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Indecisive Monthly Close
BTC: Price: $9,850 | MCAP: $176.45 billion | 24-Hr Volume: $12.69 billion
Short-term trend: Bearish
Bitcoin found takers below $9,400 last week and is now trading just above $9,800. The outlook, however, remains bearish, as the cryptocurrency is yet to invalidate the lower highs setup with a move above $10,956 (Aug. 20 high).
That level is unlikely to be scaled in the next few days and the cryptocurrency may fall below $9,000, as the $400 bounce seen in the last four days lacks substance – trading volumes have dropped.
Further, signs of bullish exhaustion have emerged on the longer duration charts and key indicators have turned bearish for the first time since February.
All-in-all, the path of least resistance is to the downside. The bearish case would weaken if prices rise above $10,000 with high volumes.
Long-term trend: Neutral
Bitcoin's monthly chart shows a double inside bar pattern – August’s candle falls within July's high and low and July’s candle is engulfed by June's high and low.
Double inside bars indicate indecision and lack of volatility and are considered a sign of bullish exhaustion, if they occur after a notable price rally, which seems to be the case here.
Also, the selling volume witnessed in July was the highest since March 2018. So, the long-run outlook stands neutralized.
A break above the high of the first inside bar ($13,200) is needed to revive the bullish outlook and a move below the low of the first inside bar ($9,049) will confirm a bearish reversal.
Traders can also take a weekly (Sunday, UTC) close or consecutive high-volume daily closes above $12,000 as a sign of bullish continuation. After all, a weekly close above $12,000 has remained elusive the last week of June.
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Wanchain Full Force
WAN: Price: $0.39 | MCAP: $42.8 million | 24-Hr Volume: $26.04 million
Short-term trend: Bull potential
On August 21, WAN began a rebound from $0.19 to $0.62, setting a new wick high not seen in over 278 days. Also up a further 19 percent on the day, WAN has entered into a pullback in momentum and is attempting to cement a higher low on the current daily candle.
Declining volume period-to-period is of concern, demonstrating exhaustion from buyers after its recent run-up. Coupled with declining histogram bars on the awesome oscillator (AO), the onus is on the bulls to close above $0.43 in the coming days or risk a short-lived rally.
Long-term trend: Bull potential
The long-term trend remains neutral (sideways bid) with bullish potential looming in the distance. However a period of profit taking may extend into the week and would require reassessment to the bullish outlook should it close below $0.35 anytime soon.
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Stratis Hurting Hard
STRAT: Price: $0.38 | MCAP: $38.01 million | 24-Hr Volume: $1.67 million
Short-term trend: Bearish
STRAT is down x percent on the day and continues its trend south within a falling wedge (typically bullish in nature) with glaring bearish signs on its daily chart.
First and foremost, the RSI shows how buyers have been unsuccessful in generating enough momentum to push prices bullish as it stopped out just beneath the neutral 50 line on August 28.
Total daily volume on the Binance exchange remains relatively low, indicating the lack of liquidity and therefore interest in the ailing crypto.
Should a firm close above the upper sloping trend line at $0.44 occur, then consider a bullish reversal to the short-term bear trend as it attempts to break from the bull pattern.
Long-term trend: Bearish
The long-term trend remains bearish below $0.67 (prior lows) with the awesome oscillator offering little hope for the bulls, considering all other signals are pointing south.
A small bounce followed by lower lows is the most likely outcome, lest the bulls provide enough momentum to drive a strong rally above the aforementioned sloping trend line on the bull pattern.
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@gregzupanc is arguing here that bitcoin's bullish trend is still intact, contradicting some observers, who believe the top cryptocurrency's bull market ended at the June high of $13,880 and the sellers have regained control, at least for the short-term.
As seen in the above tweet, BTC/USD has carved out a sideways channel on the weekly chart over the last nine weeks, after having rallied from lows near $4,050 seen on April 1 to a 17-month high of $13,880 on June 26.
So, the sideways action could be taken as a sign of bullish pause. Also, trading volumes dropped over the last three weeks – a sign the drop from $13,880 to levels below $10,000 is a healthy bull market pullback.
That said, the cryptocurrency has created a series of lower highs on the daily chart. Further, the widely-tracked indicators like the weekly moving average convergence divergence histogram and the three-day chart relative strength index and the chaikin money flow have turned bearish for the first time since February.
Hence, the bulls need to observe caution. Moreover, a weekly close above $12,000 or consecutive daily closes above that psychological resistance is needed to revive the bull run. |
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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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$400 Bounce