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Range Breakdown
BTC: Price: $11,380 | MCAP: $203.42 billion | 24-Hr Volume: $14.12 billion
Short-term trend: Bearish
Bitcoin risks falling below $11,000 in the next 24 hours, having dived out of a four-day-long contracting triangle over the weekend.
The breakdown looks strong as it is backed by a surge in selling volumes, as seen in the hourly chart below. Further, the hourly line chart is reporting a bear flag breakdown, a continuation pattern, which often accelerates the preceding bearish move.
A break below $11,000 would expose the ascending (bullish) 5- and 10-week moving averages (MAs), currently located at $10,804 and $10,625, respectively.
The bearish case would weaken if prices rise above above the flag high of $11,589, in which case a rise to $12,000 could be on the cards.
A high-volume weekly close (Sunday, UTC) or a back-to-back daily close above $12,000 is needed to revive the bullish outlook.
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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Reaching For The Cosmos but Falling Short
ATOM: Price: $3.59 | MCAP: $692.1 million | 24-Hr Volume: $119.1 million
Short-term trend: Pullback
ATOM continues its third day in a row in the green after yesterday's 6.17 percent finish, however, declining volume and a bearish daily RSI below 50 presents a formidable barrier since its initial rejection seen June 29.
The awesome oscillator (AO) is hinting at a desire for price to move higher but that will be met by a strong confluence of resistance taken from its recent price history and the 26-period exponential moving average (EMA) to determine $3.75-$3.79 as the most likely area to cap further gains.
Long-term trend: Bearish
ATOM's market structure has offered little in the way for the bulls to cling to anything substantial and currently heavily favors the bears until a defiant close above $3.90 begins to reverse the trend from bearish-to-bullish.
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| ODEM Trending South
ODE: Price: $0.21192 | MCAP: $50.4 million | 24-Hr Volume: $1.03 million
Short-term trend: Bearish
ODE is down 3.45 percent on the day and currently eyes off the 38.2 percent Fibonacci retracement at $0.21267 (possibly further) should today's long bearish candle close in its current state.
The falling wedge pattern offers a glimmer of hope for the bulls but with declining bullish momentum, seen on the daily RSI and awesome oscillator (AO), and will need to be accompanied by strong growing (bullish) volume should it retest the top of the falling trendline.
Price action and trend remains bearish in the short-term until such an occurrence.
Long-term trend: Bearish
A failure to take the new high viewed from the higher higher breakout and then subsequent peak at $0.28672 and $0.32 on April 29 and June 24 respectively, shows a weakening trend and a case building for buyer exhaustion in the long-term until a firm close above $0.33 presents a new local high.
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The People's Bank of China (central bank) has said the institution is nearing the launch of its digital currency, which would be a substitute for M0 – or coins and notes in circulation – not M2, which includes bank deposits, according to CoinDesk report.
Essentially, China's central bank is planning to issue a blockchain powered digital fiat that will help boost circulation and fast-track the internationalization of Yuan.
Two-tier system
The cryptocurrency project will be based on a two-tier system, that is the PBOC will issue tokens to commercial banks and other financial institutions in the country, who will distribute them for public use.
A single tier system would be central bank releasing tokens directly to the public.
Impact on Bitcoin
China's project isn't a decentralized blockchain-based offering and is intended to give Beijing more control over finances.
So, Beijing's foray into cryptocurrencies could only end up strengthening bitcoin's appeal as an anti-establishment asset.
It is worth noting that while the PBOC is developing its own digital currency, the initial coin offerings (ICOs) and cryptocurrency transactions are still banned in the country. |
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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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China's Cryptocurrency