.  If prices drop below prior resistance of $0.76 then consider the bears regaining control of the current market structure. Long-term trend: Bear biased below 200-daily moving average (DMA) The 200-DMA is still a long way off from where prices will be confirmed bullish should it move above the important moving average in the coming weeks. An uptick in buying pressure seen in the Chaikin Money Flow indicator, would be a welcome sight to sustain a push to the 200-DMA. ​ Bitcoin Cash has re-emerged as a top 5 cryptocurrency by market capitalization.  While perhaps insignificant at face value, BCH climbing back to a top 5 rank is notable when considering its recent and turbulent history.  Bitcoin Cash forked into two different cryptocurrencies in November of 2018, Bitcoin Cash ABC (BCH) and Bitcoin SV (BSV), both of which significantly depreciated after the fork to the point where both were trading below $100 by the next month.  Currently trading at $309, BCH has sprung back to life, up 94 percent in USD value year-to-date (YTD) while its competitor BSV is still trading sub-$100 and is reporting an 8 percent loss YTD.  From the market's perspective, BCH is the clear winner of the contentious fork thus far.    Indeed, longs placed on XRP are now at an all-time-high on the popular cryptocurrency exchange Bitfinex.  While this does depict extreme bullish sentiment behind the cryptocurrency, it also depicts what is known as a "crowded trade" where many traders are on the same side of the market.  This presents the risk of a "long squeeze" where a small drop in price could cause mass longs to be covered or liquidated, in turn causing its price to plunge even faster.  While there is no guarantee of such an occurrence, it would be wise for those in newly opened long positions to heed caution while the trade is at its most crowded point on record.  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