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segunda-feira, 24 de junho de 2019

Roaring Freight Train

Bitcoin peeps above $11,000
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June 24, 2019

  
Bitcoin Rally Continues

BTC: Price: $10,880 | MCAP: $193.77 billion | 24-Hr Volume: $20.70 billion

Short-term trend: Cautiously bullish

Bitcoin jumped to $11,247 over the weekend, the highest level since March 2018. At press time, the 165 percent gain on the April 1 opening price of $4,092 is the biggest percentage rise observed in May to June to date, going by Bitstamp data.

Further, bitcoin’s triple-digit gain so far for Q2 is the best quarterly rise overall since the fourth quarter of 2017. 

These gains could be extended further before June 30, as the bullish structure of higher lows and higher highs is intact and the 5-and 10-candle moving averages (MA) on daily, weekly and three-day charts continue to trend north.

Even so, the bulls need to observe caution as the price has failed twice over the weekend to hold onto gains above $11,000. Another failure would validate the bearish divergence of the 4-hour chart relative strength index and open the doors for a pullback to $10,000.

The outlook will remain bullish as long as the price is held above $9,097 (May 30 high). On the higher side,
resistances lined up at $11,247 and $11,394, according to Bitstamp data.

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.

Read Analysis




Aeternity Trending In Bullish Fashion

AE: Price: $0.68 | MCAP: $172.1 million | 24-Hr Volume: $63.47 million

Short-term trend: Overbought

AE is one of today's best performing crypto in the top 100 at CoinMarketCap, up 21 percent over a 24-hour period and tracking topside within an ascending triangle formation on the weekly chart.

The daily timeframe reveals an overbought RSI, signaling a short-term pullback and a retest of former daily resistances at $0.60.

Long-term trend: Bullish

As previously mentioned, the ascending triangle formation on the weekly chart presents a favorable bullish setup, provided volume shows up in a  week or two and backs a move above the strong resistance zone at $0.73, forming the upper trend line.


 

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KuCoin Shares Retracing To Former Supports

KCS: Price: $1.62 | MCAP: $133.7 million | 24-Hr Volume: $20.7 million

Short-term trend: Pullback

KCS is marching its way down toward a former support zone at around $1.53-$1.57 amid a period of profit taking for savvy investors looking to cash in some of the 30 percent gains from period June 19 to June 22.

The short-term assessment remains neutral bid above the aforementioned support zone, where as a firm close below could expose former resistances at $1.27, invoking greater bearish momentum.

Long-term trend: Bullish

Should prices reside above the area marked green at $1.53, its market structure would heavily favor a continuation to retest the peak highs set at $2.05 on June 22, provided the RSI also remains above neutral 50 on the daily chart.





Bitcoin was trapped in a contracting triangle or narrowing price range on the hourly chart about 24 hours ago. 

The consolidation was preceded by a short-lived spike above $11,000 – the first in 15 months. With the RSIs on the 3-day, weekly and daily chart reporting overbought conditions with an above-70 print, the rejection above $11,000 painted a picture of bull exhaustion. 

As a result, many traders were expecting range breakdown. Bitcoin, however, had other plans. The cryptocurrency cut through the upper edge of the contracting triangle to print fresh 15-month highs near $11,250, as expected by @ricardocorreia0.

The bullish breakout happened despite overbought readings on the RSI. It is worth noting that an overbought RSI would considered a sign of bull market strength if the price shows no signs of bullish exhaustion. The above-70 (overbought) print on the indicator gains credence only when there signs of buyer exhaustion on technical charts. 

On similar lines, a below-30 (oversold) print gains credence only when the price is flashing signs of bearish exhaustion. 




Are you surprised by the pace of bitcoin's recent price gains? 

After all, the leading cryptocurrency has risen from $7,500 to $11,250 in 14 days to June 23. A move of that magnitude would qualify as "extreme volatility" in traditional markets. 

However, in the bitcoin market, sharp moves are a norm. In fact, during the height of the crypto market frenzy, BTC had rallied from from $10,000 to $1,800 in just 17 days to Dec. 16, 2017. Further, the cryptocurrency hit a record high of $20,000 on the following day. 

The $3,750 price rise seen in the last 14 days looks pale when compared to the $8,000 rise seen in 17 day in December 2017. 

The average daily gain during that time period was $470, while the average daily gain in the last 14  days has been $267. 

Going by the data, it seems safe to say that the market is far from being euphoric and the bullish sentiment is yet to reach extremes. 

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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BTC: bc1qxv3stg0xha9upurf7h4aqnmg3xjn3h0zk28kpe

ETH: 0x01870296774Fb0A2DbF9b44d2E6a57fb8Ccea070

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ADA: addr1qx4q7348dv2ju5zshee9ru23ssmqhyyjlnxe0xlezjq5we42par2w6c49eg9p0nj28c4rppkpwgf9lxdj7dlj9ypganqtmuu2p