Hello steemit crypto traders,bitcoin bears got a breather yesterday ,we had a minor price retracement to $3230 low from a daily a high of $3444,a $210 loss.A dip buying opportunity surfaced on the 1hr chart lower Bollinger bands saw the bulls gathered more momemtum,thus pushing price to a high of $3436.34,price currently sits at $3415.50.
From all indication, BTC/USD price is poised for an unstoppable upward trend in action. If this trend continues, at least on a technical level we will see close to $4000 by the end of the month.support & resistance lines persist with price.Any further price dip expected to be contained around $3000-$2700 support price level where it will receive significant support and it should blast to upper $3000's-$4000 axis.
MOVING AVERAGE
Price is well supported above the 100level SMA, above the longer-term 200 SMA so the trail of least resistance is to the upside. In different phrases, the rally is extra more likely to keep on than to reverse.
GEO-POLITICAL TENSION
Rising geopolitical dangers from the escalating pressure with North Korea may hold bitcoin value supported within the close to time period.Cryptocurrencies sometimes get pleasure from stronger demand throughout these conditions as buyers search excessive returns exterior of conventional property like shares or commodities.
Aside from that, the bitcoin community improve additionally retains this explicit digital asset supported because it permits the dealing with of extra transactions.
ETHEREUM - ETHUSD
Ethereum made a daily high of $315.78 yesterday,minor retracement of $276.98 low was well supported by Ichimoku kinko sekou span A upper plus upper Bollinger bands on the 1hr chart was too strong for the brears to penetrate. ETH/USD is presently consolidating below the $300 handle.
Bears where completely caught up in the false break below the bullish trend line with current support at $290 on the hourly chart- a false break below the $285 level. The pair is currently back above the bullish trend line, but struggling to move above the $300 level
On the other hand price may likely move back lower and may retest the bullish trend line at $290.This trend line support at $290,should hold to resume its upside move in the near term. A close below $290 would call for a retest of the last low of $277.RSI 1HR Chart is currently above the 50 level,major support at $275 and major Resistance $300
MOVING AVERAGE
Price is well supported above the 100level SMA, above the longer-term 200 level SMA, so the trail of least resistance is to the upside. In different phrases, the rally is extra more likely to keep on than to reverse.
Your expert analysis on market price projections will be highly appreciated.If you missed yesterdays technical analysis here is the link -
