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Independence Day Gains
BTC: Price: $11,770 | MCAP: $209.63 billion | 24-Hr Volume: $28.65 billion
Short-term trend: Bullish
Bitcoin is flashing green with the daily and hourly charts reporting overbought conditions.
To start with, the daily chart shows a bullish hammer reversal. Meanwhile, the hourly chart shows a high-volume contracting triangle breakout – a bullish continuation pattern.
The price, therefore, looks set to test the bearish lower price high of $12,448 created on June 28. A high-volume break above that level would open the doors for retest of the recent high of $13,880.
The recent low of $9,614 could come into play again if the support at $11,000 on the back of high volumes, although that looks unlikely as of now.
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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Up But Not Out XTZ: Price: $1.22 | MCAP: $805.1 million | 24-Hr Volume: $15.7 million
Short-term trend: Bull potential
XTZ saw its second bullish outside bar in a row on the daily chart with the 22 percent move supported by a strong surge in total volume over the last 24-hours.
The current candle shows a higher low forming just below the 100-day moving average (MA), highlighting a lack of buying pressure and weaker momentum post-rally, expect sideways price action before another attempt is made to close above $1.24 at the 61.8 percent Fibonacci retracement.
Long-term trend: Neutral
XTZ is currently hovering at a crucial point with a desire from the bulls to close above the long-term lower highs at $1.35 that has been on-going since the end of middle of May. The first step in attracting greater investment relies on a firm close above that point (50 percent Fibonacci retracement level) and beyond, without it, the bulls will have a hard time pushing prices higher.
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DENT Digs Deep DENT: Price: $0.001435 | MCAP: $103.5 million | 24-Hr Volume: $78.4 million
Short-term trend: Oversold
The current indecisive doji candlestick on the daily chart for DENT currently ranges between the 100-day moving average and the 61.8 percent Fibonacci retracement line.
Down 5.98 percent over a 24-hour period, the RSI is edging ever closer to oversold and may offer up a small bounce to the 68.1 percent retracement located at $0.00147.
Long-term trend: Bullish
The 100-DMA and 200-DMA crossed bullishly on June 8 with price action having moved firmly above the key 200-DMA a few weeks before on May 15.
The shift above was a significant indication on the momentum of the primary (bullish) trend, however, a pass below both the 100 and 200 DMA at $0.00129 and $0.00115 respectively, would be enough to throw off May's recent rally.
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Bitcoin rose past the resistance at $11,760 earlier today, as forecasted by @Josh_Rager and hit highs above $20,000.
The bullish forecast was based on the strong dip demand observed below $10,000 on Tuesday and the ensuing 20 percent rise seen in the following 24 hours.
Given the strong momentum of the recovery, it seems safe to say that the pullback from the recent high of $13,880 ended at lows near $9,600 earlier this week.
That said, it is still too early to call a retest of $13,880, as the cryptocurrency is yet to invalidate the bearish lower high at $12,448 created on June 28.
A break above that level would strengthen the case for rise to $13,880. Traders, however, need to keep an eye on trading volumes.
A low-volume break above $12,448 could end up trapping the bulls on the wrong side of the market. |
Bitcoin’s rally this year has coincided with the surge in the price of classic safe haven assets like the Japanese Yen, Gold and US Treasury yields, forcing many to conclude that the top cryptocurrency by market capitalization has earned the place among the assets which draw bids during times of stress in the global economy.
The price of a single bitcoin is currently up 218 percent on a year-to-date basis. Meanwhile, the Japanese Yen and Gold are reporting 2 percent and 10 percent gains, respectively.
Further, and more importantly, the yield on the US 10-year treasury note is down (prices are up) 86 basis points on a year-to-date basis.
The classic safe havens have rallied this year on the Sino-US trade tensions and fears of global recession. Also, expectations that the US Federal Reserve (Fed) will being easing cycle this year seems to have strengthened the bullish pressures around gold, treasury prices and safe haven fiats.
Many observers believe that bitcoin has also benefitted from the rising trade tensions and dovish Fed expectations.
While there is no data to prove that, the strong inverse relationship between the 10-year treasury yield and bitcoin’s price does paint a picture of BTC attracting haven demand.
That said, it is still too early to call BTC a haven asset. This is because the cryptocurrency has rallied hand-in-hand with traditional safe havens for the first time. Further, traditional investors still consider BTC as a highly volatile and uncorrelated asset.
That perception would change if BTC consistently performs well during times of stress in the global economy. |
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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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Correction Over