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Bitcoin's Weekly RSI Turns Bullish for First Since December 2017
BTC: Price: $5,310 | MCAP: $94 billion | 24-Hr Volume: $13 billion
Short-term trend: Bullish
Bitcoin's short-term outlook will remain bullish as long as the price is holding above the recent low of $4,917. Acceptance below that level would validate the signs of indecision seen on the daily char – BTC created a doji candle on Friday - and open the doors for a deeper pullback to the 200-day moving average (MA), currently located just below $4,500.
BTC, however, is currently flirting with the upper edge of the falling channel seen on the hourly chart. The cryptocurrency repeated defended $5,200 last week, invalidating the hourly chart bearish divergence and the rising wedge breakdown. As a result, the cryptocurrency could see falling channel breakout in the next few hours and rise toward the recent highs above $5,460.
That bullish case would weaken if the price finds acceptance below the hourly chart support of $5,170.
Long-term trend: Bullish
Bitcoin’s 14-week relative strength index (RSI) has moved above above the key resistance range of 53.00–55.00, 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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DigixDAO Prints Three-Month highs DGD: Price: 5575 sats | MCAP: 11,133 BTC | 24-Hr Volume: 6234.34 BTC
Short-term trend: Bullish
DGD/BTC rose to 5840 sats earlier today, the highest level since March 22, and is currently trading at 5575 sats, representing a 22 percent gains on a 24-hour basis.
The bullish move was impending as the cryptocurrency had trapped sellers with a fake symmetrical triangle breakout on the weekly chart two weeks ago. Further, it ended up created a bullish outside reversal candle last week, which is widely considered an early sign of bullish reversal.
What's more, the follow-through to that engulfing candle has been positive so far. Hence, the short-term outlook is now bullish with scope for a test of potential supply around the December high of 6280 sats. The short-term bullish setup would be invalidated if the price finds acceptance above the 10-day moving average (MA), currently located at 4400 sats.
Long-term trend: Neutral-to-bullish
As discussed above, DGD trapped sellers on the wrong side of the market over the last two weeks. A fake breakout or a bear trap at the bottom of the trend is as good as bullish reversal. So, it seems safe to say that DGD is teasing a longer run bullish reversal.
That, however, would be confirmed if the price end the current week above 5287 sats – which is the high of the previous week's bullish outside reversal (engulfing candle).
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Down After Biggest Weekly Gain Since October 2017 MONA: Price: 20737 sats | MCAP: 13,743 BTC | 24-Hr Volume: 3,132 BTC
Short-term trend: Neutral
MONA/BTC is currently trading at 20,737 sats on Bittrex, representing 10 percent drop on a 24-hour basis. At press time, it is the worst performing top 100 cryptocurrency by market capitalization, according to CoinMarketCap.
On the daily chart, MONA/BTC created a big doji candle yesterday, signaling indecision in the market place. Hence, the short-term outlook is neutral.
A close above 24,485 sats (yesterday's high) is needed to invalidate the doji candle and put the bulls in a commanding position. On the other hand, a close below 18,000 sats would validate the doji candle and open the door for a stronger pullback to 14,000 sats.
Long-term trend: Bullish
MONA/BTC ended last week with 72 percent gains, the biggest weekly gain since October 2017, after having repeatedly defended 11,000 sats over the last four months.
The bulls, therefore, appear to be in control for a longer haul, more so as the price is now hovering well above the major moving averages – 50-day, 100-day and 200-day. The outlook, therefore, would remain bullish as long as the price is holding above the 200-day MA, currently at 15,596 sats.
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Litecoin, currently the fifth largest cryptocurrency by market capitalization, picked up a bid at lows near $22 in December, tracking bitcoin's recovery rally from the 15-month low of $5,122.
The cryptocurrency moved in tandem with bitcoin, the world's largest cryptocurrency, in December and January, but soon left the broader market behind with stellar gains in February and March. For instance, bitcoin remained flat around $3,400 in the first half of February, while LTC spiked to seven-month highs against bitcoin.
By the end of March, LTC was trading above $60, meaning the price doubled from this year's opening price of $30.00. Bitcoin, however, managed to gain just 10 percent in the first quarter and jumped above $5,000 on April 2.
So @CryptoHornHairs is right in stating that LTC lead the markets higher. Hence, broader markets could take a beating if and when LTC finds acceptance below the key support lined up at $75.00. |
Factom's bitcoin-denominated exchange rate seems to have carved out a bottom around the widely-followed 200-day moving average (MA) over the last 7.5 weeks.
More importantly, the 200-day MA is now beginning to rise in favor of the bulls.
As a result, the repeated failure to penetrate the key average could invite stronger buying pressures and yield big rally toward 247,985 sats (Jan. 22 high).
The bullish case would strengthen if the cryptocurrency finds acceptance above 187,500 sats (April 1 high).
As of writing, FCT/BTC is trading at 186,348 sats on Binance, having clocked a three-month high of 189,999 sats earlier today. |
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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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RSI Goes Bullish