Cryptocurrencies: New 6-month highs across the board
Ethereum leads altcoins to new 6-month highs. Record gains continue to be achieved early in 2019.
Ethereum (ETH) continues to capitalize on the overall bullish sentiment that exists across the entire cryptocurrency market. As the most valuable altcoin and the second most valuable cryptocurrency, Ethereum’s price action and its trend is extremely important. Ethereum is presently trading above the key $250 value area at $231.32. It is now trading at a new 6-month high (189-day high). The $231 value area was the pullback high from the June 2019 high – so if Ethereum can break this level higher, it will represent one of the final resistance levels before a retest of the $815 resistance level, a level that has not been seen since May 2018. The %B continues to show evidence that the current run will continue by continuing to bounce off of the 0.8 level. Additionally, The RSI shows strong conditions for new multimonth highs by bouncing off the level 70 range. I would not look to start actively shorting Ethereum until the RSI reaches the 85 to 90 level in the RSI.
Basic Attention Token (BAT)
In 2019, Basic Attention Token (BAT) was one of the clear leaders of the January 2019 – June 2019 rally. However, Basic Attention Token failed to maintain momentum and fizzled out after reaching 0.502 in April 2019. To say that Basic Attention Token’s fall two months before the rest of the market was disappointing is not saying enough. But we could be seeing a change in direction now. Today (February 11th, 2019) already represents the highest volume traded day since October 11th, 2019. We’ve also seen Basic Attention Token tag new 6-month highs with a current daily high of 0.3088. The 0.3088 level also represents the next primary resistance level that Basic Attention Token needs to break before retesting the April 2019 highs. We could see Basic Attention Token facing some stiff resistance here on the daily chart due to some bearish divergence that exists between the RSI and Composite Index.
Hedera Hashgraph (HBAR)
I’ve been a fan and hodler of Hedera Hashgraph since they first launched. In case you missed the moves it has made today, Hedera Hashgraph is up quite a bit today. At its highest level, Hedera Hashgraph was up almost 108% (presently up +77%). While the move is significant, it doesn’t match the performance of the 6-month highs that we see in Ethereum and Basic Attention Token. Still, Hedera Hashgraph has made new 4-month highs. The reason for the drive up was entirely news based and based on a Tweet via Hedera Hashgraph’s Twitter account. The Tweet read, “From @Goolge:”Working with Hedera #Hashgraph to support the next generation of distributed ledger technology.” No doubt algorithms took over and have generated the massive pump. But Hedera Hashgraph has been on the radar of one of the most important and successful investment research providers around (and one of the only companies that have a strong focus on cryptocurrencies), Weiss Ratings. I am a subscriber of theirs and it was because of their ‘tip’ in their subscribers’ newsletter that I started adding to my position. I’d keep my eye on this one.