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Bull View Intact Despite $2K Drop
BTC: Price: $13,030 | MCAP: $232 billion | 24-Hr Volume: $27.08 billion
Short-term trend: Bullish
Bitcoin suffered a significant drop in the last 24 hours, but the higher-lows pattern on the daily chart is still intact and the outlook remains bullish.
The hourly chart is now reporting a falling wedge breakout and a bullish divergence of the relative strength. As a result, bitcoin could rise to immediate resistance at $12,200. A violation there would expose $13,000.
The case for a rise to $12,200 would weaken if prices invalidate the wedge breakout with a move below $11,300.
That said, the outlook will remain bullish as long as prices are held above the bullish higher low of $9,615 created on July 2.
The probability of a drop to $9,615 would rise if prices print a UTC close below $11,550 today, validating Wednesday’s bearish outside day candle.
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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Bezant Breaks Into Top 100 Amid Bonkers Breakout BZNT: Price: $0.12 | MCAP: $90.7 million | 24-Hr Volume: $1.09 million
Short-term trend: Extreme overbought
BZNT has cruised into the top 100 at CoinMarketCap courtesy of a 500 percent rise over a 4-day period, placing it squarely as the best performing crypto on the day.
Price are extremely overbought, meaning the rally is unlikely to sustain through the rest of the day and will probably induce a pullback in its price, down to the $0.07 pivot point as per Fibonacci retracement theory.
Long-term trend: Cautiously bullish
The recent bullish breakout is more than likely to recede back to former price highs seen Nov. 7 and 8, 2018 at $0.06 and $0.07 respectively. If it can hold a bullish market structure of a higher low pullback, then that would go a long way in sustaining BZNT's incredible run, but overall prepare for the worst should a large sell-off occur.
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| Can't Solve It All SOLVE: Price: $0.26 | MCAP: $86.1 million | 24-Hr Volume: $10.2 million
Short-term trend: Bearish
SOLVE's 10-day parabolic rise seen June 28 through July 7 eventually lost steam leading prices lower as they failed to pick up a bullish bid.
That has extended into a second bearish outside bar which is currently eyeing off supports near $0.23-$0.22 and has dropped below the neutral 50 on the daily RSI strengthen the bearish bias.
Long-term trend: Bearish
The challenge for the bulls remains solely on whether or not they can produce a new significant high, reversing recent losses and restoring investor confidence for another leg up. Until such an event should occur however, consider SOLVE to be bearish in the long-term.
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Trading altcoins (ALT) right now is similar to speculating on a low-volume manipulated stock.
This is because volumes in ALT/BTC pairs have dropped to extremely low levels.
When the liquidity is very low, even a couple of bitcoins could push up the price of ALT/BTC pairs significantly, triggering a self feeding cycle of price rise enticing bargain hunters, leading to a bigger move higher.
Also, most altcoins are extremely oversold. After all, altcoins have found little love of late. This is evident from the fact that bitcoin’s dominance rate – the top cryptocurrency’s share of the cryptocurrency market – is currently the highest level since April 2017.
So, a minor bounce could trigger a narrative the altcoins have bottomed out, leading to a big rise in demand for the battered coins.
All-in-all, the doors look open for a sudden double-digit pop in altcoins, as tweeted by @JacobCanfield yesterday. |
Renowned crypto market analyst Tone Vays believes $10,000 is the level to defend for the bitcoin bulls.
The top cryptocurrency found acceptance above $10,000 on June 21 and has remained in five figures ever since.
Indeed, prices had dropped to $9,600 on July 2. The break below $10,000, however, was short-lived. Notably, the cryptocurrency closed well above $10,000 on that day and rose back to $13,000.
The strong dip demand observed below $10,000 earlier this month makes it a make or break level for bitcoin.
Vays says the probability of BTC setting new highs above $20,000 will remain high as long as prices are held above $10,000.
On the other hand, a case for a drop to $3,000 would strengthen if prices find acceptance below $10,000, although although a lot depends on the nature of the drop below the key level. For instance, a low-volume drop could turn out to be a bear trap. |
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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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Testing Dip Demand