Bullish Pause

Bitcoin eyes first monthly loss since January

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July 31, 2019 Low-Volume Breakout BTC: Price: $9,790 | MCAP: $174.54 billion | 24-Hr Volume: $14.30 billion Short-term trend: Neutral Bitcoin's 4-hour chart is currently reporting a descending triangle breakout, a sign the pullback from recent highs above $13,000 has ended. Further, the relative strength index on the 4-hour chart is reporting bullish conditions with an above-50 print. Even so, the outlook remains neutral, as the trading volumes remain low despite thee price breakout. Hence, BTC may have a tough time scaling the key 4-hour chart resistance of $10,235 in the next 24 hours. That said, a move to $10,000 could be seen. After all, BTC's repeated bounce from sub-$9,400 levels is telling a tale of temporary seller exhaustion.  Long-term trend: Bullish Bitcoin is on track to end its five-month winning run with a 9 percent drop. Despite the negative monthly performance, the bullish structure on the long-term charts remains intact.  For instance, the falling channel breakout confirmed in April is still valid. The 5- and 10-month moving averages continue to trend north, indicating a bullish setup.  Further, on the 3-day chart, the 50- and 200-candle moving averages (MAs) have produced a golden crossover, the first since Feb. 3, 2016.  The long-term bullish outlook would be invalidated only if prices print a UTC close below the 200-day MA, currently at $6,417. Read Analysis Tezos Bullish Breakout On CoinbasePro Listing XTZ: Price: $1.23 | MCAP: $819.5 million | 24-Hr Volume: $15.05 million Short-term trend: Bullish XTZ has broken above the 23.6 percent Fibonacci retracement on the Bitfinex exchange on July 30 and is riding high, up 23.6 percent over a 24-hour period on the back of strong bull volume. The retracement to the infamous 61.8 percent Fibonacci zone was proceeded swiftly by a large bounce two days after it touched, aiding in large part to the favorable announcement regarding the CoinbasePro listing, opening up greater liquidity and trade opportunities. Price remains bullish on the back of the news until a lower high is set, which given the current short-to-mid-term trend, looks set to occur around $1.27-1.30.  See here: https://www.coindesk.com/coinbase-pro-to-enable-tezos-trading Long-term trend: Bearish A series of lower highs and significant lower low pullbacks has lessened the outlook for the bulls long-term as prices continue to trend south. The recent bull breakout has done little to impact the last significant higher high, last seen at $1.31 on July 4 which remains a key level the bulls must close above if they are to reverse the bearish circumstances. Lambda's Deflating Rally LAMB: Price: $0.21 | MCAP: $105.9 million | 24-Hr Volume: $76.8 million Short-term trend: Pullback Down 15.57 percent over a 24-hour period, LAMB continues its bearish pullback with a convincing bearish candle on today's trading period. Hope can be found in the form of the current bot side wick displaying a mild defense from the bulls as they seek to maintain prices above the 50 percent retracement located near $0.19. A confluence of support can be seen along the 50-period moving average on the daily chart along with the infamous 61.8 percent Fibonacci retracement level at $0.18 offering up a likely landing pad should prices continue their trend down. Long-term trend: Neutral The awesome oscillator is beginning to show signs of maturation in the bear cycle with the histogram bars ticking toward the neutral level the time looks set for a continuation to new highs long-term. Until such a time occurs however, prices can be considered neutral/sideways bid until the bearish market structure is broken convincingly. Litecoin, the fourth largest cryptocurrency by market capitalization, is set to undergo mining reward halving approximately in four days and 22 hours. Reward halving aimed at curbing inflation by reducing supply or mining rewards by half is repeated every four years. Following the upcoming halving, the reward for mining on litecoin's blockchain will drop from 25 to 12.5 coins. Essentially, miners will be adding significantly less lite coins to the ecosystem, possibly leading to supply deficit. Hence, @NodeInvestor is expecting LTC’s price to rise while into the weekend. The cryptocurrency, however, may remain comatose as markets seem to have priced in the reward halving. LTC doubled in value in the first three months of 2019, despite the lack luster action in bitcoin, the leading cryptocurrency by market value. Also, LTC deflated from $6.00 to $3.50 in 1.5-months leading up to early August 2015 and remained flatlined around $3.5 while heading into the reward halving, which took place on Aug. 25, 2016. If history is a guide, then LTC could continue to trade in the recent range of $80-$100 ahead of the next week’s reward halving. 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. 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