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Eyes 50-day average
BTC: Price: $10,000 | MCAP: $178.83 billion | 24-Hr Volume: $16.74 billion
Short-term trend: Neutral
Bitcoin is looking north, having confirmed a bullish doji reversal on the 4-hour chart with a move to $10,000 yesterday.
The cryptocurrency also confirmed a descending triangle breakout on the 4-hour chart yesterday. The pattern is still valid and has gained credence with buying volumes hitting highest since July 19 in the Asian trading hours today.
BTC, therefore, could rise to the 50-day moving average, currently at $10,500, in the next 24 hours or so.
The outlook, however, would turn bullish if and when prices invalidate the bearish lower highs pattern with a move above $11,120.
On the downside, $9,400 is the level to beat for the bears. Over the last two weeks, dips below that level have been consistently short-lived.
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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GXChain On The Up GXC: Price: $1.82 | MCAP: $104.67 million | 24-Hr Volume: $8.09 million
Short-term trend: Bullish
Yesterday's large green candle breakout provided ample momentum for the bulls to bring prices back above their respective July 12-13 resistance zone at $1.75 just above the 38.2 percent Fibonacci retracement.
Today's bullish follow through has seen prices rise as high as the 50 percent pivot point at $1.89 on the daily chart with a bullish RSI confirming the move.
Volume is of concern however, as the bulls appear exhausted in the short-term so a pullback is not off the table yet, especially given the current candle's topside wick.
Long-term trend: Neutral
The long-term market structure is beginning to regain is bullish tone but remains neutral bid until the consolidation zone above the 61.8 percent retracement at $2.09 is firmly taken by the bulls.
Also of note, mind the rising wedge pattern (typically bearish) as that could trap confident bulls on the wrong side of the trade.
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ABBC Coin Down In The Dirt ABBC: Price: $0.12 | MCAP: $70.3 million | 24-Hr Volume: $69.3 million
Short-term trend: Pullback from the bearish downtrend
Since falling from its 50-day moving average on July 16, ABBC has struggled to attract new investment for itself which is also down a further 10.15 percent after yesterday's slow period of consolidation.
The 134-day falling channel could provide a temporary bounce like that of June 21 as the daily RSI is now firmly bid below oversold territory and at its lowest point since Dec. 5, 2018, opening up the possibility for a sharp correction to the current bearish trend.
The awesome oscillator has also begun to tick up toward the neutral 0 line supporting the prospects for a short-term bounce to the 78.6 percent Fibonacci retracement at $1.66.
Long-term trend: Bearish
Given the current market structure of significant lower lows on the pullbacks and lower highs on the breakouts ABBC is firmly bearishly bid and will continue to trend south in the long term until a firm close above $0.36 should occur.
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The US Federal Reserve (Fed) on Wednesday cut interest for the first time since 2008.
The move has sparked debate about the impact of Fed’s move on cryptocurrencies. Most analysts expect bitcoin to benefit from the US central bank’s fresh monetary easing. After all, its monetary policy is on a preset course – its supply is halved every four years.
Ryan Sean Adams, Founder of Crypto Investment Firm Mythos Capital, believes ethereum’s ether token could also benefit from Fed’s easing.
@sthenc, however, believes ETH has the same flaw as fiat currencies. The cryptocurrency’s supply is controlled by a single trusted party.
Put simply, a small group of people can set the monetary policy, which is the case with Federal Reserve, European Central Bank, Bank of Canada and other central banks. Further, ETH’s supply is not capped, while bitcoin’s supply is capped at 21 million.
Both factors make ETH similar to fiat currencies. Hence, @sthenc prefers bitcoin (scarcity and immutability) over ethereum.
That said, if the Fed embarks on a full-blown easing cycle, then bitcoin and cryptocurrencies in general could pick up a strong bid. In that case, ether, the second-largest cryptocurrency by market value, may also find some love. |
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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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