Bitcoin (BTC/USD) Surges to All-Time High, Resuming Uptrend
Bitcoin (BTC/USD) surged higher Saturday, smashing above bull flag resistance (on the weekly and daily chart), and resuming a long term uptrend. The weekly MACD appeared several weeks ago to be making a negative crossover, but as sometimes occurs, produced a false signal with the MACD line turning higher again after seemingly poised to fall lower. Although the weekly and daily Stochastics have entered an overbought zone, the weekly and daily MACD continue sloping up, with the weekly and daily RSI not particularly overbought, suggesting more upside these next few days. With BTC/USD at an all-time high, some will project the next major upside target based on Fibonacci extension to the 1.618 Fib figure at roughly 3600. Another way of estimating the next major upside target is by taking the height of the previous flag pole of roughly 1000, and adding it to the point of breakout above flag/channel resistance this past Saturday at 3000ish, to produce an upside target of 4000.
Ethereum (ETH/USD) powered higher over the weekend, continuing an uptrend that began a few weeks back. With Bitcoin (BTC/USD) at new all-time highs now, ETH/USD appears gearing up to retest its record high in June. Significantly, ETH/USD’s weekly MACD blue line has flattened, and is poised to turn higher catching up with the uptrending price. Although the daily Stochastics has entered overbought territory, the daily RSI is nowhere close to being overbought, and the daily MACD remains upward sloping, suggesting more upside these next few days.
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