 
|
Off One-Month Highs
BTC: Price: $11,770 | MCAP: $211 billion | 24-Hr Volume: $23.59 billion
Short-term trend: Bullish
Bitcoin has pulled back from one-month highs above $12,300 seen earlier today and could drop further toward to the 50-hour moving average, currently at $11,529, courtesy of bearish divergence of indicators on short-duration charts.
The dip, however, could be short-lived, as the daily chart is reporting bullish conditions. For instance, the cryptocurrency invalidated a bearish higher lows pattern with a convincing move above $11,120 on Monday. The breakout was backed by an uptick in buying volumes (green bar), as seen in the daily chart below.
The key daily chart indicators like the relative strength index and the moving average convergence divergence (MACD) histogram are also reporting bullish conditions. Further, the 5- and 10-day moving averages (MAs) are trending north.
The bullish case would weaken if prices find acceptance below the ascending 10-day MA, currently at $10,545.
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.
Read Analysis
|
|
|
|
|
|
Decred Rising On Up
DCR: Price: $31.81 | MCAP: $326.38 million | 24-Hr Volume: $10.1 million
Short-term trend: Bullish
DCR is up 8.48 percent on the day after hitting the 78.6 percent Fibonacci extension target at $34.56 yesterday on August 5.
A retest of that zone is possible should the higher high maintain its current position without conceding too much to the bears in the process.
Long-term trend: Neutral
Until a firm close above the aforementioned 78.6 percent Fibonacci should occur, price action and momentum should be considered neutral sideways bid.
The awesome oscillator has flipped bullish for the first time in 23 days, supporting the theory for a likely retest and a contention of its neutral market structure.
 |
|
|
|
|
| Pundi X In A Spot Of Strife
NPXS: Price: $0.000586 | MCAP: $103.9 million | 24-Hr Volume: $12.2 million
Short-term trend: Bearish
NPXS is down 8.31 percent on the day after losing control to the bearish short-term momentum that has ended up carving out an indecisive 3-day doji. Momentum is firmly bearish as exemplified by the RSI and awesome oscillator both flashing bearish readings below their respective neutral zones.
Long-term trend: Bearish
The long-term trend remains bearish as well, given the inability for NPXS to scale prior highs set on May 28 and June 24, resembling a bearish market structure of lower highs and lower lows.
Only a firm close above $0.00100 would be enough to reverse the recent sell-offs seen through the months of July and beginning of August.
 |
Bitcoin neared $12,000 on Monday with a 7 percent rise. The uptick coincided with the slide in the Chinese Yuan's offshore exchange rate (CNH).
Yuan nosedived, pushing the USD/CNH pair well above 7.00 in sixty minutes to 02:00 UTC yesterday on escalating Sino-US trade tensions. Last week, President Trump said that the US will impose additional 10
percent tariff on $300 billion worth of Chinese goods.
While the offshore Yuan began falling at 02:00 UTC, BTC picked up a bid near $10,980 at 01:00 UTC. The price action seems to have convinced many that wealthy Chinese investors poured money into bitcoin on fears of sharp CNH depreciation, pushing the leading cryptocurrency higher.
That narrative is slowly getting entrenched in markets. For instance, as of now, about 48 percent of voters in CoinDeskMarkets' latest survey believe the escalating US-China trade tensions are boding well for bitcoin's price.
The rest of the investor community stands divided with 26 percent seeing little connection between bitcoin's price rise and the rising trade tensions.
The percentage of people correlating bitcoin's price rise with trade tensions would further rise in the near future if BTC remains bid amid an extended sell-off in CNH, if any, over the next few days. After all, the concept of bitcoin being a safe haven or a hedge against trade wars is a self-fulfilling prophecy.
That also makes bitcoin's bull run vulnerable to a sudden recovery in the CNH. As of writing, USD/CNH is trading at 7.04, having hit a high of 7.1399 earlier today, according to FXCM data. Meanwhile, BTC is changing hands at $11,730 on Bitstamp, having printed a one-month high of $12,325 earlier today. |
|
| 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. |
|
| | | | |
Self-Fulfilling Prophecy