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Bull Revival Is Still $1,000 Away
BTC: Price: $10,120 | MCAP: $180.80 billion | 24-Hr Volume: $17.40 billion
Short-term trend: Bearish
Bitcoin is back above $10,000, but is trading well below $11,120, meaning the bearish lower highs created during the pullback from $13,880 to $9,049 is still intact,
Hence, the outlook remains bearish despite 6 percent recover from the low of $9,514 seen yesterday. Moreover, trading volumes remained low as price bounced from near $9,500. A low-volume recovery is often short-lived. so a fall back to $9,600 cannot be ruled out.
Sellers may hit the market with fresh offers if key resistances lined up near $10,200 continue to cap upside over the next few hours.
A UTC close above $11,120 is needed to invalidate the bearish lower highs setup and revive the bull view.
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, more so, as the cryptocurrency is set to undergo mining reward halving sometime in May 2020.
Hence, investors may view any pullback to levels near $8,000, as just another chance to get involved in the bull market.
The outlook will remain bullish as long as prices are held above the 200-day moving average, currently lined up just below $6,000.
Read Analysis
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Waltonchain On The Rise WTC: Price: $1.99 | MCAP: $82.4 million | 24-Hr Volume: $11.4 million
Short-term trend: Cautiously bullish
WTC is up 20.92 percent on the day after climbing toward the 61.8 percent Fibonacci retracement (marked yellow) on the back of the highest levels of volume for the bulls since July 9.
The awesome oscillator has begun to tick up toward neutral 0 indicating a waning of bearish pressure, however price will need to cover ground above 50 percent retracement at $2.24 in order to spur on further bullish activity in the short-term.
Long-term trend: Bullish
The long-term trend remains bullish in conjunction with a daily RSI trend above 50 (52.23) while remaining above the 200-period moving average (MA) at $1.66.
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| Cryptochain.com In Moment of Indecisiveness CRO: Price: $0.06 | MCAP: $511.4 million | 24-Hr Volume: $11.6 million
Short-term trend: Neutral
Today's candle represents a bullish period of accumulation as they bought prices back up to create large bottom side wick, hinting at further upside on the intra-day period.
However, in order to reverse the 13.58 percent decline seen on the day, a greater push from the bulls is required, likely provoking a move above neutral 50 on the RSI, coupled with moves on the awesome oscillator ticking up in bullish fashion - so keep an eye on those indicators.
Long-term trend: Bullish
The trend remains bullish in the long-term so long as price remains above $0.052-$0.048 (a major region of support as seen on July 2, 17 and 18).
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That bitcoin is in a bull market is generally accepted by now and some observers are forecasting fresh record highs above $20,000 before the year end.
The question now is how high can bitcoin fly above $20,000. Options market puts the probability of BTC rising to $40,000 before the end of the year at 2 percent.
This is evident from the fact that the bull call spread between the call option at the $36,000 strike and $40,000 strike is offering a reward of $4,000 for the cost of $82.00, meaning the risk or maximum loss ($82) is 2 percent of the maximum gain ($4,000) possible from the strategy.
After all, a bull call spread is a directional strategy initiated to benefit from a limited increase in price in an underlying asset. A trader initiating a bull call spread with $36,000 call and the $40,000 call is betting that the cryptocurrency will not rise above $40,000.
Setup
A bull call spread involves two legs: - Buying a call at strike price A (usually at or above the spot price).
- Selling a call at strike price B (well above the spot price and strike price A).
The strategy essentially gives you the right to buy bitcoin at strike price A ($36,000) and obligates you to sell at strike price B ($40,000), if assigned.
Risk profile
Maximum loss is the premium paid for buying a call at strike price A minus premium received after selling a call at strike price B
Maximum gain is limited to the difference between the strike prices minus the net cost of the spread.
Chart by optionsgeeks |
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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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Bitcoin Call Spread