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Focus on 12-week EMA
BTC: Price: $10,070 | MCAP: $180.85 billion | 24-Hr Volume: $15.77 billion
Short-term trend: Bearish
Bitcoin's pullback from June's high of $13,880 has stalled at the 12-week exponential moving average (EMA) line.
Notably, the cryptocurrency has defended that key average in five out of the last six weeks. Even so, the outlook remains bearish, as the daily chart is reporting bearish lower highs pattern.
Also, the weekly moving average convergence divergence histogram is reporting bearish conditions for the first time since February. The chaikin money flow continues to chart lower highs, a sign of weakening bullish momentum.
So, BTC is more likely to end the current week below the long-held support of the 12-week EMA, currently at $9,940.
A bearish close, if confirmed, would open the doors for a deeper drop to $8,500. On the higher side, a break above the bearish lower high of $10,956 created on Aug. 20 is needed to weaken bearish pressures.
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.
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MaidSafeCoin On A Big Daily Breakout
MAID: Price: $0.20 | MCAP: $47.2 million | 24-Hr Volume: $23.9 million
Short-term trend: Pullback
MAID is today's best performing crypto within the top 100 at CoinMarketCap by a long-shot and is up 22.58 percent over a 24-hour period on very modest volume. Therefore a short-term pullback is in order as it closed below Aug 12's candle peak, hinting at exhaustion.
Long-term trend: Bull potential
Setting a new wick high on yesterday's (Aug 26) candle at $0.21 has provided the first significant higher high in over 2 weeks.
If the bulls manage to contain the higher low at current levels (seen on chart) then a case could be argued for a retest of the local wick high in the coming week, backed by a bull signal on the awesome oscillator (AO).
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| GXChain Falling Flat
GXC: Price: $0.84 | MCAP: $55.4 million | 24-Hr Volume: $4.2 million
Short-term trend: Bearish
Dropping a further 9.83 percent on the day, GXC is now into its 5th consecutive day in the red after falling below a long established trend line on Aug. 21.
The daily RSI has been trending in oversold territory for 6 days and may offer a small bounce, but don't expect a reversal anytime soon.
The awesome oscillator (AO) is hinting at weakening bearish momentum, signaling a temporary bottom may be near, however, until there's confirmation on a higher high close then the outlook remains bearish.
Long-term trend: Bearish
The long-term bias also remains bearish as the weekly chart demonstrates growing bearish volume alongside a falling price.
Should a close above Aug 21's support (now considered major resistance) at $0.98 occur, then a bullish revival could be on the table.
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Ethereum's tether-denominated exchange rate (ETH/USDT) is looking to break out of a descending wedge, a bullish reversal pattern.
As of writing, the upper edge of the descending wedge is located at $192. A UTC close above that level would mark an end of the sell-off from the June 26 high of $366.80 and confirm bullish reversal.
@JohnnyBullXRP believes a breakout in ETH/USDT could bode well for alternative cryptocurrencies.
Many observers hold a same opinion, as most alternative cryptocurrencies are based on ethereum's blockchain.
That said, a breakout on ETH/USDT may not necessarily the mark the beginning of an altcoin season – the market condition where alternative cryptocurrencies outperform bitcoin, that is, Alt/BTC pairs rise.
This is because, ETH/USDT moves more or less in tandem with BTC/USD and more often than not, a breakout on ETH/USDT is the result of a sharp rise in the top cryptocurrency by market capitalization.
So, instead of ETH/USDT, traders would be better off tracking movements in ETH/BTC for clues regarding the next move in the altcoin market.
A breakout on ETH/BTC, that is, ETH/USD outperforming BTC/USD, could be considered an advance warning of an impending bullish move in altcoins. |
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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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Bitcoin Sidelined