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Bearish Pressures Strengthen
BTC: Price: $9,900 | MCAP: $178.66 billion | 24-Hr Volume: $12.80 billion
Short-term trend: Bearish
Bitcoin has charted a series of lower highs and higher lows over the last two and a half months. With a reward halving (supply cut) due next year, many investors are expecting the ongoing consolidation to end with a bullish breakout.
However, bitcoin's weekly MACD histogram is calling a range breakdown. The indicator has dropped to -206, the lowest level since December, indicating strongest bearish pressure since December.
BTC, therefore, risks falling to the lower edge of the contracting triangle, currently at $9,482. A range breakdown, if confirmed, allow a deeper drop to levels below $9,000. Meanwhile, a high-volume close above the upper edge, currently at $10,758 would imply a resumption of the bull market and open the doors for $12,000.
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.
For instance, the 50-day MA fell below the 100-day MA on Aug. 29, 2016, when BTC was trading near $570. The cryptocurrency remained flatlined in the next couple of days before rising above $600 on Sept. 4.
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Making Some Small Waves
WAVES: Price: $1.12 | MCAP: $111.8 million | 24-Hr Volume: $24.7 million
Short-term trend: Bull exhaustion
WAVES has begun to climb back toward a prior price high near $1.23 after yesterday's strong candle close near $1.10 placed it firmly within the best 3 performing crypto within the top 100 at CoinMarketCap.
However, today's volume has been slow to start with limited interest on the open so keep a close eye on the daily trading volume by day's end to see if the bulls have enough momentum to take another leg up.
Long-term trend: Bearish
The long-term trend is bearish so long as prices remain below $1.39 and will likely cap further gains until the awesome oscillator and RSI trigger bullish signals in the form of moving above their respective neutral zones.
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| Metaverse ETP Goes Down
ETP: Price: $0.72 | MCAP: $55.6 million | 24-Hr Volume: $6.2 million
Short-term trend: Bearish
META ETP is one of today's worst performing assets within the top 100 at CoinMarketCap and is offering little substance for the bulls to push out of the current pullback still being felt from Sept. 19's double top rejection at $0.89 (lining up with Aug. 18's body close).
The RSI resistance at 50 demonstrates that the bears are in control of momentum and will likely experience further downside given the weak illiquid nature ETP has presented in recent days.
Long-term trend: Neutral
Price action remains bearish until a firm close above the prior double top resistance near $0.89-$0.90 is converted into support backed by consistent levels of bullish volume.
The 200-period MA (not shown) is set at $0.98 and will likely present the last hurdle the bulls need to scale before declaring a reversal to the 3 month bear market down trend.
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Trading of highly-anticipated physically-delivered bitcoin futures kicked off today, with 29 contracts having changed hands so far.
The product is considered by many as the most bullish development in the history of bitcoin, as the physical delivery requires the actual purchase of the top cryptocurrency.
Also, there is general consensus in the market that Bakkt's product will open the floodgates for the yield-hungry institutional money. Hence, many observers are touting Bakkt launch as a long-term bullish development for bitcoin.
While, the price discovery in new physical delivery markets will likely contribute to building confidence in BTC prices, the incoming volume may not necessarily carry a bullish bias and traders could short the cryptocurrency through futures. “Volume is volume, don’t express your bias toward it”, popular Cryptocurrency market analyst @CryptoNekoZ warned in August.
The product has got off to a slow start with just 29 contracts changing hands, as mentioned earlier. Most regulated futures products, however, see low activity in the beginning, as not all brokers are ready to clear them. |
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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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