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Bitcoin Slips to Two-Week Lows
BTC: Price: $10,100 | MCAP: $180.95 billion | 24-Hr Volume: $23.17 billion
Short-term trend: Bearish
Bitcoin has recovered sharply from lows below $9,500 hit earlier today to levels above $10,000, however, the path of least resistance remains to the downside with the 5- and 10-day moving averages trending south and the 14-day relative strength index still reporting bearish condition with a below-50 print.
So, prices may fall back to $9,500 if buyers fail to keep prices above the psychological level of $10,000 in the U.S. trading hours.
The bearish case would weaken only if prices rise above $10,646, invalidating the bearish lower highs setup on the hourly chart.
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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NANO Goes For Goal
NANO: Price: 0.0001036 BTC | MCAP: $137.2 million | 24-Hr Volume: $4.2 million
Short-term trend: Neutral
NANO is one of today's only positive performing crypto in the top 100 at CoinMarketCap doing well against its BTC pairing as it makes an attempt to cross the 50-period moving average on the daily chart. However, the target for the bulls to beat stands at 1106 Satoshis in the short-term, requiring a close above the aforementioned MA with conviction or risk a rejection from its current price.
Long-term trend: Bearish
A rejection from the short-lived rally witnessed July 17 to July 25 only deepens the impact sellers have over long-term holders as the structure of lower highs continues to plague the ailing crypto.
However, the awesome oscillator may offer additional bullish signal support in that it should demonstrate whether or not there is enough momentum to push above the MA resistance with a move above the neutral 0 line in the coming weeks, until then it remains firmly bearish.
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| Litecoin In Danger
LTC: Price: $76.01 | MCAP: $4.8 billion | 24-Hr Volume: $3.2 billion
Short-term trend: Bearish
Despite LTC's recent halving that reduced miner's block rewards from 25 LTC to 12.5 LTC, the flailing crypto has struggled to pick up a bullish bid after dropping 12.5 percent on yesterday's bearish breakdown.
The onus is now on the bulls to reverse the damage or risk further downside to $66.92 (prior local peak low), courtesy of building bearish momentum seen in the daily levels of total bear volume.
Long-term trend: Bearish
LTC has set a new low of $74 from that of July 16 and 17's $77, carving out a market structure of lower lows and lower highs - symptoms of a bear market trend.
Should $66.92 supports fail to hold off sellers momentum long-term, then the case for continuation on a deeper drawdown from its June 22 peak high can be made.
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Bitcoin is losing ground despite the US bond markets flashing signs of economic recession for the first time in over a decade.
The top cryptocurrency fell more than $900 on Wednesday to register its biggest single-day drop in a month and extended the decline to $9,600 earlier today.
The US yield curve inverted on Wednesday with the yield on the 10-year Treasury note falling below the yield on the two-year Treasury note. That is the first curve inversion since 2007.
An inverted yield curve shows that investors are extremely worried about the near-term future and are piling into safer long-term investments, pushing the long-term bond yield below the yield on the short duration bonds.
Hence, observers consider an inverted yield curve as an indicator of recession. Historical data shows curve inversions have preceded by economic recessions.
The US stock markets fell in response to the heightened recession fears with the Dow Jones Industrial Average shed 800 points and the traditional safe haven assets like the Japanese Yen appreciated.
Bitcoin, however, has failed to draw bids, which weakens the argument put forward by many that the top cryptocurrency is a haven asset and fiat's difficulty is cryptocurrency's opportunity.
That said, the yield curve has been flattening (spread between the 10- and two-year yield) since January and bitcoin, despite having pulled back from the June 26 high of $13,880, is still up 172 percent on a year-to-date basis.
So, many observers could still argue that BTC is a haven asset and has priced in the US recession in the first half of this year, although there is little evidence to prove that BTC was bought in the first six months in response to the flattening of the yield curve. |
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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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