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Bulls Need to Defend Shooting Star's Low
BTC: Price: $5, 860 | MCAP: $105.26 billion | 24-Hr Volume: $17.26 billion
Short-term trend: Bearish below $5,786
BTC jumped to a 5.5-month high of $5,970 Tuesday only to close (UTC) at $5,751. With the pullback, BTC ended up creating a "shooting star" candlestick pattern on the daily chart.
That candle occurs when a day begins on an optimistic note, but ends with sellers pushing the price back close to the day’s open and is widely considered an early warning of potential bearish reversal.
Traders, however, usually wait for strong confirmation, preferably in the form of a sustained move below the low of the shooting star candle.
As a result, the case for a rally to $6,000 would weaken significantly, and the prospects of a deeper pullback to the crucial 30-day MA at $5,333 would improve, if BTC finds acceptance below $5,687 in the next 24 hours.
So far, however, BTC has managed to hold well above $5,687. Hence, the cryptocurrency remains on track to test and possibly break above $6,000, as suggested by April's bullish close above the 21-month exponential moving average.
Long-term trend: Bullish
Bitcoin closed last week above the historically strong resistance of the 50-week moving average (MA), further validating the bearish-to-bullish trend change signaled by the convincing break above $4,236 (Dec. 24 high) on April 2.
Supporting the longer run bullish case is the two-week MACD histogram's positive turn, the first since February 2018. Further, the 14-week relative strength index (RSI) has moved above above the key resistance range of 53.00–55.00.
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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Komodo Looks North KMD: Price: $1.19 | MCAP: $129.8 million | 24-Hr Volume: $4.2 million
Short-term trend: Pullback
Recent developments for KMD have spelt out a new potential bull run with the 100 and 200-period moving averages having crossed on April 22, marking an official beginning.
Prices are beginning to diverge in bearish fashion with the daily RSI with 2 lower highs on the indicator and 2 similar peak highs on its price, meaning a pullback in the short-term is most likely given recent market developments.
Long-term trend: Bullish
Still, it is hard to ignore the signal of the long-term moving average bull cross and while the Chaikin Money Flow (CMF) currently shows greater sell pressure, the reading has begun to tick ever closer in favor of buyers once more.
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Raven Coin Won't Fly RVN: Price: $0.04 | MCAP: $152.2 million | 24-Hr Volume: $12.3 million
Short-term trend: pullback
A loss of major supports at $0.05 on April 29 has presented problems ever since the ailing cryptocurrency was rejected from its all-time high of $0.08 back on April 2.
The challenge for the RVN bulls now lay in countering current sell pressure which is weighing down the price as seen by the Chaikin Money Flow (CMF) with a strong move above former supports ensuring the flip.
Long-term trend: Neutral
The major area of concern long-term now rests along the former resistance/support flip at around $0.03 (just beneath the 100-period MA), should price pass below that level then consider the bears firmly in control moving forward.
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@adm3us was right in stating that miners, developers or any one from bitcoin industry is unlikely to support the idea of "Blockchain reorganization" to recovery the 7,000 bitcoins worth over $40 million stolen from the cryptocurrency exchange Binance - the world's largely by trading volumes.
After all, such an operation would be a costly affair for Binance. Rolling back the blockchain to the betrayed or hacked blocks would require enormous computational power.
That would not only not only be a costly affair for Binance, but would also compromise blockchain immutability (nobody can modify the blockchain's distributed ledger of all committed blocks).
The idea of blockchain reorganization was proposed by investor community, according to Changpeng Zhao, CEO of Binance, who is widely known as CZ across social media.
Read: Hackers Steal $40.7 Million in Bitcoin From Crypto Exchange Binance |
TradingView's Bitcoin's dominance rate calculated, which represents the percent of the total cryptocurrency market capitalization contributed by the leading cryptocurrency, rate rose to 60 percent earlier today – the highest level since Sept. 13, 2018 – having witnessed a breakout on the technical charts on May 5, as seen in the above tweet.
Notably, the dominance rate was seen at 52.00 about 5.5-weeks ago, when bitcoin's price was trading just above $4,000.
The fact that the dominance rate has risen along with the price rally from $4,000 to $6,000 indicates the money has entered the bitcoin market for a long haul and not just to fund altcoin purchases –- a sign of investor confidence that the crypto market leader has made a long-term bottom and could rise further ahead of the reward halving (supply cut) due next year in May.
It is worth noting that bitcoin is widely used to fund altcoin purchases. As a result, altcoin frenzy also crates demand for bitcoin, lifting its price higher.
However, in such case, the dominance rate falls or remains flat, as bitcoin's bought with fiat money are then used to buy altcoins. That leads to a relatively bigger rise in Altcoins.
As a result, a bitcoin price rally is often considered unsustainable if it is not accompanied by a rise in the dominance rate. |
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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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Binance Hacked