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Bitcoin To Snap Three-Month Losing Trend
BTC: Price: $9,100 | MCAP: $165 Billion | 24-Hr Volume: $28.67 Billion
Short-term trend: Correction underway
Bitcoin is on track to end a three-month losing streak, having recovered from recent lows around $7,400 seen a week ago.The cryptocurrency is currently up nearly 11 percent from the monthly opening price of $8,304.
The percentage rise, however, could drop into single digits, as the repeated failure to scale the 100-day average is indicating buyer exhaustion. Further, the cryptocurrency is looking to dive out of a contracting triangle on the hourly chart. Bitcoin, therefore, risks falling to $8,800 in the next 24 hours.
The outlook would turn bullish if the consolidation seen on the hourly chart ends with a high-volume breakout. That could yield a quick move above $10,000, although, as of now, a range breakout looks unlikely.
Long-term trend: Bullish
Bitcoin's long-term outlook is bullish, as mining reward halving is due in May 2020. The bullish case looks stronger if we take into account the strengthening narrative that the top cryptocurrency is a digital gold and a hedge against inflation.
Many observers believe the negatives interest rate era could force traditional investor to pour money into cryptocurrencies. After all, BTC is the best performing asset of 2019 and possibly of the decade.
Long-term technical studies are also biased bullish. For instance, the 100- and 200-period averages have produced a bullish crossover on the three-day chart. A similar bull cross in March 2016 was followed by a 21 month bull market.
The bullish view would be bolstered if and when prices exit the four-month falling channel seen on the weekly chart, confirming a resumption of the rally from lows near $4,000 seen in April.
That looks likely by the year's end, as the three-day chart MACD, which has a strong record of signaling big moves, has turned bullish for the first time in over three months.
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Summoning All Energi
NRG: Price: $2.54 | MCAP: $62.9 million | 24-Hr Volume: $468,425
Short-term trend: Pullback
Up 15 percent on the day, NRG is currently trapped beneath the 21-period exponential moving average, located at $2.61, presenting considerable resistance, given yesterday's rejection back below it.
The awesome oscillator is close to flipping bullish above 0 but will need to be supported by a strong candle close on consistent bull volume coupled with the RSI moving above the neutral 50 line, currently at 48.6.
So far, volume has been slow out of the gate, leading to a period of exhaustion and consolidation between $2.36 and $2.67, more volume is required to break the range with conviction.
Long-term trend: Bearish
Despite being one of today's top performing crypto, NRG still has a long way to go to reversing the bearish downtrend that has plagued the ailing coin since June 29, as it fails to produce significant higher highs on the daily chart.
A close above prior range highs, located at $3.01i, is needed in order to begin reversing the trend from bearish-to-bullish in the long-term.
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Bytom Continues To Slide
BTM: Price: $0.11 | MCAP: $113.3 million | 24-Hr Volume: $46.5 million
Short-term trend: Pullback
Between Oct. 25 and Oct. 27, BTM rose more than 175 percent before succumbing to a large sell-off on Oct. 28 which continues into its third day as it approaches a prior region of support near $0.10.
Down a further 11.16 percent over a 24-hour period, BTM's short-term trend hangs by a thread along the 200-day moving average, dropping bearish below should it close firmly beneath $0.10.
Should the pullback deepen, expect further losses as its price moves to prior resistances near $0.09.
Long-term trend: Neutral
The long-term trend is also in jeopardy courtesy of the 200-day moving average representing a bullish bias when prices are above and conversely a bearish bias when prices are below the line (red).
Should the bulls defend the current area of support and bounce bullish then a greater bias in the trend will become known. Until then BTM bag holders await with bated breath.
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While XRP's price is still struggling to rise back above the former support-turned-resistance of $0.30, its key non-price metric is nearing record highs.
The daily transaction volume surged to 1.65 million on Oct. 26, marking a ore than 100 percent increase from 727,000 daily transactions registered on Oct. 21, according to data source bitinfocharts.
Further, the network processed 1.50 million transactions on Tuesday.
The sudden surge has brought the metric close to the record high of 1.70 million registered in January 2018.
Back then, the crypto market frenzy had pushed XRP's price to a record high of $3.30.
So far,the spike in transaction volume has failed to put a bid under the world's third largest cryptocurrency by market value. As noted earlier, the cryptocurrency is struggling to beat resistance at $0.30 and is currently changing hands at $0.2936 on Bitfinex. |
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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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