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Bitcoin Looks North
BTC: Price: $11,900 | MCAP: $212 billion | 24-Hr Volume: $22.04 billion
Short-term trend: Bullish
Bitcoin closed at $11,971 on Bitstamp yesterday, confirming an upside break of the bearish channel on the daily chart. Essentially, Wednesday's close confirmed an end of the six-week-long price pullback from the high of $13,880 hit on June 26 and the resumption of the bull market.
The breakout would gain credence once prices clear Wednesday’s high of $12,145. That would invalidate exhaustion or mark an upside break of consolidation represented by yesterday’s inside bar pattern.
A break below Wednesday’s low of $11,388 would weaken the bullish case. That level could come into play in the next 24 hours if the symmetrical triangle seen on the hourly chart is breached to the downside.
Long-term trend: Bullish
Bitcoin snapped its five-month winning streak with moderate losses in July. More importantly, the cryptocurrency created an inside bar candle, a sign of consolidation or exhaustion following a stellar rally from April's low near $4,050.
Even so, the path of least resistance remains to the higher side as the bullish structure on the monthly chart is intact.
For instance, the falling channel breakout confirmed in April is still valid. The 5- and 10-month moving averages continue to trend north, indicating a bullish setup. Further, on the 3-day chart, the 50- and 200-candle moving averages (MAs) have produced a golden crossover, the first since Feb. 3, 2016.
However, a deeper correction to $7,500 cannot be ruled out, if prices drop below $9,049, validating the inside bar pattern.
That said, the long-term bullish outlook would be invalidated only if prices print a UTC close below the 200-day MA, currently at $6,417.
Read Analysis
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Tension builds
IOST: Price: $0.0108 | MCAP: $129.7 million | 24-Hr Volume: $48.2 million
Short-term trend: Neutral
IOST is up 14 percent over a 24-hour period, placing it amongst the best performing top 100 crypto at CoinMarketCap.
Turning one's attention to the weekly chart reveals a challenging prospect for IOST bulls as resistance is clearly marked along the 26-period exponential moving average near $0.0108.
A reversal in the form of a close above the aforementioned resistance could occur should momentum build on the day, backed by supporting bullish volume, but so far price action has been weak.
Long-term trend: Bearish
The long-term trend continues its struggles below the major higher high at $0.0162, last seen on April 1.
As the awesome oscillator begins its move below 0, the outlook remains bearish given IOST's recent market structure of lower lows and lower highs.
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| What goes up...
HC: Price: $2.14 | MCAP: $93.1 million | 24-Hr Volume: $5.1 million
Short-term trend: Approaching oversold
HC's sensational 484 percent rally over a 26-day period came to a brutal end and the subsequent sell-off continues to plague the ailing crypto, down a further 11.18 percent on the day.
There is a small buying opportunity with a bounce along the 61.8 percent Fibonacci retracement at $2.11 should the RSI dip to oversold on the daily chart, as seen on May 9.
Long-term trend: Bearish
The long-term trend remains firmly bearish given its cooling from the May-June rally alongside a bearish awesome oscillator which hints at further downside regardless of a potential daily bounce.
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Bitcoin's hash rate or computing power has hit fresh record highs above 80 EH/s.
The non-price metric is currently up more than 150 percent from lows near 32 EH/s seen in December. Further, it is up more than 400 percent from the December 2017 high of 15 EH/s.
So, it seems safe to say that the network is going strength to strength.
Interestingly, the hash rate has picked up with the onset of the rainy season in China. That leads to cheaper hydro power electricity costs in the country’s southwest provinces, which reportedly account for 50 percent of the global mining activity.
Some observers, including Wall Street trader Max Keiser believe bitcoin's price follows hash rate. After all, the rising hash rate is considered a sign the network is healthy.
However, a significant majority believes that hash rate follows price. That sounds logical as only increased prices (and mining profitability) can pay for additional hash power.
"The hash rate lags price increases, but responds much quicker to the price decreases. Price doesn’t follow hash rate, it never did," according to Christopher Bendiksen, the head of Research at CoinShares. |
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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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$13K Ahead?