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At Five-Week Highs
BTC: Price: $4,120 | MCAP: $72.92 billion | 24-Hr Volume: $10.03 billion
Short-term trend: Cautiously bullish
Bitcoin clocked a fresh five-week high of $4,140 earlier today, having ended the first quarter with 10.91 percent gains – the biggest quarterly gain since the fourth quarter of 2017.
The short-term outlook remains bullish as Friday's close above $4,055 validated the higher lows along the 30-day moving average created in March, the ascending 5- and 10-day MAs and the long-tailed doji candle, dated Feb. 24. Historically, long-tailed doji have preceded notable rallies.
Further, BTC created a bullish engulfing candle last week, reinforcing the bullish view put forward by the upward sloping 5- and 10-week MAs.
As a result, the price could rise to $4,190 (February high), above which a major resistance is seen at $4,236 (Dec. 24 high).
While the path of least resistance is to the higher side, caution is still the name of the game, as the cryptocurrency is struggling to find acceptance above $4,130, which is the high of the Doji candle created on Saturday. A persistent failure to beat that level could yield a pullback to $3,900.
Long-term trend: Neutral
The long-term outlook will remain neutral as long as prices are trapped between the 200-week simple moving average (SMA) support and the 200-week exponential moving average (EMA), currently at $3,404 and $4,106, respectively. A weekly close (Sunday, UTC) above the 200-week EMA would confirm a bearish-to-bullish trend change.
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LOOMing In The Distance LOOM: Price: $0.08165 | MCAP: $62.1 million | 24-Hr Volume: 16.05 million
Short-term trend: Pullback into cautiously bullish
LOOM has hit a new 134-day high after breaking from resistance around $0.08165 in the early hours of this morning at 01:00 UTC.
The ambitious crypto is currently up 17.01 percent over a 24-hour basis but is now beginning to show signs of exhaustion on the intra-day charts (1-hr, 4-hr) while the daily RSI prints overbought.
Long-term trend: Bullish potential
There is bullish potential in the current market structure and its desire to continue printing new monthly highs with April 1 marking the third month to do so.
The weekly chart is highlighting caution however, given the fact that prices have been rising on declining volume confirming a bearish analysis should prices reverse and break down.
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Bibox Takes A Breather BIX: Price: $0.4592 | MCAP: $50.9 million | 24-Hr Volume: $8.6 million
Short-term trend: Neutral
Despite having dropped more than 16 percent over a 24-hour period it could be worse.
BIX's higher low on the daily chart as well as the retention of the 4-hour former resistance turned support at $0.04460 shows promise.
But it's probably best to wait and see if prices dip lower to determine whether or not current levels are a good entry or not.
Long-term trend: Bullish
BIX's 138-day parabolic curve, beginning Nov. 14, has managed to create a higher low above Sept. 2018 resistances and is almost halfway back in value to its all-time high since it was first listed on the Huobi exchange back in July, 2018.
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ADA/BTC's rally ran out of steam at highs near 1780 sats over the weekend, as expected.
The cryptocurrency is currently trading at 1689 sats on Binance, representing a 0.88 percent drop on the day. The rationale behind calling a pause in rally on Friday was the lower high or the bearish divergence of the 14-day relative strength.
With the sideways action over the wekeend, the bearish reversal pattern has become more pronounced. Notably, the RSI is about to roll over from the overbough territory. Hence, a deeper pullback to 1600 sats could be in the offing.
Note that the 10-day MA is still trending north, indicating a bullish setup and is currently located at 1648 sats. As a result, a drop to 1600 sats or below could find bids.
It is often seen that markets make a sustained move higher or lower once the 10-day MA has bottomed out/topped out. |
Litecoin is looking heavy on technical charts, having rallied 100 percent in the first three months of 2019, the biggest first quarter gain on record.
Markets likely priced in an impending supply cut – mining reward halving due in August – in the previous three months and my continue to do so over the next three months or so, as discussed yesterday.
In the short-run, however, the cryptocurrency could see a notable price pullback as the 14-day relative strength index (RSI) is diving out of the triangle pattern, having created lower highs as opposed to higher highs on price over the last four weeks.
That bearish divergence gains credence if we take into account LTC's recent sideways churn near $60.00.
The cryptocurrency may drop to the immediate support at $53.00 (March 12) over the next few days. That pullback may end up recharging engines for further rally ahead of the mining reward halving. |
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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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Slow Grind Higher