September 11, 2018
  
BTC: Price: $6,310 | MCAP: $109 billion | 24-Hr Volume: $3.80 billion

Outlook: Bearish

Bitcoin in limbo

BTC has charted a narrowing price range, representing a tug of war between the bulls and the bears. 

While either side could gain the upper hand going forward, the prospects of a downside break are high as the bears appear to be in control following the last week's rising wedge bearish reversal and pennant breakdown on the line chart. 

The bearish symmetrical triangle breakdown, if confirmed, would open the doors to $6,000 (February low). Moreover, it would mark a continuation of the sell-off from the recent highs above $7,400. 

On the other hand, an upside break of the narrowing price range would shift risk in favor of a corrective rally towards the 10-day moving average (MA) of $6,660, although the gains could be short-lived. 

Consensus: Invest is for institutional investors, such as those at hedge funds, family offices, etc. to learn about what the crypto asset class is and what opportunities there are to invest—and how. 
 


BTC: Price: $1.32 | MCAP: $55.75 million | 24-Hr Volume: $3.00 million

Outlook: Neutral

Emercoin emerges from ashes

Up 52 percent on a 24-hour basis, EMC is the best performing cryptocurrency on CoinMarketCap.  

The 24-hour trading volume has jumped 90 percent, adding credence to the big move. 

Indeed, the stellar rise from the nine-month low of $0.90 hit yesterday has neutralized the immediate bearish outlook. 

However, a bull reversal would be confirmed only above the immediate hurdle of $1.925 (Sep. 5 high).  


The First Regulated Stablecoin: It has long been a mystery if Tether (USDT), the world’s largest stable coin, is truly backed 1:1 by the US Dollar since it lacks any type of regulatory oversight. The Winklevoss Twins and the Gemini Exchange have long been proponents of creating a bridge to the future of money via trustworthy means and have continued this initiative by creating the world's first regulated stable coin, known as the Gemini Dollar (GUSD).

FULL STORY

Citigroup Entering Crypto:The multinational investment bank, Citigroup, is the latest wall street name to show interest in offering cryptocurrency trading solutions, but this time with a twist. Rather than creating a platform for physical cryptocurrencies to be traded, the bank plans to enable trading by proxy via the issuance of “digital asset receipts.” We find this to be an intriguing concept since it would align with existing regulatory regimes, creating a safer alternative to the unregulated platforms currently in existence.

FULL STORY
 

MARKETS 101

Q: What is the candlestick charts traders use?

A: Candlestick charts can be traced back to the 18th century Japanese rice trade, but have since been widley used due to their simple nature of visualising a price's highs and lows as well as the open and closing price of a particular stock over a particular trading period.

 


XEM: Price: $0.0920 | MCAP: $828 million | 24-Hr Volume: $10.3 million

Outlook: Bear biased

RSI to save the day?

The outlook for NEM doesn't appear to be letting up, down 5.59 percent today according to CoinMarketCap data and setting a new yearly low. 

The outlook has also been fortified by the bearish relative strength index (RSI) currently sitting at 31, a whisker from oversold territory and the bear cross on the MACD.  

The bearish momentum could weaken once the RSI dips into oversold territory below, allowing a minor rebound. However, corrective rallies, if any, will likely be short-lived as long as the short-term daily moving averages (MAs) are trending south.  

XEM: Price: $3.63 | MCAP: $398.67 million | 24-Hr Volume: $5.05 million

Outlook: Bearish

More pain in store for XRP

XRP is flashing red today, having lost 21 percent in the last six days and

The bears are ruling the roost here, as indicated by the pennant breakdown inside a bigger falling channel.

The 5-day and 10-day moving averages (MAs) are also trending south in favor of the bears.

More importantly, the 14-day relative strength index (RSI) of 33.00 shows that there is room for further sell-off to $0.24 (Aug. 24 low).

We're taking Consensus on the road.

Join us on September 18-20 at the Marina Bay Sands in Singapore for the first international Consensus event.

We're excited to join TechXLR8 Asia and their multiple events, including IoT World Asia, 5G Asia, the AI Summit and more.

Get your ticket to Consensus: Singapore or the full TechXLR8 experience and join us in September.
 



@CryptoStratton put out a tweet a few hours ago, calling a downside break of the symmetrical triangle pattern. 

Looks like the prediction is about to go right. At press time, BTC is flirting with the lower end of the triangle. 

The breakdown, if confirmed, could prove costly for the cryptomarket, as it would open up downside towards the August lows below $5,900. 

Moreover, the downside break shouldn't be surprising as last week's pennant breakdown, as noted on the chart above, put bears in a commanding position.



Bitcoin is closely following the price action in gold, according to @zackvoell

Indeed, both assets have taken a beating this year. Gold seems to have lost its safe haven appeal, given its unwillingness to rally despite trade wars and occasional political uncertainty in Europe. 

Meanwhile, BTC's drop indicates the investor community is still not comfortable with the idea of it being a 21st century safe haven asset. 

However, things might change for good if and when the SEC approves bitcoin exchange-traded funds (ETFs). 


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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