Crypto Technicals: ETH/USD retraces brief dip below 200H MA, close above 5-DMA to see upside resumption
Bitcoin Price Completes Saucer Formation, With Recent Dips Can It Continue Handle? Long Hedges Intact
FxWirePro: BTC/USD soars past 2600 as bitcoin ecosystem reaches scaling consensus, bias higher, stay long
BTC/USD soared higher as the bitcoin community reached consensus on the scaling issue and hit a fresh all-time high at 2640 levels on Thursday. It is currently trading at 2620 levels at the time of writing (Bitstamp).
Ichimoku analysis of daily chart:
Tenkan Sen: 2155
Kijun Sen: 1977.84
On the upside, the pair faces resistance at 2688.50 (113% extension of 891.33 and 2481.75) and a break above would target 2721.19 (127.2% extension of 1601.46 and 2481.75)/2800.
While analysts projected bitcoin price to reach $3,000 by the end of this year, the recent rally suggests that this target could be hit within a couple of days. In fact, bitcoin price has already surpassed the $3,000 mark on Indian bitcoin exchanges. At the time of writing, 1BTC is INR 225,209 (or $3465 on Unocoin at current exchange rate):
Overall trend remains bullish with no signs of reversal on daily charts.
On the downside, support is seen at 2534 (4h 5-SMA) and a break below would see a dip till 2437 (4h 10-SMA)/2300 (4h 20-SMA).