 
|
Key Support Holds Ground
BTC: Price: $8,630 | MCAP: $153 billion | 24-Hr Volume: $24.20 billion
Short-term trend: Bullish
Bitcoin found takers in the former resistance-turned-support zone of $8,500 (July 2018 high) - $8,390 (May 16 high) earlier today, validating the bullish view put forward by the pennant breakout confirmed on Sunday.
Further, the 5- and 10-day moving averages (MAs) are trending north, indicating a bullish setup, and the Chaikin money flow index is signaling strong buying pressure with a positive print.
As a result, doors remain open for a near-term move above the psychological resistance of $9,000. The short-term bullish outlook would be aborted if the price closes (UTC) below the ascending 10-day MA, currently at $8,238.
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 month – the longest 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.
Read Analysis
 |
|
|
|
|
|
PundiX Goes Hard NPXS: Price: $0.001044 | MCAP: $233.2 million | 24-Hr Volume: $56.4 million
Short-term trend: Pullback-bullish
NPXS is riding high today currently up 22.1 percent after closing above a key resistance at $0.00093 on May 27 with strong momentum, noticed by a large uptick on the Chaikin Money Flow (CMF), demonstrating increased buying pressure.
The current pullback is simply following the natural progression of market cycles where prices peak in the interim followed by continuation due to the primary trend being bullish and continued fiat flowing into crypto from retail and institutional investor alike.
Long-term trend: Bullish
The long-term trend has only just begun its run by crossing the 100 and 200-period moving averages on the daily chart, a sign that the trend has officially shifted from the bears. The aim for NPXS is to continue developing and refining their products, thereby increasing overall value; Keep a firm eye on announcements and remember to sell the news in preparation for a price dip.
 |
|
|
|
|
|  We're excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits' recently announced Premium Rooms product. Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets. Create an account on StockTwits and then subscribe! Subscribe Here |
|
Cold, But Definitely Not Dead TRX: Price: $0.033 | MCAP: $2.2 billion | 24-Hr Volume: $1.09 billion
Short-term trend: Neutral TRX's performance since the beginning of May has seen a 34 percent increase in value after prices broke out on strong volume on May 14 and May 26.
Despite its 8 percent drop over a 24-hour period, today's correction from its price peak at $0.037, seen yesterday, has found footing above former resistances at $0.032, hinting at further upside should current levels hold.
Long-term trend: Bullish
Creating new peak highs with a solid candle body close above former peak highs is always desirable in a bullish market structure. Ultimately, if prices continue to find acceptance above former resistances, then the case for continuation is preserved long-term.
 |
Bitcoin’s jumped more than 8 percent on Sunday, confirming a pennant breakout – a bullish continuation pattern – and rose to a 12-month high of $8,940 on Bitstamp on Monday.
Trading volumes, however, dropped with the price hitting one-year highs – a sign of buyer exhaustion.
As a result, @CoinDeskMarkets called a price pullback on Monday and as expected, BTC fell to $8,421 earlier today.
Also, the pullback could end up recharging engines for a break above $9,000 as the price has held the former resistance-turned-support zone of $8,390 (May 16 high) – $8,500 (July 2018 high). As of writing, BTC is changing hands at $8,600. |
@h4n5um is calling attention to a bullish technical setup on litecoin’s (LTC) hourly chart.
As seen in the above tweet, the sixth largest cryptocurrency by market capitalization is currently probing the upper edge of the bull flag at $114.00.
A bull flag is a continuation pattern – a pause that often refreshes higher.
As a result, a breakout – an hourly close above $114 – if confirmed, could yield a rally roughly to the extent of the pole, i.e., the preceding bullish move from $102 to $122.
Put simply, a flag breakout could be followed by a rally to $134. In fact, with mining reward halving due in 78 days, the cryptocurrency could rise much higher than $134.
On Aug. 8, the reward for mining on Litecoin’s blockchain will be reduced from 25 LTC to 12.5 LTC. The cryptocurrency has already rallied sharply on impending supply cut. LTC is currently reporting more than 200 percent gains on a year-to-date basis.
Read: Why halving is price-bullish event? |
|
| 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. |
|
| | | | |
Winning Run