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Bears Bite Back

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April 11, 2019

  


Searching for a Higher Low 

BTC: Price: $5,059 | MCAP: $89.2 billion | 24-Hr Volume: $17.1 billion

Short-term trend: Bearish

BTC/USD broke out from an ascending triangle yesterday, which are typically bullish continuation patterns, but quickly retreated inside the pattern and depreciated further despite the move being backed by an uptick in volume.

It now appears the pattern has morphed into a bearish rising wedge in which bitcoin’s price has broken down from. The measured breakdown is for roughly $4,900, derived from subtracting the base range of the wedge from the breakdown point. 

Bulls now need to set a higher low and defend the $4,700-$4,900 area as support or else a test of the 200 day MA will be the next likely course of action.

Long-term trend: Still Bullish

The longer term outlook on bitcoin will be bullish as long as price is trading above the 200 day moving average, which is currently located at $4,556 as per Coinbase prices.

Even if price does find acceptance below the 200 day MA, the outlook would only be confirmed bearish if bitcoin’s price finds acceptance below the previous major resistance area near $4,200, of which price recently set a higher high above. 

Read Analysis



Crypto.com Chain Goes Up Then Down

CRO: Price: 0.00001537 BTC | MCAP: $366.3 million | 24-Hr Volume: 3.3 million

Short-term trend:  Pullback

There is a long tailed wick on the four hour chart for CRO which is demonstrating that prices are reeling from overbought conditions on the RSI after jumping nearly 30 percent to top out at 0.00001765 at 00:30 UTC in today’s early hours.

There has also been a change in buying pressure as the Chaikin Money Flow (CMF) flipped to greater sell pressure below the neutral 0 line.

Long-term trend: Neutral

A failure to close above prior support of 0.00001617 (now seen as a key resistance) shows exhaustion on the bull front, despite experiencing a modest run during April so far. Only a close on a daily basis above the level would revive a bullish view. 

On the bearish side, a break below the intraday diagonal support would likely yield a further drop to previous resistance of 0.00001137.


 

We’re excited to announce the launch of the CoinDesk Dojo, a premium subscription part of StockTwits’ recently announced Premium Rooms product.

Ask the analysts—Omkar, Sam and Seb—questions about charts and talk with other traders looking to profit off the volatility of the crypto markets. 

Create an account on StockTwits and then subscribe!

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IOST Takes A Hit

IOST: Price: $0.012 | MCAP: $55.125 million | 24-Hr Volume: 55.1 million

Short-term trend:  Pullback

IOST is down 16 percent over a 24-hour period and is one of today’s worst performers after the broader market took a hit earlier today.

Its price is now testing a confluence of support, comprised of both the 61.8 percent Fibonacci retracement of the recent uptrend as well as prior resistance near 0.0000244, so IOST does have a chance to land safely here.

Long-term trend: Neutral-cautiously bullish

As long as IOST/BTC can defend “support 1” near 0.0000244 or “support 2” of 0.0000205 the bullish market structure of a higher high after a series of lower highs will still be intact. 

That said, acceptance below “support 2” on a daily close basis will firmly put the bears back in control. 




There were three ways to play bitcoin’s ascending triangle (continuation pattern) yesterday, each with different levels of risk.

On the risker side of things, a trader could have bought or longed bitcoin upon an immediate breakout from the pattern.

The downside to this option is that confirmation of continuation is not provided until either significant volume backs the move or its price retreats to the pattern’s resistance and successfully flips it to support. 

For this reason, the lower risk trades would have been to buy while bitcoin was consolidating inside the bullish pattern and raise a stop loss above the entry once price exceeded it, or simply place bids at the former resistance level once it broke and then place a stop loss slightly below.


 

According to bitcoin enthusiast and Partner at Morgan Creek Digital, Anthony Pompliano, Harvard’s endowment invested somewhere between $5 million – $10 million into Blockstack’s token sale.

Endowments are the sum of money or other financial assets donated to a university to be used and invested for the purpose of creating additional income for the school. According to 2018 figures, the value of Harvard’s endowment was just above $39 billion.

It’s perhaps not shocking Harvard is interested in Blockstack’s token sale, since it achieved a Regulation A+ crowdfunding exemption from the SEC. This allows nearly anyone to purchase shares of a small business via crowdfunding, regardless of accredited investor status.

Such a move by a world renowned university like Harvard confirms there is a degree of institutional interest in the cryptocurrency space, so as long as regulatory clarity is provided such as the Reg A+ exemption.


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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