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Seller Exhaustion
BTC: Price: $9,600 | MCAP: $170.75 billion | 24-Hr Volume: $13.63 billion
Short-term trend: Neutral
Repeated failure on the part of the bears to keep prices below $9,400 over the last two weeks has neutralized the short-term bearish view.
Further, a long-tailed doji candle on the 4-hour chart is indicating seller exhaustion. The 14-day relative strength index (RSI) is holding in bearish territory below 50, but is flatlined – also a sign of seller exhaustion.
As a result, a rise to $10,000 in the next 24 hours cannot be ruled out. That said, the outlook would turn bullish if and when prices print a UTC close above the bearish lower high of $11,100.
Long-term trend: Bullish
Bitcoin’s 50-candle moving average (MA) has crossed above the 200-candle MA, confirming a golden crossover on the three-day chart. That is the first golden cross, a long-term bull market indicator, since Feb. 3, 2016.
Back then, the confirmation of the crossover was followed by a 21-month long bull market.
The latest golden crossover confirms the bullish view put forward by a bearish channel breakout seen on the monthly chart in April. The 5- and 10-month MAs are also trending north, indicating a bullish setup.
And last but not the least, the cryptocurrency is set undergo mining reward halving sometime in May 2020.
All-in-all, the path of least resistance is to the higher side.
Read Analysis
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KuCoin Shares Breaks Out KCS: Price: $1.56 | MCAP: $139.3 million | 24-Hr Volume: $50.5 million
Short-term trend: Cautiously bullish
The falling wedge breakout on the daily chart for KCS has seen an increase of 20.17 percent in value over a 24-hour period, placing it squarely within the group of best performing top 100 crypto at CoinMarketCap.
The higher low on the current candle provides further clues into the short-term direction in its price provided the candle can hold out and not concede further losses to the bears by days end.
Long-term trend: Bearish
The long-term outlook remains bearish given the fact that KCS has failed to produce significant higher highs since April 3, instead it has resumed a sideways trajectory, falling then recovering periodic losses for nearly 3 months.
While the AO is trending toward neutral and the RSI is bullish, until such a time when the down trending market structure is broken and/or further developments in the project occur, KCS should be considered bearish long-term.
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Chainlink Severed? LINK: Price: $2.07 | MCAP: $82.4 million | 24-Hr Volume: $11.4 million
Short-term trend: Bearish
Down 6.25 percent over a 24-hour period, LINK's price action appears trapped within a large daily descending triangle, with likely scope to $1.63 (prior supports) should the pattern break down.
LINK has also been plagued with a series of lower highs and lower lows, bearing (excuse the pun) all the hallmarks of a bear market structure. The daily RSI also does little to instil confidence in the short-term as it hovers below the neutral 50 line, firmly bearish biased.
Long-term trend: Neutral
Despite the threat of further losses seen by the large descending triangle and dangerouly low levels of volume from the bulls, prices look set to continue trending south long-term until a decisive change in the down trend occurs.
Prices remain neutral until the bears manage to close below $1.63, however, given the AO bars ticking down and current greater sell pressure in the market, the prospect for further downside are not that farfetched.
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 If you missed the bitcoin bus, you could still catch up with the help of the 10- and 20-week moving averages (MAs).
Bitcoin charted higher lows between the 10- and 20-week MAs throughout the previous bull market (Oct 2015-Dec 2017), according to historical data.
Put simply, dips below the 10-week MA and toward the 20-week MA were consistently met with strong dip demand, as seen in the above tweet.
So, investors who missed the rally from lows near $3,100 seen in December 2018 can consider entering the market now, as the price is holding below the 10-week MA. Investors with limited risk appetite (HODLing power) can wait on the sidelines and see if prices are falling further toward the 20-week MA before boarding the bus.
As of now, BTC is changing hands at $9,600 on Bitstamp. The 10 and 20-week MAs are currently located at $9,831 and $7,840, respectively. |
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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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Weakening Momentum