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On The Defensive But Near Key Support
BTC: Price: $5,249 | MCAP: $93.52 billion | 24-Hr Volume: $13.32 billion
Short-term trend: Cautiously bearish
Bitcoin is teasing a channel breakdown, having charted a bearish divergence of the 14-day relative strength index (RSI) last week. That pattern has yielded notable price pullbacks in the past.
Further, the cryptocurrency faced rejection at the crucial 50-week moving average (MA) last week, which is a major development, as failure to take out that average had almost killed the nascent bull market in 2015.
Even so, sellers need to avoid being too optimistic as long as BTC is holding above the 30-day MA, currently at $5,107. That average had persistently reversed pullbacks in March. Further, the long-term bullish breakout witnessed on April 2 was preceded by a higher low formation on the 30-day MA on March 26.
Put simply, investors looking to buy at lower levels may be left disappointed if the 30-day moving average (MA) again fuels a strong bounce.
A UTC close below the 30-day MA, however, would bolster the bearish short-term technical setup and allow a deeper drop to levels below $4,700.
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.
Read Analysis
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IOTA On The Up IOTA: Price: $0.29 | MCAP: $843.7 million | 24-Hr Volume: $30.5 million
Short-term trend: Pullback from 200-day MA
IOTA has risen above its 100-period moving average on the daily chart for the first time since April 23 after bullish news was broken by Reuter's earlier this morning regarding an IOTA reward sharing system for helpful drivers of Jaguar.
A pullback is likely once it reaches the 200-day MA (red line) if volume decides to peter out with the Chaikin Money Flow likely to follow suit after a big injection of buying pressure.
Read: Jaguar Land Rover planning to allow helpful car drivers to earn cryptocurrency
Long-term trend: Neutral
IOTA will need to maintain above the 100-day MA in the mid to long-term and rise above the 200-period MA at $0.33 in the short-term in order to stimulate a continuation on from its recent welcome news.
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Stratis In The Deep End STRAT: Price: $0.84 | MCAP: $84.03 million | 24-Hr Volume: $913,139
Short-term trend: Bearish below 100-day MA
STRAT has dropped beneath its 100-day moving average (MA), a greater indication of growing bearish momentum keeping prices low in the near-term.
However STRAT also managed a bounce seen April 26 to test the former support along the blue line, now resistance and scaling that will be key for the bulls to reestablish their short-lived dominance.
Long-term trend: Neutral
April 26's bounce provides some hope to the bulls as price action toys with the historical support line at $0.82.
However, more volume and therefore volatility is required if they are to push beyond both moving averages in the longer-term.
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Bitcoin jumped to five-month highs above $5,600 last week, as suggested by investor poll conducted by @CoinDeskMarkets on April 16.
Back then, the crypto market leader was trading just above $5,000 with the 14-day relative strength index (RSI) reporting extreme overbought conditions with a near 90 print.
Despite that, 67 percent of voters predicted a rally to $5,500 as seen above.
33 percent had forecasted a pullback to $4,500, possibly taking into account the overbought readings on the short-term technical indicators.
It is worth noting that it is the price action that validates indicators, meaning the overbought readings on the RSI gain credence only if there are signs of bullish exhaustion on the price chart. BTC’s daily chart wasn’t flashing any such signs on April 16.
Also, in a strong trending market, an indicator can stay overbought longer than the bears can stay solvent! |
Stabelcoins like USD Coin (USDC), TrueUSD (TUSD) and PAX Standard (PAX) are trading at a premium against the US dollar.
Meanwhile, Tether (USDT) – the largest stablecoin by market capitalization – is currently trading a discount (at $0.9760),
It appears the Bitfinex/Tether scandal has triggered outflows from USDT to other stablecoins.
Last week, The United StatesAttorney General in New York accused Bitfinex of using Tether’s cash reserves to cover a $850 million loss with reserves meant for backing the stablecoin.
Bitcoin, the leading cryptocurrency by market capitalization, fell more than 5 percent to lows below $5,000 after the news hit the wires on Thursday.
The panic, however, was short-lived with bitcoin currently trading above $5,100.
That said, the cryptocurrency is still trading at a premium of nearly $300 on Bitfinex, as investors rotated money out of USDT to BTC following the controversy. |
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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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