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Bitcoin Eyes Recent Highs Near $13,800
BTC: Price: $13,030 | MCAP: $232 billion | 24-Hr Volume: $27.08 billion
Short-term trend: Bullish
Bitcoin' price has moved above $13,000, establishing another bullish higher high. The hourly chart is reporting a symmetrical triangle breakout, while the cryptocurrency has charted a bull flag breakout on the 15-minute chart.
Further, bitcoin's dominance rate has risen to fresh 27-month highs above 65 percent, a sign of investor confidence in the rally.
BTC, therefore, looks set to test the June 26 high of $13,880. The rally to $13,880, however, may not happen in the next 24 hours if the price violates key hourly chart support of $12,538. That would open the doors to $12,000.
The short-term bullish outlook would be invalidated if prices print a UTC close below $12,000 on the back of high volumes, although that looks unlikely.
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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Augur In Troubled Waters REP: Price: $15.97 | MCAP: $177.8 million | 24-Hr Volume: $17.3 million
Short-term trend: Pullback
Despite being up 8.83 percent over a 24-hour period, REP is now looking toward a pullback and a period of consolidation, courtesy of a rejection from the neutral 50 line on the daily RSI and a rejection from the 50 and 61.8 percent Fibonacci retracement levels at $16.62 and $18.11 respectively.
REP has been harassed by a series of lower highs since May 15 and the slow decline isn't showing signs of abating just yet.
Time will tell on whether or not prices can hold topside near the 61.8 percent Fibo and attempt another rally to break above, but for now consider price action to be bearish in the short-term
Long-term trend: Bearish
A glimmer of hope lay in a signal from the Awesome Oscillator (AO) which would trigger a bull signal once the histogram bars pass above 0. Until such a time however, price action, volume and momentum must be taken into account above all else before a serious consideration of a trend change takes place.
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| MaidSafeCoin In Troubled Waters MAID: Price: $0.19 | MCAP: $88.6 million | 24-Hr Volume: $2 million
Short-term trend: Neutral
Down 8.74 percent on the day, MAID has struggled to entice further capital to its already struggling market structure after failing to produce a new high on June 28. Coupled with a daily RSI below neutral 50 and a declining histogram on the Awesome Oscillator (AO), conditions are favoring the bears.
The trend has therefore switched to a neutral sideways bid in the short-term with a need to surpass and close firmly above $0.22 soon or risk conceding further downside to the bears.
Long-term trend: Cautiously bullish
The higher lows offer some semblance of hope for the bulls as they march on in 2019 amongst other major names such as bitcoin and ether but the challenge for MAID now resides in breaking a local peak high of $0.28 in order to resume its parabolic uptrend seen April 26-May 28.
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Bitcoin is currently trading above $13,000, representing nearly 14 percent gains on the price of $14,424 seen two days ago when @JagsterTrading put a bullish forecast based on the pennant pattern.
"Pennants are continuation patterns", @JagsterTrading said on Monday, meaning they accelerate the preceding bullish/bearish move.
In BTC's case, the pennant appeared following the price rise from $9,600 to $11,500. So, its upside break ended up fueling another leg higher.
Traders often use other technical tools in conjunction with pennant patterns. For instance, price breakouts need confirmation from buying volume. Moreover, a low-volume breakout often ends up trapping buyers on wrong side of the market.
Also, overbought/oversold indicators like the relative strength index (RSI) are used to assess the scope for rally post-pennant breakout. |
The value of the bitcoin network, as represented by the realized market capitalization, has hit a record high of $92.2 billion.
The realized market cap is the aggregating value of UTXOs (unspent transaction output) based on BTCUSD's market price at the time when said UTXOs last moved.
The realized market is different that the traditional market cap, which values the number of bitcoins mined so far at the current price.
Realized cap adjusts for lost coins and those used for hodling and helps identify the sum of levels where groups of long-term, legit, buyer-hodlers entered into their Bitcoin positions, with local and immediate emotions and manias stripped out, according to Murad Mahmudov and David Puell.
From trading perspective, the realized market cap helps identifying market tops and bottoms.
If market value diverges upwards from realized value, then the market is said to be in a euphoric state and closer to topping out as seen in December 2017.
On the other hand, excessive fear is represented by market value falling below realized value for prolonged period. As of now, there are no signs of market value diverging upwards from realized value. So, it seems safe to say that the price rally is set to continue. |
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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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Eyes 2019 Highs