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Eyes $9,100
BTC: Price: $10,000 | MCAP: $180 billion | 24-Hr Volume: $31.42 billion
Short-term trend: Pullback to continue
Bitcoin fell below $10,300 on the back of high sell volumes in the Asian trading hours today, confirming a bearish lower highs and lower lows pattern on the 4-hour chart. The price slipped further to hit an 11-day lows below $9,600, reinforcing the buyer exhaustion signaled by the weekly chart.
What's more, the 4-hour chart Chaikin money flow index has turned bearish for the first time in over three weeks.
As a result, BTC risks falling further to the former resistance-turned-support of $9,097 (May 30 high as per Bitstamp data).
Supporting the bearish case is the fact that the rebound from sub-$9,700 levels seen in the last few minutes is struggling to beat the hurdle at $10,300.
That said, the outlook would turn bullish if the price breaks above $11,100 on the back of high volumes. That would open the doors for retest of the recent high of $13,880.
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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Basic Attention Token BAT: Price: $0.33 | MCAP: $424.8 million | 24-Hr Volume: $78.4 million
Short-term trend: Bull exhaustion
Due to BAT's volatile range, price action is currently best viewed on a line graph illustrating the various dip lows and peak highs over the last 5 months.
While the RSI remains barely bullish above 50 at 50.74, the odds for greater gains remains relatively low, especially with bitcoin showing signs of dragging the markets further down.
Long-term trend: Bullish
The trend will remain bullish above the bottom green zone along the Fibonacci Pivot Point at 50 percent retracement ($0.27) but will need to be reassessed should prices close below that point.
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Crypto.com Chain With Bear Times Ahead CRO: Price: $0.058 | MCAP: $396.8 million | 24-Hr Volume: $5.1 million
Short-term trend: Bearish
CRO has dropped below a well defined area of support once more and continues to trend south amid Monday price volatility seen across the broader markets.
In addition, the RSI has dropped beneath neutral 50 and is demonstrating a lack of buyer potential and momentum. A move back above would be a bullish signal combined with a strong upward move, but for now the bulls look exhausted.
Long-term trend: Bearish
The Chaikin Money Flow, an indicator demonstrating buying/selling pressure shows the bears remain in full control, potentially driving prices lower to local lows located at $0.054 in coming weeks.
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Ether is feeling the pull of gravity, as predicted by @CoinDeskMarkets, having faced rejection at the former support-turned-resistance of $358 last week.
The world's second-largest cryptocurrency as per market value is currently trading at $283 on Bitfinex, representing a 4 percent drop from the price of $295 seen 24-hours ago.
It is worth noting that the bearish call wasn't based on the rejection at the key level alone. Ether or any asset for that matter faces numerous resistances when rallying.
Many times, the inability to cross a particular level is due to short-term overbought conditions (bulls having a breather).
In ether's case, however, the weekly candle faced rejection at $259 and closed on a negative note, leaving a long upper shadow – a sign of buyer exhaustion – in its wake.
Further, the negative weekly close was accompanied by highest sell volume since mid-February – a sign of sell-off having legs. Had volumes remained low, it would have been a case of "buy the dip market".
Looking forward, the cryptocurrency may slide further toward $250 as the 14-day relative strength index has turned bearish (dropped below 50.00).
However, a repeated failure on the part of the bears to keep prices below the former resistance-turned-support of $289 would imply an end of the corrective pullback and scope for rise back to recent highs above $350. |
Bitcoin's price volatility spiked in the second quarter, according to @skew_markets.
The top cryptocurrency by market value on an average moved 4.4 percent daily in three months to June 30, compared to the average daily price move of 2.3 percent witnessed in the first quarter of this year.
The sharp rise in the average daily volatility is hardly surprising, given the cryptocurrency rallied 162 percent in the second quarter. Notably, the rally had begun with a $1,000 move on April 2 and the the upward trajectory was maintained right till the end of June.
Meanwhile, in the first quarter, the cryptocurrency was largely restricted to $3,200-$4,000 range.
It is worth noting that with the rise in volatility (uncertainty), the demand for options (calls and puts) goes up and so does their value (premium).
Higher the implied volatility, costlier the options and vice versa. Hence, seasoned traders usually buy options when the volatility is low and write (sell) options when the volatility is high. |
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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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Below $10K