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Bullish Higher Low
BTC: Price: $8,710 | MCAP: $154.83 billion | 24-Hr Volume: $25 billion
Short-term trend: Bullish
Bitcoin bounced back to $8,700 earlier today, establishing a bullish higher low in the former resistance-turned-support zone of $8,500 (June 2018 high) - $8,390 (May 16 high).
Further, the premier cryptocurrency witnessed a bull flag breakout – a continuation pattern – on the 4-hour chart earlier today.
The path of least resistance, therefore, is to the higher side. Prices could rise to the psychological hurdle of $9,000 over the next few days.
The only cause for concern is that trading volumes have dropped over the last few days. That takes the shine off the pennant breakout confirmed on Sunday.
Also, buyers need to be cautious as the cryptocurrency has already rallied more than 60 percent this month. Sudden price pullbacks are usually seen after such stellar rallies.
That said, the short-term bullish case would weaken only if the price sees a UTC close below $8,390 (May 16 high).
Long-term trend: Bullish
Bitcoin is up more than 60 percent on a month-to-date basis and looks set to end higher for the fourth consecutive mont, the biggest monthly winning run since August 2017.
The sharp gains seen this month mark a strong follow-through to the long-term bearish-to-bullish trend change signaled by the falling channel breakout on the monthly chart on April 30.
Supporting the bullish case is the upward sloping 5-month moving average (MA), which looks set to cross above the neutral (flat) 10-month MA on June 1. looks set to cross above the neutral (flat) 10-month MA on June 1. That bullish crossover would further reinforce the long-term bullish reversal.
Put simply, the monthly chart favors a rally to $10,000, as suggested by Sunday's pennant breakout on the daily chart.
The longer run bullish outlook would be neutralized if the price finds acceptance below the 200-day MA, currently at $4,544.
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Bitcoin Cash SV Goes Wild BCHSV: Price: $230 | MCAP: $3.3 billion | 24-Hr Volume: $1.26 billion
Short-term trend: Consolidation-slight pullback
After climbing over 70 percent on yesterday's bullish breakout, prices have taken a breather after peaking at $238 in the early hours of the morning today at 00:30 UTC.
Up 54 percent over a 24-hour period overall, BCHSV looks set to retrace slightly and for consolidation to play out as traders digest recent market developments leading to a potential price pullback.
Long-term trend: Bullish
BCHSV has now moved into long-term bullish territory after yesterday's large price rise and would only suffer a trend shift to the bears should prices close below prior resistances now supports at around $92.
The move was also accompanied by a slight rise on the Chaikin Money Flow (CMF) and a sharp move up on the RSI pushing the indictor further into overbought territory, opening up the possibility for a sharp correction.
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Factom Falling Behind FCT: Price: $7.90 | MCAP: $76.8 million | 24-Hr Volume: $308,858
Short-term trend: Neutral FCT is down 5.43 percent over a 24-hour period after falling below the 26-period exponential moving average (EMA) on the weekly chart.
A close here below the blue line would expose prior resistances located at $6.93 and extend the bearish short-term setup.
Long-term trend: Bearish below 26-period EMA
As previously discussed, a major move below the blue 26-period EMA signifies a loss of momentum on the bull front, eventuating into further drawdown.
However, there is a possibility the CMF bull crosses above neutral 0 in the coming weeks, highlighting a potential trend reversal with another attempt to take down the bearish lower high market structure for FCT.
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@Dollar_Btc tweeted a long trade idea on Ethereum’s ether (ETH) token on May 25 when the price of a single ether was $252 and since then the cryptocurrency has rallied more than 12 percent to $284.
It is worth noting that the price was trapped in a symmetrical triangle pattern on May 25. @Dollar_Btc, therefore, perfectly anticipated both the bullish breakout and the subsequent move higher.
That said, the price is yet to hit the target of $300. That could happen in the next few days, as the buying pressure has strengthened sharply since May 22, according to the Chaikin money flow index.
Further, the 5- and 10-day moving averages (MAs) continue to trend north, indicating the bullish momentum is quite strong.
Also, it is worth noting that @Dollar_Btc did not put a stop loss on the long trade and chose to actively monitor the exit price, which makes sense as volatility has increased over the last few weeks and there was always a risk of ETH triggering the stop loss with a two-way business before rallying as expected. |
EOS, the world’s fifth largest cryptocurrency by market capitalization, looks set for another leg higher, having already rallied 16 percent from the weekly opening price of $6.96.
As seen in the above tweet, EOS has formed a bull flag over the last 48 hours or so. That continuation pattern usually accelerates the preceding move.
So, a flag breakout above $8.30, if confirmed, could be followed by a rally to 9.50 (target as per the measured move method).
The breakout looks likely as Block.one, the company which built the EOS blockchain, is expected to make a significant announcement at an upcoming event in Washington, D.C.
While the details remain secretive, speculation that a big announcement is overdue has further strengthened with the firm announcing earlier this week that it has purchased $20 million worth of RAM on EOS.
As a result, investor interest in the cryptocurrency is likely to remain high ahead of June 1 event.
It is worth noting that markets are buying the rumor and could sell the news after June 1, leading to big price pullback.
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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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Awaiting Momentum