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Bitcoin Again Defends Key Support
BTC: Price: $5,289 | MCAP: $95 billion | 24-Hr Volume: $13.70 billion
Short-term trend: Bullish
BTC bounced up from the 30-day moving average support, weakening the bearish case put forward by the bearish divergence of the relative strength index confirmed last week.
Add to that, April's close above the 21-month exponential moving average and the falling channel breakout on the monthly chart and the case for a re-test of the recent highs above $5,600 looks strong.
The short-term outlook, however, would turn bearish if and when the price closes (UTC) below the 30-day MA, currently at $5,148.
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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Bitcoin Cash's Bullish Bounce BCH: Price: $269 | MCAP: $4.83 billion | 24-Hr Volume: $1.95 billion
Short-term trend: Bullish exhaustion
Yesterday's peak (April 30) for BCH represented its highest point in over 121 days and is currently up 12.59 percent over a 24-hour period, with no real major fundamental factors weighing into the equation.
The smaller timeframes such as the 1-hr and 4-hour chart show an overextended price with an RSI firmly overbought, hinting at buyer exhaustion and a period for profit taking that is likely to send price back to prior highs at $264-$263.
Long-term trend: Bullish
A successful defense of the 200-period MA shows an eagerness by the bulls who seem to be taking charge of buying pressure, underscored by the CMF which is ready to flip bullish above 0 on another major move.
Watch for another gradual increase in bullish volume period to period as the marker of legitimacy on a strong move beyond resistances at $276.20.
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ODEM There It Goes ODE: Price: $0.23 | MCAP: $52.9 million | 24-Hr Volume: $1.97 million
Short-term trend: Pullback
Having hit a high of $0.28 on April 29 ODEM's price has since retraced 17 percent after hitting overbought on the daily RSI coupled with a failure to increase on the previous day's total bullish volume.
A likely target of the 200-period moving average (MA) at $0.20 looks plausible given the current daily candlestick's long topside wick and a swing toward bearish momentum as the histogram on the MACD begins to tick down.
Long-term trend: Bullish above 200-period MA
As long as ODEM remains above the 200-period at $0.20 on the daily chart, extending out to a higher low on the weekly time frame, then price would likely experience another bullish bounce from that level should buying pressure remain at current levels.
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@CryptoFib is right in mentioning $5,800 as a massive resistance area.
To start with, multiple Fibonacci retracement levels are lined up near the psychological resistance, as mentioned in the tweet.
Further, the cryptocurrency hit multiple daily lows just below $5,800 at the end of June 2018 and these level could also offer strong resistance.
Put simply, $5,800 can play spoilsport in bulls’ attempt to test the $6,000 hurdle – a level where BTC had supposedly bottomed out in five months to October 2018.
@CryptoFib also states that a high-volume break above $5,800 could yield a quick rally to $6,400. While that loos feasible, traders, however, should not ignore the fact that $6,000 had served as strong support last year and could apply brakes to the price rally. |
The survey results tweeted @CremeDeLaCrypto show 11 percent of the total population own bitcoin.
A new poll conducted by Harris Poll on behalf of Blockchain Capital shows bitcoin is more popular in younger age groups.
As seen in the above tweet, 20 percent of the people belonging to age group 18-34 currently own bitcoin.
That age group represents working age population, contributing to economic growth.
As a result, the bitcoin ownership rate needs to be much higher than the current 20 percent. Only then, BTC would gain reputation as a store of value and medium of exchange. Till then, it may continue to track the action in the risk assets like equities.
Other key points:
The percentage of people who are unaware of Bitcoin dropped from 23% to 11%.
The percentage of those aged 18-34 who describe themselves as at least “somewhat familiar” with Bitcoin rose from 42% to 60%. |
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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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Bullish Close