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Bulls Need a Break Above $12,061
BTC: Price: $11,850 | MCAP: $211 billion | 24-Hr Volume: $22 billion
Short-term trend: Neutral
Bitcoin jumped to $12,000 an hour ago, having witnessed a symmetrical triangle breakout on the hourly chart in European morning.
The outlook, however, is still neutral, as the price is yet to invalidate the bearish lower highs pattern with a move above $12,061. A high-volume break above that level would validate the bullish hammer candle reversal witnessed last week on the daily chart and open the doors to the recent high of $13,880.
A low-volume breakout will likely be short-lived and could be followed by a fall back to levels below $11,000. After all, the weekly chart indicators are reporting overbought conditions.
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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ICON With A Glimmer Of Hope ICX: Price: $0.35 | MCAP: $178.5 million | 24-Hr Volume: $25 million
Short-term trend: Cautiously bullish
ICX has risen over 20 percent over a 24-hour period and is one of the best performing crypto in the top 100 at CoinMarketCap after it broke bullishly from a falling channel pattern on the daily chart, witnessed July 7.
The peaks on the volume bars is, however, in decline, signalling a falling interest and market activity for ICX in the short-term but remains bullish so long as the RSI sits above 50.
Long-term trend: Neutral
A series of lower highs throughout the months of June through to July translates to a neutral sideways pattern in ICX's market structure until either a new low is formed below May 9's candle body close at $0.27 or a new high is set above $0.44.
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Tezos' Struggles Continue XTZ: Price: $1.18 | MCAP: $779.8 million | 24-Hr Volume: $5.9 million
Short-term trend: Bearish
XTZ is down 3.2 percent over a 24-hour period and continues to play out a bearish breakdown from the 61.8 percent Fibonacci retracement level at $1.24.
Further, the recent 3-day pattern (highlighted in a black box) is resembling a 'three black crows' bearish pattern that could entice further downside toward the 78.6 percent Fibonacci level at $1.05-$1.06 should the RSI drop below neutral 50 (currently 50.2).
Long-term trend: Neutral
A failure to scale the 61.8 percent Fibonacci level coupled with the prior breakdown high of $1.35, seen June 18, presents considerable resistance beyond $1.30.
Similarly, a defense of July 1's breakdown to $0.82 put a stop to the temporary sell-off resulting in a sideways neutral bid as prices resume just below their prior breakdown consolidation at $1.28-$1.34.
A pullback extending beyond the 78.6 percent Fibonacci level at $1.05 could deepen the losses from May's bullish monthly run.
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Bitcoin's price breached the symmetrical triangle pattern earlier today and rose to $12,000 as forecasted by @CoinDeskMarkets during the Asian trading hours.
A symmetrical pattern comprises of two trendlines connecting higher lows and lower highs. Essentially, it represents a narrowing price range. A breakdown from the lower trendline often marks a resumption of the bearish trend, especially if the symmetrical triangle has appeared at the market top. On the other hand, a high-volume break above the upper triangle indicates the start of the new leg higher.
The price target for a symmetrical triangle breakout or breakdown is equal to the spread between the triangle's high and low applied (added/subtracted) from the breakout/breakdown price.
Traders usually use other technical indicators along with volumes to confirm the sustainability of symmetrical triangle breakout or breakdown. |
Bitcoin's hashrate or a measure of miner's performance rose to a record high of 74.50 million tera hashes on Friday, representing over 100 percent rise year-on-year.
The hashrate is now four times higher than the levels seen when the price was trading at all-time highs in December 2017. It simply means the blockchain is that much more secure than it was two years ago.
Many analysts including Max Kieser consider sustained rise in the hashrate an advance indicator of impending bullish move. If true, BTC could soon retest and possibly break above the recent high of $13,880.
The crypto market community, however, stands divided on the relationship between the price and hashrate and a significant majority including the likes of Alex Kruger believes the hash rate follows price.
After all, as the price of BTC increases, the value of the block reward increases and as potential revenue increases, more hashrate comes online chasing that new profit.
All-in-all, hashrate's relationship with bitcoin's price sounds similar to share prices and the monthly investor confidence data.
A rally in stocks boosts investor confidence, which in turn attracts new investors, leading to further rise in prices.
On similar lines, a rise in bitcoin's price attracts new miners, pushing the hashrate higher, which is taken as a sign of rising miner confidence and further rise in prices. After all, miners also speculate on prices. |
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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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Record Hashrate