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Fresh 15-Month Highs
BTC: Price: $11,228 | MCAP: $199 billion | 24-Hr Volume: $21.90 billion
Short-term trend: Cautiously bullish
Bitcoin’s price rose to a fresh 15-month high of $11,470 on Bitstamp earlier today, invalidating the bearish divergence of the 4-hour chart relative strength index seen one Monday.
Further, a widely tracked Chaikin money flow indicator – which takes into account prices and volumes to assess buying and selling pressure – is now hovering at a 2.5-month high of 0.34.
A positive reading is considered to be bullish, meaning bitcoin is currently experiencing the strongest buying pressure in 14-months and could rise toward key resistance levels lined up at $11,688 (March 2018 high).
That said, the price is already up 176 percent and 24 percent on a year-to-date and month-to-date basis, respectively. Bulls usually take a breather following such stellar rallies. As a result, a sudden correction cannot be ruled out.
The outlook, however, remains bullish as long the price is trading above $9,097 (May 30 high). That level could come into play if the price drops below $10,500, validating the short-term overbought conditions.
Long-term trend: Bullish
BTC closed last month with 62 percent gains – the highest since August 2017 – reinforcing the falling wedge breakout confirmed by April's candle.
Further, the 5- and 10-month moving averages have produced a bullish crossover for the first time since September/October 2015.
The long-term bullish outlook would be invalidated if and when the price finds acceptance below May's low of $5,263.
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Chain Link On Another Run LINK: Price: $2.10 | MCAP: $732.5 million | 24-Hr Volume: $44.3 million
Short-term trend: Pullback
Prices are bullishly bid for LINK, with its value having increased by more than 250 percent over a 30-day period. Up 14.76 percent on the day, LINK eyes off continuation from a breakout beyond $2.01.
Volume on the 4-hour chart has been light while the RSI is currently printing an overbought reading, hinting at a short-term pullback on the back of wary bull market conditions.
Long-term trend: Bullish
A long supporting trend line can be drawn from June 13 to June 25 creating a bullish ascending triangle formation that adds credence to the current breakout move on the short-term time frames.
The long-term trend remains bullishly bid above $1.49 and continues to post impressive growth, with May 14 marking the beginning of a 217 percent increase in its value, that has continued to hold above.
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Decred Holding Fast DCR: Price: $30.77 | MCAP: $316 million | 24-Hr Volume: $19.1 million
Short-term trend: Bull exhaustion
Despite being down 6.74 percent over a 24-hour period, DCR remains bullishly bid in the mid-to-long-term as it resides well within an ascending trianlge, eyeing off greater heights.
In the immediate short-term, however, expect momentum to continue consolidating with prices resting just above $30 as volatility settles and the indicators get a chance to reset.
Long-term trend: Bullish
As previously mentioned, the ascending triangle on the daily chart presents favorable conditions for the bulls, given price action is hovering just beneath resistances at $33.
In addition there's also a considerably bullish formation on the larger time frames, such as the weekly chart, with higher lows and higher highs, only a major move below $26.85
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BTC is just getting started, tweeted @samadamsSAO on June 20, when bitcoin’s price was trading at $9,810, representing 14 percent month-to-date basis and its 4-hour chart was flashing an ascending channel breakout.
The bullish call was right as the cryptocurrency rose to 15-month highs above $11,470 earlier today. Thats a 17 percent gain on the price of $9,810 seen five days ago.
It is worth noting that many analysts were expecting the a correction following Facebook’s launch of its cryptocurrency Libra. After all, the goods news was supposedly priced in four days leading up to the event.
However, there was no “sell the fact” pullback and the cryptocurrency went ballistic, as the narrative that Facebook’s fiat and bond-backed Libra will end up boosting bitcoin’s appeal became entrenched within the investor community.
Charts had warned about the possible rally. The 4-hour chart was flashing an ascending channel breakout – a bullish continuation pattern – on June 20, as noted by @samadamsSAO. |
With bitcoin, the top cryptocurrency by market capitalization, charting a near 90 degree price rise, the alternative cryptocurrencies (altcoins) are struggling to find takers.
BTC is currently reporting more than 30 percent gains on a month-to-date basis. Most altcoins are also reporting gains in the USD terms.
However, in BTC terms, altcoins are bleeding, which indicates the money has entered the bitcoin market for a long haul and there is little interest in rotating the money into cheap altcoins.
The rotation may begin once BTC’s rally looks overstretched. As of now, the leading cryptocurrency is showing no signs of buyer exhaustion.
That said a couple of ALT/BTC pairs have charted early signs of potential bullish reversal, as noted by @thecryptomonk.
ZRX/BTC, MATIC/BTC, ICX/BTC and ADA/BTC created a hammer candle on the daily chart on Monday.
A hammer occurs when sellers push the price lower only for buyers to step in push the price higher to levels near the day’s opening price. Put simply, hammer indicates seller exhaustion.
A bullish reversal, however, is confirmed, only if the price settles above the hammer candle’s high on following days with strong volumes.
So, investors need to watch out for a possible high-volume break above the hammer candle’s high in the above mentioned ALT/BTC pairs.
A potential bullish case would look even stronger if BTC/USD chart shows signs of bullish exhaustion in the form of Doji, bearish engulfing, hanging man, etc. |
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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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Rally Continues