Hello steem crypto traders,like I did predicted in one of my previous post mentioning emphatically the possibility of bitcoin breaking above $4000,See link - https://steemit.com/cryptocurrency/@detycoon/crypto-technical-analysis-bitcoin-to-blast-over-usd4000-ethereum-consolidates
It happened penultimate Sunday 13/08,with a high of $4165.Numerous positive factors are working in favour of the crypto gold.Investors are renewing their confidence in the coin from successful upgrades to handle more transactions in its network fueling a surge in global demands.
GEO-POLITICAL TENSION
Geo-political logjam between the US and North korea ranges on fiercely with nuclear threats firing on all cylinders.Circumstances like this often prompts investors to seek safe haven appeal assets like bitcoin,ethereum,metals (gold and silver) for higher returns,thereby weakening the demand for dollars demand.
Further contributory factor to bitcoin demand is the dovish rhetoric’s of diminishing prospect of an interest rate hike from FED, coupled with the lackluster downbeat Consumer Price Index (CPI) readings last Friday
MOVING AVERAGE
The short term Simple moving Average (SMA) is steady above the longer term 200 SMA.Support is firm and current momentum is tilted to the upside as evident from the continue widening in gap between the SMA’s reflecting strong further bullish momentum.
Any correction or minor retracement should be well contained and supported from the 100 SMA around $2800-$3200 support.
STOCHASTI - RSI
Profit taking from the bulls though sees RSI and Stochastic a bit exhausted,heading down momentarily.Bears should stair clear of the current bullish momemtum as a break of current high of $4200 would definitely open up $4500 near term en-route $5000
ETHEREUM – ETHUSD
Ethereum failed to break up 319.64 high so far.Daily price high remains at $306.37 today and still down after hit fibonacci retracement 0.618,.rice continue to consolidate at the moment at $297.62.
I still maintain a bullish bias on Ethereum irrespective of the current price range,Etherum as a matter of fact is a slow mover.
ICHIMOKU KINKO
On the daily chart price still remains above the ichimoku kinko sekou span A upper band which still holds as support for the coin.A pull back into the cloud though can not be ruled out for more considation before the bullish momentum continues.A break of the current high will see price upsurge to $350 near term
MOVING AVERAGE
Price is well supported by the 100 SMA at $224.67.Long term 200 SMA is currently way beyond the reach of the bears for now.
Your comments,expert analysis on any of the cryptos are welcome always.
