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Bulls Need a Break Above $12K
BTC: Price: $11,740 | MCAP: $29.90 billion | 24-Hr Volume: $19.96 billion
Short-term trend: Neutral
Bitcoin's failure to hold on to gains above $12,000 in the last 24 hours has neutralized the immediate bullish setup. This is due to the fact that the bulls have consistently failed to engineer a sustained break above that psychological level over the last six weeks.
For instance, the cryptocurrency jumped to a high of $13,880 on June 26 only to fall back below $12,000 on the following day. Similar price action was seen in the following two weeks. Notably, prices rose to $13,200 on July 10, only to fall back below $10,000 the following day.
Also, BTC created a candle with a long upper shadow yesterday, signaling buyer exhaustion above $12,000.
The outlook, however, would turn bearish only if prices print a UTC close below $11,200 today. Meanwhile, a weekly close (Sunday, UTC) above $12,000 is needed to revive the bull market from lows near $4,100 seen at the beginning of April.
Long-term trend: Bullish
Bitcoin snapped its five-month winning streak with moderate losses in July. The bullish structure on the long-term charts, however, is still 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.
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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LISK Not Out Of The Woods Yet
LSK: Price: $1.48 | MCAP: $174.6 million | 24-Hr Volume: $10.1 million
Short-term trend: Neutral
A double bounce taken from Feb. 7 and July 17 opens up the opportunity for LSK to break its bearish downtrend established after a failure to close higher above $2.31 on June 16.
Up 15.91 percent over a 24-hour period, LSK is one of today's best performing crypto in the top 100 at CoinMarketCap but will require a lot more volume by the end of today's close of trade as the current candle hints at weaker bullish momentum.
Long-term trend: Bearish
Despite its recent rallies, LSK remains bearish below $1.71, with a southward trending market structure based on recent lower highs seen July 7 and July 23.
The RSI remains bearish below 50 which has acted as strong resistance in the past while the awesome oscillator (AO) shows a potential reversal to the bearish trend, but that will need to be supported by a number of factors including volume, a favorable RSI and a firm higher high close.
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| GXChain Awakens The Bear
GXC: Price: $1.67 | MCAP: $102.1 million | 24-Hr Volume: $4.5 million
Short-term trend: Bearish
Down 10.52 percent on the day, GXC has struggled to pick up a bid above the 26-period exponential moving average (EMA), having crossed bearish beneath that region during today's trade.
The daily RSI has dropped bearish beneath the neutral 50 zone supporting a bearish outlook. That assessment can also be coupled with a declining histogram on the awesome oscillator, highlighting an end to the recent dead cat bounce with a visit to the 61.8 percent Fibonacci extension at $2.09 on Aug. 4.
Long-term trend: Neutral
The market structure remains neutral sideways bid until a loss of the most recent established supports on July 17 at $1.26 are broken.
However, given the consecutive 4-day red candles on the daily chart, the onus now rests firmly on the bulls to regain a foothold above the 26-period EMA at $1.70, or risk conceding further territory to the bears.
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Bitcoin could be the best hedge against the current chaotic environment in the global economy, according to @APompliano
This is because the top cryptocurrency tends to have a low or nonexistent correlation to equity markets, fiat currencies, commodities or bonds.
Further, bitcoin's supply is limited and it is widely considered an anti-establishment asset. That makes it it an attractive portfolio diversifier at a time when the trade tensions between the U.S. and China are escalating and the global economy is slowing down.
Gold, Japanese Yen, Swiss Franc and government bonds are also considered as safe haven assets. Investors often buy these assets as hedge against economic or political uncertainty. However, they may not always appreciate during times of stress.
For instance, gold remained on the defensive in the first half of 2018 even though President Trump kicked off a trade war with China. Back then, the U.S. Dollar – gold's biggest nemesis – was a preferred safe haven, hence the yellow metal found no love.
Bitcoin is seldom influenced by the action in the traditional markets, as noted earlier. Hence, adding bitcoin to a diversified portfolio (1 to 5 percent of the value) has been proven to lower the risk profile of the entire portfolio, according to Aleksandar Svetski, CEO of Fabric Corp. |
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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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Bull Market Pause