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Price Pullback Ahead
BTC: Price: $5,480 | MCAP: $96.80 billion | 24-Hr Volume: $16.80 billion
Short-term trend: Bearish
Bitcoin witnessed a golden crossover – a bull cross of the 50-day and 200-day moving averages – yesterday, confirming the longer-term bullish reversal first signaled by the big break above $4,236 (Dec. 24 high) on April 2.
The rally to the former support-turned-resistance of $6,000 may not happen immediately as the long/short ratio has turned bearish for the first time since Jan. 1.
Especially, bitcoin's rise from $4,950 to five-month highs above $5,600 seen over the ten days could be short-lived, as litecoin – which led bitcoin higher with 100 percent gains in the first quarter – has dropped 13 percent in the last ten days, contradicting the bullish higher highs and higher lows on bitcoin.
As a result, the leading cryptocurrency could fall back to $5,000 in the short-term.
Long-term trend: Bullish
Bitcoin's 14-week relative strength index (RSI) moved above the key resistance range of 53.00–55.00 earlier this month, validating the longer-term bullish reversal signaled by a falling channel breakout witnessed two weeks ago.
Supporting the longer run bullish case is the two-week MACD histogram's positive turn, the first since February 2018.
The longer run bullish outlook would be neutralized if the price finds acceptance below the 200-day MA, currently at $4,482.
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BasicAttentionToken Breaks A Trend BAT: Price: $0.43 | MCAP: 542.3 million | 24-Hr Volume: $111.06 million
Short-term trend: Pullback
Last week BAT hit new highs not seen in almost a year, topping out at $0.50 before retracing slightly to where prices currently stand at $0.43.
The 18 percent push to new price heights seen on April 21 has set a temporary target for the bulls to scale in the short-term if they are to prove a case for continuation from the ascending triangle breakout witnessed on April 19.
Mind the candle body resistance along $0.44 that is currently prompting an impasse for price action to close above presenting a pullback coupled with an overbought RSI.
Long-term trend: Bullish
So long as the higher low doesn't exceed the previous candle body close for a downward move on the weekly chart then conditions would continue to favor the bulls going forward.
The current market structure remains very bullish in the long-term until a firm close below $0.29 occurs in the coming month.
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Digitex Futures DGTX: Price: $0.09 | MCAP: $66 million | 24-Hr Volume: $1.84 million
Short-term trend: Oversold bounce
The oversold RSI on the 4-hour chart for DGTX shows potential for price to bounce and retest the 200-daily moving average (MA) that was lost to the bears yesterday on April 23.
Volume on the smaller timeframes is left wanting however and may only achieve half that distance just below $0.101.
Long-term trend: Bearish
The loss of the 200-daily MA is quite a considerable event for the bears who have managed to slowly eat away at DGTX's overall value with continual sell pressure as the market continues its grind for a true market price.
Only a significant up move can shake their confidence and throw in contention the current bearish reversal in play.
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XRP/BTC fell to 5354 sats earlier today – the lowest level since sept. 20, 2018 – having failed to defend the support at 6100 sats earlier this month, as predicted by @tradingroomapp on April 20.
As seen in the above tweet, the analyst had pointed out 6100 sats as minor support, which, if defended, could have produced a minor bounce. That said, the tweet carried a clear warning that the cryptocurrency is firmly trending south and a break below 6100 sats could invite stronger selling pressure, leading to a drop to key support levels of 5731 sats and 5285 sats.
As of writing, XRP/BTC is trading at 5538 on Bitstamp. So, prices seem to have found acceptance below the support at 5731 sats and could drop further toward 5285 sats, possibly at a slower pace, as the 14-day relative strength index (RSI) is reporting oversold conditions.
It is worth noting that an oversold reading (below 30) on the RSI does not imply bullish reversal, but merely indicates the sell-off is overdone and usually yields reaction – a short-term consolidation or minor bounce. |
Bitcoin is just nine years old and may be a few steps ahead of where gold was when it was first discovered by neanderthals centuries ago. The cryptocurrency's monetization, however, is set to happen 100 times faster than gold, due to a deeply interconnected and accelerated world, according to @MustStopMurad.
Not only is the world interconnected, but bitcoin being a digital asset could be transferred in any part of the world much faster than physical gold.
Further, the unconventional inflationary monetary policies being implemented by the major central banks could quicken bitcoin's adoption as the medium of exchange and store of value.
After all, bitcoin’s supply is programmed to drop every four years (reward halving). Who wouldn’t want a medium exchange and a store of value with a predetermined monetary policy! |
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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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Correction Ahead