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Bitcoin Dominates Proceedings
BTC: Price: $12,350 | MCAP: $220 billion | 24-Hr Volume: $28.19 billio
Short-term trend: Bullish
Bitcoin closed well above $12,000 on Monday, invalidating the bearish lower highs pattern.
More importantly, with the price breakout, the dominance rate has jumped to 64 percent, the highest level since April 2017, as per data source CoinMarketCap.
The uptick in the dominance rate is a sign of growing investor confidence in the rally, i.e. money is being poured into the bitcoin market for long haul and not merely to fund purchases of cheap alternative cryptocurrencies.
BTC, therefore, appears on track to retest the recent high of $13,880 (Bitstamp prices). The outlook would turn bearish only below the July 2 low of $9,615.
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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Quant On A Big Breakout QNT: Price: $15.55 | MCAP: $183.4 million | 24-Hr Volume: $11.3 million
Short-term trend: Pullback
After breaking out from a local area of resistance, QNT rose 202 percent over a 21-day period rising from $4 all the way to $15 backed by strong levels of growing (bullish) volume.
Up 30 percent, QNT is one of today's best performing crypto in the top 100 at CoinMarketCap but now looks set for a pullback, courtesy of declining volume on the day and a bearish divergence on the RSI. Expect prices to find a footing at around $12.80 as per Fibonacci retracement theory.
Long-term trend: Bullish
The trend remains very bullish above $10.50 as that would mark the halfway pivot point from its recent rally northward.
A pullback into consolidation at lower levels between $12.80 and $11.28 is more than likely given its tremendous rise over a short period but that would only threaten the bullish outlook should it close firmly below the aforementioned price of $10.50
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BitTorrent Token Down But Not Out BTT: Price: $0.001332 | MCAP: $285.9 million | 24-Hr Volume: $82.8 million
Short-term trend: Bull exhaustion
After a series of significant higher lows and higher highs, prices peaked on May 28 at $0.001865 and began its retrace to a low of $0.001130 on June 9 before recovering and posting slightly higher highs there on out.
However, yesterday's recent breakdown has carved out an area of resistance at around $0.001480 and could be shaping up for an ascending triangle on the daily chart but for now, current volume levels hint toward bull exhaustion in the immediate short-term.
Long-term trend: Bullish
The overall trend remains bullish in the long-term as prices rose in parabolic fashion from May 13 to May 29 and remained significantly above the prior consolidation zone between $0.0008557 and $0.0007330. That was seen by a curvature on the volume bars supporting the upward move, albeit slightly lighter than expected.
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@CryptoChoe put out a bullish analysis on ethereum's ether (ETH) token 22 hours ago and the cryptocurrency responded by rising from $309 to $319.
As seen above, ether's 4-hour chart was reporting a falling channel breakout yesterday. Further, the cryptocurrency violated bearish lower highs pattern with a move above $303 in the U.S. trading hours on Sunday.
Put simply, the stage was set for a bullish move.
As of writing, ETH is changing hands at $312, representing 1.66 percent gains on the day.
The cryptocurency has pulled back from session highs. The outlook, however, remains bullish as long as the price is held above $303. |
With bitcoin trading above $12,000 and the dominance rate at highest since April 2017, the doors look open for retest of the recent highs near $13,800
A potential rise to $13,800 may trigger fears of double top bearish reversal pattern. After all, the 14-week relative strength index is reporting overbought conditions.
Further, in 2018, the cryptocurrency consistently produced bearish lower highs with double tops, as seen in @Josh_Rager's tweet.
History, however, is unlikely to repeat itself, as the cryptocurrency is now in a bull market as opposed to last year, when the sentiment was extremely bearish.
In fact, the solid bull reversal seen from sub-$10,000 levels has reinforced expectations of BTC hitting fresh year-to-date highs above $14,000.
Also, the investor confidence in BTC's rally is high, as suggested by the rise in bitcoin's dominance rate to highest since April 2017. All-in-all, odds appear stacked in favor of a convincing break above $14,000.
That said, as per technicals, the prospects of BTC completing a double top bearish reversal pattern with a fall back to $9,615 would rise if prices face high-volume rejection near $14,000. |
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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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