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Key Price Average Offers Support
BTC: Price: $10,000 | MCAP: $179.29 billion | 24-Hr Volume: $18.29 billion
Short-term trend: Cautiously Bearish
Bitcoin remains in the hunt for a drop to the Aug. 15 low of $9,467, as suggested by yesterday's rising wedge breakdown on the 4-hour chart.
The drop to $9,467, however, could be preceded by a price bounce to $10,300, as the hourly chart relative strength index is reporting a bullish divergence.
More importantly, sellers are again struggling to force a convincing break below the 100-day moving average (MA), currently at $9,900.
The long-term MA worked as strong support earlier this month. The cryptocurrency ran into bids below the 100-day MA on Aug. 15 and closed (UTC) that day with gains above $10,300. The average was again defended on the following day and the subsequent price bounce ended up hitting highs above $10,950 on Aug. 20.
So, if the key average continues to hold ground over the next few hours, chart-driven buying could lead to a price bounce. That said, the bearish setup would be invalidated only if prices rise above the lower high of $10,956 created on Aug. 20.
Long-term trend: Bullish
Bitcoin snapped its five-month winning streak with moderate losses in July. More importantly, the cryptocurrency created an inside bar candle, a sign of consolidation or exhaustion following a stellar rally from April's low near $4,050.
Even so, the path of least resistance remains to the higher side as the bullish structure on the monthly chart is 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.
However, a deeper correction to $7,500 cannot be ruled out, if prices drop below $9,049, validating the inside bar pattern.
That said, the long-term bullish outlook would be invalidated only if prices print a UTC close below the 200-day MA, currently at $6,417.
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RIF Token Flying Solo On Spiking Volume
RIF: Price: $0.15 | MCAP: $73.2 million | 24-Hr Volume: $5.2 million
Short-term trend: Bullish
RIF is the only cryptocurrency within the top 100 projects at CoinMarketCap (CMC) managing above 2 percent gains over a 24-hour period (currently 8.13 percent) after bitcoin (BTC) dipped below $10K in the early hours of Asia's trading period, dragging the rest of the market along with it.
RIF has also experienced the single largest day in trading volume since it was first listed on CoinMarketCap, leading to an aberration in reported volume. The Bitfinex exchange on the other hand, shows little change in reported volume levels which currently remain low.
Watch for today's candle close to see where volume finishes up and if necessary discount the error recorded by CMC.
Long-term trend: Cautiously bullish
The long-term trend has broke to a new high on Aug. 8 after avoiding a bearish cycle on the awesome oscillator and pushing on the back of strong bullish momentum represented by the long green candle.
The daily RSI is approaching the overbought region and may experience a pullback in its price, but as is the case with bullish assets, the RSI can trend overbought/sold for an extended period of time without reacting too significantly from major price moves, so plan accordingly.
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Algorand On It's Way Down
ALGO: Price: $0.57| MCAP: $44.7 million | 24-Hr Volume: $1.08 million
Short-term trend: Bearish
ALGO is down x percent over a 24-hour period according to CoinMarketCap data and continues its 4th day straight in the red backed by increasing levels of daily volume. A falling price alongside a rise in bear volume usually leads to greater downside as per bearish volume analysis as market momentum picks up.
A loss of the local supports at $0.55 would open doors to wick supports at $0.51 and represents the final zones before a fresh price discovery in 2019 develops with eyes locked on lower prices still.
Long-term trend: Bearish
The long-term trend remains bearish ever since it was first listed on exchanges and recorded by CMC on June 21, plagued by a series of lower highs and lower lows that instils no confidence in attracting greater investment to the project. The awesome oscillator (AO) hints at further downside with the exception of a potential short-term bounce offered by its oversold conditions on the daily RSI.
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Ethereum Classic (ETC) is set to undergo an Atlantis hard fork on block 8772000 in mid-September.
A hard fork is a change to a protocol that renders older versions invalid. If older versions continue running, they end up with a different protocol and with different data than the newer version.Contentious hard forks result in chain splits. A hard fork is carried out to reverse transactions, add new functionality or fix security risks.
By implementing Atlantis hard fork, ethereum classic's developers aim to achieve ethereum classic-ethereum interoperability or cross-chain interaction.
ETC has picked up a bid ahead of the hard fork. As of writing, ETC's dollar-denominated exchange rate is trading at $6.89 on Bitfinex - the highest level since July 11 – representing double-digit gains on a 24-hour basis.
The cryptocurrency, ranked 18th as per market capitalization on CoinMarketCap, is up 23 percent on a week-to-date basis.
With the rise to six-week highs, ETC has invalidated the bearish lower highs pattern on the daily chart. The breakout is backed by an uptick in buying volumes and looks sustainable.
ETC, therefore, may challenge resistances at $8.13 and $8.64 in the next few days. |
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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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