Bitcoin Jumps to Fresh Highs at 9,800

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by | 4th May 2018 | 0 comments

Bitcoin jumps to fresh highs at 9,800.00; Ethereum tests 800.00

BTC/USD Daily Chart - 04-05-18

Bitcoin closed Thursday with a strong note as investors welcomed news that Goldman Sachs will open a trading desk on cryptocurrencies. The BTC/USD jumped 6% to trade at highs since March 12 at 9,800.

Currently, Bitcoin is trading 1.20% negative on Friday at 9,620.00 as the unit is moving in a consolidation phase before attacking the 10,000 level.

The technical picture has turned bullish as the unit held up by a short-term dynamic support and the 20-day moving average that are converging at 8,950.

The pair seems to be ready to test the 10,000 and the 200-day moving average levels at 10,075. Also, there is a dynamic resistance coming from January 20 and March 5 at 9,900 that can be a catalyst in case of breaking.

If the pair manages to move above that zone, bulls will cheer it, and it will turn the picture even more bullish for the unit. A break above the 10,000 should give another push to new highs.

To the downside, if BTC/USD fails at the 10,000 area, it would be launched back to the 9,195.00, and the mentioned 8,950. Below that, 8,500, 7,800 and the 7,000 level are the prices to watch.

Ethereum smashed up the 710 level and jumps to near 2-month highs

ETH/USD Daily Chart - 04-05-18

Paraphrasing Anais Nin: and the day came when the risk to remain subdued in a range was more painful than the risk it took to blossom to the 800,00 level. That happened to Ethereum on Thursday.

The move on Bitcoins spurred other cryptocurrencies to jump for further highs. The Goldman’s news opened the door not only for Bitcoins but for Ethereum, Ripple among others to believe in an acceptance of the crypto world in the middle term.

Besides that, the news on increasing regulatory scrutiny over Ethereum ETH/USD has faded, and the report from Goldman Sachs covered it. Now experts are asking themselves when the United States will open the door for all crypto assets.

ETH/USD jumped 12% on Thursday demo 685.65 to reach its highest level since March 13 at 784.75, where the pair found a long-term resistance tested previously by the December 13 high.

Then, the ETH/USD settle back to 774.90, where it is on consolidation phase. The unit opened Friday with a slight decline, but it is a reaction of the Thursday’s climb.

If the pair manages to break above the 785.00 level, it will find next resistance at 800.00 before attempting for further highs around the 900.00 crucial price. The 1,000 figure is still far on the investors’ eyesight.

To the downside, if the par retreats from highs and breaks below the 710 level again, it will find next supports at the 200-day moving average level around 654.00, the 627.00 area and the 557.00 essential support.

Berkeley to launch a blockchain-based micro bond

The city council of Berkeley, in California, voted Tuesday to take a step forward to approve a blockchain-based micro bond.

Technically, the council voted to “refer to the 2018 prioritization process to direct the City Manager to produce a report outlining steps required if the City were to implement a Pilot Project for the Community Microbond Initiative within 90 days,” According to the city clerk.

So, the idea to implement blockchain-based micro bond is there, but it will take more than a vote to see it alive. In any case, “it is happening,” as Ben Bartlett, vice mayor of Berkeley, said.

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