Bitcoin (BTC/USD) Breaks Above 4000
Bitcoin (BTC/USD) continued surging higher over the weekend, smashing above the psychologically key whole figure resistance level of 4000. 4000 coincides with an upside target previously estimated by taking the height of the prior flag pole of roughly 1000, and adding it to the point of breakout above flag/channel resistance 2 weeks ago at 3000ish. With the weekly and daily RSI and Stochastics overbought, the weekly and daily MACD could begin tiring in the next few days. Going into the early part of the European morning, healthy profittaking on BTC/USD has just begun and can be expected to gather steam in the next few days after BTC/USD’s near month long rally.
Ethereum (ETH/USD) is beginning to show fatigue after its month long bounce going into today’s European morning. Significantly, while BTC/USD has been making new all-time highs for a few weeks now, ETH/USD has begun to hesitate in its current rally at the 61.8% Fib retrace of the fall from the June peak. Over the next month or so, ETH/USD still appears poised to retest its record high in June, but may begin seeing a healthy correction in the next few days. Longer term bulls will remain encouraged with the bottomish weekly RSI, Stochastics and MACD.
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