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Sidelined for Sixth Straight Day
BTC: Price: $10,160 | MCAP: $182.29 billion | 24-Hr Volume: $13.34 billion
Short-term trend: Bearish
Bitcoin is trading in a sideways manner above the 100-day moving average for the sixth straight day.
The chaikin money flow index on the 3-day chart has dropped below zero for the first time since February, indicating a bullish-to-bearish trend change. The weekly moving average convergence divergence histogram is also reporting bearish reversal.
So, the probability of BTC breaking below the 100-day MA, currently at $10,047, and extending losses toward the Aug. 15 low of $9,467 is high.
The bearish case. however, would weaken if the persistent defense of the 100-day MA ends up fueling a rise above the bearish lower high of $10,956 created on Aug. 20.
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.
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HOLO Breaks Into Short-Term Bull Market
HOT/ETH: Price: 0.00000503 ETH | MCAP: 670,497 ETH | 24-Hr Volume: 65,903 ETH
Short-term trend: Bullish
HOLO's (HOT) ether (ETH) denominated exchange rate is trading above 500 for the first time since Aug. 2.
HOT/ETH is currently reporting almost 10 percent gains on a 24-hour basis and the cryptocurrency will likely rise further in the short-term, as the daily chart is reporting a falling wedge breakout, a bullish reversal pattern.
The breakout is backed by an above-50 reading on the 14-day relative strength index and the ascending 5- and 10-day moving averages.
So, a rise to 600 in the next few days looks likely. The bullish case would weaken if prices drop below the Aug. 28 low of 426 sats, although, as of now, that looks unlikely.
Long-term trend: Neutral
HOT's uptick seen today validates seller exhaustion signaled by the cryptocurrency's repeated defense of 400 seen over the last three months.
As a result, the bearish outlook stands neutralized. That said, a bullish reversal would be confirmed if and when prices breach the trendline connecting January and May 2019 highs.
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Bear Grip on Ardor Strengthens
ARDR: Price: 0.00000591 BTC | MCAP: 5,908 BTC | 24-Hr Volume: 76.56 BTC
Short-term trend: Bearish
ARDR/BTC is currently down 6 percent on a 24-hour basis and could slide further to 520 sats in the short-run, as the daily chart is reporting bearish conditions.
To start with, the cryptocurrency fell 3.46 percent on Tuesday, confirming bearish reversal signaled by the long upper shadow attached to Monday's candle.
Further, the 14-day relative strength index (RSI) is reporting bearish conditions with a below-50 print, having topped out at 54.00 over the weekend.
The short-term bearish view would be invalidated only above Aug 26's high of 714 sats.
Long-term trend: Bearish
The long-term bias will remain bearish as long as prices are trading below the trendline connecting March and June highs. As of writing, that trendline resistance is located at 800 sats.
A weekly close (Sunday, UTC) above that level would invalidate bearish lower highs setup and confirm bullish reversal.
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Alternative cryptocurrencies (altcoins) have taken a beating against bitcoin this year with the top cryptocurrency's share of the total market cap rising to 28-month highs.
In the past few weeks, however, the rally in bitcoin has stalled, triggering speculation that "alt season" is here.
Alt season is a market condition where alternative cryptocurrencies outpeform bitcoin (ALT/BTC pairs rise).
A bullish reversal in altcoin market is still not confirmed. The total market capitalization of altcoins is still trapped in a falling wedge, a bullish reversal pattern, as seen in the above tweet.
A breakout, if confirmed, will likely mark the beginning of altcoin rally.
At press time, the altcoin market cap is seen at $73.70 billion and the upper edge of the falling wedge is located at $75.35 billion. |
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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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When Alt Season?