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Low-Volume Rally
BTC: Price: $13,300 | MCAP: $201.35 billion | 24-Hr Volume: $29.65 billion
Short-term trend: Pullback likely
Bitcoin has risen by nearly $2,000 in the last 24 hours, leaving a bullish hammer candle on the daily chart. That candle is widely considered an early sign of bullish reversal.
Even so, it is still too early to call a bull revival, as the cryptocurrency is yet to invalidate the most basic of all bearish technical patterns - a bearish lower high. For that, the price needs to rise above the June 28 high of $12,448.
Further, buy volumes remained low as the price rose from $9,600 to $11,500. In fact, sell volumes have been higher than buy volumes post breakout – a trend that has been in place ever since bitcoin topped out at $13,800. As a result, the sustainability of gains is under question.
Long-term trend: Bullish
Bitcoin closed last month with 25.89 percent gains, confirming a five-month winning streak, which is the longest since 2017.
With the double-digit gains, the cryptocurrency further cemented the falling channel breakout witnessed in April. The 5- and 10-month moving averages are trending north, indicating a bullish setup. As a result, the path of least resistance is to the higher side.
Also, a number of bullish price drivers are lined up over the next few months, according to Alex Kruger, a prominent technical and fundamental analyst. As a result, investors may view any pullback to levels below $10,000, as just another chance to get involved in the bull market.
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Waltonchain Ekes Out High-Volume Gains WTC: Price: 1768 BTC | MCAP: 7,350 BTC | 24-Hr Volume: 2,271 BTC
Short-term trend: Bullish
Up nearly 25 percent, Waltonchain is the best performing top 100 cryptocurrency by market capitalization. The daily chart shows the cryptocurrency witnessed highest buy volume in more than three months on Monday.
Further, with the double-digit price rise, the 14-day relative strength index (RSI) seems to have found acceptance above the three-month descending trendline.
With the path of least resistance on the higher side, WTC looks set to test the 50-day moving average, currently located at 2278 sats.
Long-term trend: Bearish
The long-term outlook will remain bearish as long as the price is held below 5000 sats. The 5- and 10-week MAs continue to trend south, indicating a bearish setup.
A break above 5000 sats would invalidate the bearish lower highs pattern and confirm a bullish reversal.
The case for a rise to 2278 sats, as suggested by the daily chart, would weaken if the bearish 5-week MA, currently at 1848 sats proves a tough nut to crack over the next two-three days.
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Tierion Breaks Out
TNT: Price: 660 sats | MCAP: $396.8 million | 24-Hr Volume: $5.1 million
Short-term trend: Neutral
TNT/BTC's 13.8 percent drop today has neutralized the bullish view put forward by the higher lows pattern ad Tuesday's 23 percent price rise. The pullback seen today is hardly surprising as the relative strength today was reporting overbought conditions 24 hours ago.
A high-volume UTC close above 800 sats is needed to revive the bullish view. After all, the cryptocurrency has failed twice in the last 1.5-month to close above that levels.
A bull breakout above 800 sats looks likely as long-term charts are biased bullish.
Long-term trend: Bearish
As seen in the 3-day chart below, the previous candle closed at 761 sats, confirming an upside break of the ten-month long sideways channel. As a result, a rally to 1000 sats looks likely in the near-term.
The bullish case would weaken if the price finds acceptance below the previous candle's low of 521 sats.
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@cryptowelson must have made a killing trading bitcoin in the last 24 hours.
The trader had built sizable long positions on Tuesday, when the top cryptocurrency was hovering below $9,700.
The bullish bet was based on the forecast that the wedge pattern on technical charts would end with a price breakout, paving way for big move on the higher side.
And guess what, the cryptocurrency did breach the wedge pattern on the higher side. Notably, with the break above $10,300 in the U.S. trading hours, BTC had activated twin bullish cues on the 15-minute chart – a double bottom breakout and a falling channel breakout.
With odds so heavily stacked in favor of bulls, the cryptocurrency quickly rose above $11,000 in the Asian trading hours today to print a highs above $11,500.
The bullish move, however, wasn't backed by rising volumes. As a result, a fall back to levels below $11,000 cannot be ruled out. |
 
Bitcoin is trading at skyrocketing premiums in Zimbabwe with prices as high as $76,000.
Many observers are associating bitcoin's stellar rise in Zimbabwe with the country's economic mess.
It is widely believed that with inflation running close to 100 percent and national currency in free fall, local traders are increasingly exchanging worthless fiat with bitcoin – a decentralized cryptocurrency with limited supply.
Other hyper inflated economies like Venezuela and Argentina are also witnessing an increased demand for cryptocurrencies.
That said, the massive 600 percent premium in Zimbabwe is just a reflection of the black market rate for the US dollar held in EcoCash.
Also, the fact that bitcoin has haven appeal in countries like Zimbabwe, Venezuela validates JPMorgan's argument that cryptocurrencies are only valuable in a Dystopian environment. |
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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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$2K Rally