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Bullish Consolidation
BTC: Price: $8,730 | MCAP: $154.79 billion | 24-Hr Volume: $26.69 billion
Short-term trend: Bullish
Bitcoin price has spent a better part of the last 24 hours consolidating in a narrow range of $$8,940–$8,650, marking a weak follow-through to the pennant breakout confirmed on Sunday.
The path of least resistance, however, remains to the upside with the price staying well above the former resistance-turned-support of $8,390.
Also, the price congestion has taken the shape of a technical pattern called a “bull flag” – a pause that often refreshes higher. A break above the upper edge the flag, currently at $8,890, would confirm a flag breakout and allow a rally to $9,940 (target as per the measured move method).
On the way higher, BTC may encounter resistance at $9,942 – the 38.2 percent Fibonacci retracement of the sell-off from the December 2017 high to December 2018 low.
The rally to $9,942 or higher could be preceded by a pullback to the support at $8,390 as the bulls usually take a breather following a stellar rally – BTC is up more than 60 percent on a month-to-date basis.
Long-term trend: Bullish
Bitcoin closed well above the June 2018 high of $8,500 last week, validating the previous week's sharp from the previous week's bounce from the 5-week moving average (MA).
The four-week winning run is backed by five-month highs on the Chaikin money flow index – that is, buying pressure is currently the strongest since mid-December.
Further, the cryptocurrency is trading well above the historically strong resistance of the 50-week and 100-week moving averages, validating the bearish-to-bullish trend change signaled by the violation of bearish lower highs pattern on April 2.
The longer run bullish outlook would be neutralized if the price finds acceptance below the 200-day MA, currently at $4,468.
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BitTorrent Token Taking Names BTT: Price: $0.0017778 | MCAP: $374.7 million | 24-Hr Volume: $437.7 million
Short-term trend: Pullback-bullish BTT is one of crypto's best performing assets on the day, up 25.57 percent over a 24-hour period after yesterday's 18.7 percent rally. However, BTT is beginning to show signs of exhaustion with the current daily candle hinting at a short-term pullback while price action remains bullish above yesterday's prior candle close.
Long-term trend: Bullish
Given BTT's recent price history with higher highs and minor pullback lows, the asset is now making headway through a more organic price discovery. This can be deduced from its bullish progression beginning in May, after prices found a floor at $0.0006 on April 26.
A possible pullback is more than likely given the divergence on both the RSI and Chaikin Money Flow (CMF) with lower highs on the indicators, but higher highs in price. Consider a potential retest of yesterday's prior candle close at $0.0017.
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RavenCoin Flies Under The Radar RVN: Price: $0.05 | MCAP: $195.8 million | 24-Hr Volume: $18.4 million
Short-term trend: Neutral-bull potential RVN's recent price action over the last 12-days has been range-bound between $0.05 and $0.06 as a period of consolidation takes over post falling wedge bounce.
Down 4.04 percent on the day, RVN's potential to follow suit on a channel breakout witnessed May 15 could be enough to reverse the recent sell-off from major resistances at $0.06 in the coming week.
Long-term trend: Bullish
While prices have retraced 32 percent from its all time high at $0.08 witnessed on April 2, the bullish market structure remains intact above the yellow support line drawn from the prior wick dip low at $0.03 seen May 13.
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Monday’s pennant breakout has put a strong bid under EOS’ bitcoin-denominated exchange rate, as expected by @SatoshiFlipper.
EOS/BTC is currently trading at 9230 sats, representing 13 percent gains on a 24-hour basis, having hit a four-week high of 9406 sats earlier today.
In US dollar terms, EOS has hit 10-month highs above $8.00, possibly on rumor that Block.one, the firm responsible for the development of the EOS blockchain protocol, is set to make a big announcement on June 1.
Essentially, market is buying the rumor and could sell the fact on June 1 if announcement by Block.one, if any, disappoints market expectations. |
The cryptocurrency markets have had a great time so far this year with names like Tezos and Litecoin flashing more than 200 percent gains on a year-to-date (YTD) basis, as seen in the above tweet.
Binance coin has rallied by 475 percent and bitcoin, the leading cryptocurrency by market capitalization, has appreciated by 134 percent.
Meanwhile, other major cryptocurrencies like XRP have lagged big time. The world’s third largest cryptocurrency by market capitalization has merely gained 13 percent. The year-to-date gains could rise sharply in the next few months as an impending golden crossover – a bullish cross of the 50- and 200-day moving average (MA) – may invite chart-driven buying.
The privacy coin Zcash, up 30 percent on YTD basis, could outperform other cryptocurrencies in the second half of this year as the blockchain is set to undergo mining reward halving in 2020.
It is worth noting that Zcash has an inflation rate of 0.1% a day, which is quite high compared to Bitcoin’s inflation of 0.01%.
Hence, Zcash is expected to pick up a strong bid well ahead of the mining reward halving – the process aimed at curbing inflation by reducing mining rewards by half. |
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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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Bull Flag