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Bitcoin Rises as Yuan drops
BTC: Price: $11,790 | MCAP: $209.67 billion | 24-Hr Volume: $23 billion
Short-term trend: Bullish
Bitcoin picked up a bid near $10,980 at 00:00 UTC hours and rose above $11,120 in the Asian trading hours, invalidating a bearish lower highs on the daily chart.
The leading cryptocurrency began rallying an hour before China's offshore Yuan exchange rate (CNH) began falling in response to escalating Sino-US trade tensions. The CNH fell from 6.97 per U.S. dollar to 7.10 U.S. dollar in sixty minutes to 2:00 UTC.
That seems to have convinced many that bitcoin front-run the People’s Bank of China’s (central bank) decision to allow the yuan to slide beyond 7 per USD. Put simply, wealthy Chinese investors rotated money into BTC on fears of yuan’s depreciation.
If that narrative continues to strengthen, then BTC may become vulnerable to a bounce, in yuan, if any. However, as of now, the yuan is showing little sign of life, currently trading at 7.08 per USD.
So, with the daily chart reporting a violation of bearish lower highs and the dominance rate confirming the bull breakout with a highest print since April 2017, BTC appears on track to test falling channel resistance, currently located at $12,030. A high-volume UTC close above that level would revive the bull move from April lows near $4,000 and expose the high of $13,880 hit in June.
The bull case would weaken if prices close below $11,120 today, although that looks unlikely.
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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REN On Fire
REN: Price: $1.82 | MCAP: $103.9 million | 24-Hr Volume: $12.2 million
Short-term trend: Bullish
REN has performed exceptionally well beginning May 28, growing more than 271.9 percent in value over a 69-day period on the back of the highest levels of volume recorded for the 1.5 year old crypto.
A short-term pullback is definitely possible given its deviation away from the 26-period exponential moving average (EMA) on the 3-day chart and may see a small retracement to prior resistances at $0.1250.
Long-term trend: Bullish
The awesome oscillator (AO) on the 3-day chart is flashing a bullish twin peaks pattern hinting at continuation in its price based on the position of the histogram bars being above 0.
The RSI, while not firmly overbought, is beginning to move closer to the danger zone above 70, expect a short-term pullback should that occur followed by a continuation in the bull trend.
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| Holo Hurting HOT: Price: $0.001021 | MCAP: $138.8 million | 24-Hr Volume: $5.5 million
Short-term trend: Bearish
HOT has failed to attract new investment over the last 66 days having fallen 55.94 percent over that time, its value is down a further 4.08 percent since the prior bearish red candle close witness August 4.
Falling below the 100-day moving average is an indication sellers are firmly in control of the trend and should be considered bearish in the short-term until a firml close above $0.001205 occurs.
Long-term trend: Bearish
The awesome oscillator is flashing further downside momentum as the cycle continues with deepening histogram bars on the daily chart.
The RSI is also pointing toward another drop to the 78.6 percent Fibonacci retracement zone at $0.00008481 should momentum for the bears sustain throughout the week.
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Litecoin, currently the fifth largest cryptocurrency by market capitalization, had its second mining reward halving a few hours ago, as tweeted by Charlie Lee, Founder of Litecoin.
With halving, the reward for mining on Litecoin's blockchain has dropped to 12.5 coins per block mined from the pre-halving rate of 25 coins per block mined,
Essentially, miner's profitability has gone down by 50 percent, as mining difficulty – a measure of how hard it is maintain and add to the blockchain – seldom adjusts quickly. Even so, hashrate or computing power has remained steady. As of writing, the hash rate is seen at 440.433 TH/s, largely unchanged from Sunday's 453.50 TH/s.
Hashrate holding up well following halving could be considered a sign the network is healthy, as tweeted by Lee.
Litecoin's price, however, hasn't seen much action. The cryptocurrency did pick up a bid around $94 about 20 minutes before halving and rose to $107 after the event before falling back to $100.
It is worth noting that the supply cut was pretty much priced in advance. LTC doubled in value in the first three months of this year even as bitcoin, the leading cryptocurrency by market value, remained flat lined.
Read: ���Litecoin Just Halved Its Crypto Rewards for Miners |
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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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Litecoin Halved