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Longer run bullish reversal confirmed
BTC: Price: $4,760 | MCAP: $84 billion | 24-Hr Volume: $16.89 billion
Short-term trend: Bullish but overbought
Bitcoin jumped to $5,080 in Asian trading hours today, the highest level since Nov. 19, confirming a longer-run transition from a bear to a bull market. Notably, the breakout is backed by a surge in trading volumes to levels above $15 billion - the highest level since January 2018.
So, the gains look sustainable and BTC could test the crucial 21-month exponential moving average (EMA), currently at $5,200 in the near-term.
The bullish case, however, would weaken and prices may fall back to $4,400 if the cryptocurrency creates bullish exhaustion patterns (e.g. doji, bearish engulfing, or inverted bearish hammer candles) in the next few days, validating the overbought reading on the 14-day relative strength index. The indicator is currently hovering well above 80 - the highest level since December 2017.
Long-term trend: Bullish while above $4,236
Bitcoin invalidated the longer-run bearish lower highs, lower lows pattern with a convincing move above $4,236 (Dec. 24 high) today. 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.
That said, the cryptocurrency now needs to move move above the former support-turned-resistance of the 21-month exponential moving average (EMA), currently lined up at $5,200.
The persistent defense of that average support in the five months to October 2018 had triggered hopes of a strong bullish move. More importantly, a convincing break below that technical line on Nov. 14 invited strong selling pressure. So the bulls need to force a convincing break above the 21-month EMA before claiming a complete victory over the bears.
Read Analysis
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The Dog Has Bite DOGE: Price: $0.02432 | MCAP: $293.06 million | 24-Hr Volume: 49.09 million
Short-term trend: Consolidation
While the primary trend remains bearish DOGE is currently challenging the short-term bearish market structure on the daily chart.
Having broken above 70-day candle close resistance, it's possible trader's will seek to take profit, reducing bullish momentum and increase the odds for consolidation as the market prices in its next move.
Long-term trend: Neutral
The bearish daily divergence should be taken with a grain of salt as readings on longer-term timeframes and price action being much further away from one another sometimes prove to be unreliable. Still it is worth noting the pressure mounting against the bulls, despite its large 17 percent jump yesterday
Post consolidation, DOGE would like to see higher highs for continuation.
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Aurora Losing Steam? AOA: Price: $0.01417 | MCAP: $85.7 million | 24-Hr Volume: 2.05 million
Short-term trend: Neutral-bearish
Despite AOA's recovery bounce on March 4, the weekly chart continues to produce lower highs and lower lows.
There is strong weekly resistance located at around $0.02754, courtesy of a failure to close higher above that area for 49 days, beginning Nov. 10, before falling sharply 9 days later.
AOA direction depends on whether or not the bears decides to push prices below the 0.5 Fibonacci retracement line where prices currently lay at $0.01229.
Long-term trend: Neutral
Longer-term prospects need to pick up substantially for AOA, namely in its market structure and its current failure to produce significant higher highs aforementioned.
However, a larger injection of total volume on the weekly chart presents a little more hope that prices can sustain further sell pressure from the bears.
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Bitcoin broke above $4,140 in Asian trading hours, confirming an inverse head-and-shoulders breakout and the bullish reversal was followed by a rally to levels above $5,000, as called by @FeraSY1 on March 29.
As per the tweet, BTC could extend the rally further toward $5,250 and $5,925. The rise to levels near $6,000, however, may remain elusive in the near-term, if the cryptocurrency struggles to beat the crucial 21-week exponential moving average (EMA), currently at $5,200.
The big spike was overdue as several weekly chart indicators like the moving average convergence divergence (MACD) and the money flow index had turned bullish over the last few weeks.
Further, increasing evidence of BTC repeating the bottoming pattern seen over the first three months of 2015 may have invited buying pressures. And last but not the least, the mining reward halving, due next year, may have put a bid under the cryptocurrency. |
Bitcoin's surge to 4.5-month highs near $5,080 looks sustainable, according to intermarket analysis.
The leading cryptocurrency's dollar-denominated exchange rate is reporting double-digit gains on a 24-hour basis. What's more, BTC is solidly bid against most alternative cryptocurrencies, as indicated by the drop in Altcoin/BTC pairs.
The fact that BTC is outperforming most altcoins indicates the crypto market leader isn't being bought just to fund altcoin purchases (fiat tends to enter the altcoin market via BTC).
Put simply, we aren't seeing a rotation of money from bitcoin to altcoin market - a sign the investor community is anticipating further gains in the world's largest cryptocurrency by market capitalization. |
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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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Bulls Return