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Bitcoin's Golden Cross Bullish For The Long-Term
BTC: Price: $8,720 | MCAP: $158 Billion | 24-Hr Volume: $20.41 Billion
Short-term trend: Bearish
Bitcoin’s price remains depressed below the widely tracked 200-day average despite the recent uptick in the hash rate.
The computing power has jumped from 81 exahashes per second to 114 exahashes per second over the last two days, according to data source blockhain.com.
Some experts believe prices follow hash rate, but so far, BTC isn’t showing any upward momentum and technical indicators are calling for a deeper drop to $8,550.
For instance, the MACD histogram on the daily chart has crossed below zero over the weekend and is currently a strongest bearish bias since Oct. 3 with minus 59.00 reading.
Long-term trend: Neutral Bitcoin (BTC) is on track to produce a bullish long-term signal not seen in 3 and a half years. The 50-period moving average (MA) and the 100-period MA have edged closer together after BTC rebounded from $7,293 to $10,350 on Oct. 26, according to Bitstamp data. A cross of the 50-period MA moving up above the slower 100-period MA, known as a golden cross, generally hints at a strong shift in a trend and can act as confirmation of a bullish bias for the long-term view. The last time that instance occurred on the weekly chart was way back in May 2016, when the price of BTC rose from $438 to near $20,000 – 4,800 percent increase.
Time will tell whether or not this pattern will come to fruition. Needless to say it would be a very bullish signal aligning with BTC's halving event in May next year. Read Analysis
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Stellar Flashing Green On Down Day For Markets
XLM: Price: $0.07969 | MCAP: $2.59 million | 24-Hr Volume: $307 million
Short-term trend: Bullish
XLM is currently reporting a 3 percent gain on a 24-hour basis. The cryptocurrency is back above the inverse head-and-shoulders neckline, having defended the ascending 10-day average last week.
The bullish breakout has opened the doors for the test of the 200-day average, currently at . 995 sats. The bullish case would be invalidated if prices drop below 782 sats, invalidating higher lows setup.
Last week, the Stellar Development Foundation (SDF) burned 55 billion lumens (XLM) or 52 percent of the existing supply. Previously, there had been 105 billion XLM in existence, with 20 billion in circulation. Now the supply has shrunk to 50 billion.
That is not necessarily a long-term price-bullish event, as the circulating supply has not dropped, as noted by popular analyst Josh Rager.
Long-term trend: Bullish
The inverse head-and-shoulders breakout indicates a transition from lower highs, lower lows to higher lows, higher highs. Put simply, the pattern represents bullish reversal.
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Ether's Price Squeeze Continues
ETH: Price: $0.0456 | MCAP: $44.70 million | 24-Hr Volume: $4.84 million
Short-term trend: Neutral
Ethereum's ether cryptocurrency is currently down 2 percent on a 24-hour basis but is overall lacking a clear directional bias with the daily chart reporting a contracting price range, popularly known as pennant pattern.
Pennant's are typically continuation patterns, meaning they accelerate the preceding move. In ether's case, the pennant has appeared following a rally from $150 to $200. A breakout, therefore, looks more likely than a breakdown and would open the doors to $225 (Sept. 19 high).
Seasoned traders, however, would say it is always better to stay on the sidelines until a clear directional cue emerges.
Long-term trend: Neutral
ETH formed a Doji candle month, which occurs when the cryptocurrency sees two-way business before ending a specific period on a flat note. It is widely considered a sign of indecision in the market place.
In ether's case, however, the candle has appeared following a sell-off from $360 to $150 and represents seller exhaustion. The outlook, therefore, is neutral and a strong move above the Doji candle's high of $199 is needed to confirm bullish reversal.
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Bitcoin’s mining difficulty dropped by 7 percent on Monday to hit the lowest level since December 2018.
Mining difficulty – a measure of how hard it is to compete for mining rewards on the blockchain – adjusts every 2016 blocks. The more complex the mining difficulty, the more competition there is among miners to earn the block reward.
The latest slide in difficulty seems to confirm the average cost of mining is $8,000, according to entrepreneur and cryptocurrency commentator Alistair Milne. At press time, BTC is changing hands around $8,670, meaning the miners are still in-the-money or making profit.
Note that the hash rate, miner’s profits, and difficulty depend on each other in a number of ways. For instance, when the hash rate or the computing power on the network goes up, the difficulty of mining also goes up to keep the average time between new blocks stable.
The mining profits drop if the market price of the cryptocurrency remains flat or drops after difficulty adjustment. |
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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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Hash Rate Recovers