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Rally To $6,000 May Not Be Smooth
BTC: Price: $5,360 | MCAP: $96 billion | 24-Hr Volume: $13.59 billion
Short-term trend: Cautiously bullish
Bitcoin bounced up from the crucial 30-day moving average (MA) earlier this week despite the bearish divergence of the relative strength index, reviving the short-term bullish outlook.
The bounce, however, is struggling to gather traction above $5,300 with the 4-hour chart money flow indicator diverging in favor of the bears. As a result, a retest of the 30-day MA, currently at $5,199 cannot be ruled out.
Another bounce from the 30-day might be required to fuel a price toward $6,000. That said, forcing a quick rally to $6,000, however, may be difficult for the bulls, as the following key levels may offer resistance. - Resistance 1: 50-week MA at $5,414
- Resistance 2: June 2018 bottom at $5,780
- Resistance 3: August 2018 bottom at $5,880
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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DASHing Onwards Dash: Price: $122.15 | MCAP: $1.03 billion | 24-Hr Volume: $276.2 million
Short-term trend: Bullish
DASH has bounced in bullish fashion from the 61.8 percent Fibonacci retracement zone rather than falling straight through hinting at considerable buying pressure at around $120 propping up the price.
The current hourly candle shows a break above the 8-period exponential moving average (EMA) - a good sign in the short-term for the bulls to take advantage of another potential 6 percent rise on the day.
Long-term trend: Bullish
The weekly timeframe for DASH presents favorable terms for the bulls who need to scale $136 during this month's run in order to shore up and attract new investors key for another leg up.
Favorable but not certain and that is due to the current trend on the larger timeframes printing larger green candles that their respective preceding ones.
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Sink Or Swim ARK: Price: $0.49 | MCAP: $52.6 million | 24-Hr Volume: $491,257
Short-term trend: Neutral-pullback
With no new major developments to its network, ARK continues to sink alongside a drop in general interest for small cap (<$50m) altcoins on the market.
The weeks beginning Dec. 17 to Feb. 11 had been bullish, but conditions have since changed as price moved back to test former resistances at $0.47 and a close below would only entrench the bearish view.
Long-term trend: Bearish
There is also a general loss of interest over-time for the troubled crypto as can be seen in a drop period to period in total weekly volume with the exception of the weekly period April 22-28 experiencing a large uptick for the bears.
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Ripple's native cryptocurrency XRP has established a strong support at $0.2950 by defending that key level for nine consecutive months, as seen in the above tweet.
A specific level becomes a strong support due to buying power or concentration of demand around. As a result, technicians often call it an early sign of bullish reversal.
However, if the price bounce remains elusive for a prolonged period, then the probability of the support making way for a big sell-off increases. This is because the lack of fresh buyers demoralizes the existing holders forcing them to unwind their longs and the resulting downward pressures on prices ends up enticing sellers.
As a result, @a_santaellas is right in stating that XRP could suffer a bigger drop if the support zone fails to fuel a price rally.
The situation is somewhat similar to the one seen in bitcoin market back in early November 2018. Back then, the 21-month exponential moving average (EMA) had persistently restricted downside in five months to October 2018.
The EMA had become a strong support, but its defense repeatedly failed to produce a notable price bounce, finally leading to a big break below $6,000 on Nov. 14. |
The privacy coin Monero's blockchain registered a record high transaction count of 9,389 on April 30, 2019, shattering the previous record of 7,123 hit during the crypto market frenzy of 2017, according to MoneroBlocksInfo.
Notably, the onchain transactions surged by 112 percent in six days to April 30.
Further, the record high on transactions was accompanied by a drop in the average transaction fee to $0.025, the lowest level since the end of 2015.
The record high on transaction count has garnered media attention, but so far, has failed to put a bid under the cryptocurrency. XMR/USD is currently trading at $63.90 on Kraken, representing a 0.95 percent drop on the day.
The news hasn't boosted investor interest either. This is evident from the fact that total trading volumes across cryptocurrency exchanges currently stands at $0.43 million, up just 10 percent from $0.39 million seen on April 30, but still down more than 75 percent from the high of $2.15 million seen on April 23, as per CoinMarketCap. |
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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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