Bitcoin Is Making Another Run At $10,000; This Could Be It!
Bitcoin; Still Bullish, Let’s Try Again … but Don’t Forget About Ethereum
The Bitcoin has been trying to wake up and get really bullish for months now but it just keeps hitting resistance. The most recent action has the coin trading and consolidating between $9,000 and $10,000 and, at this time, another run up to test the highs is brewing. The coin just bounced off of the short-term moving average and the signs are good the $10,000 level will be hit at least. The indicators are still mixed but set up to fire bullish crossovers so there is also a chance for momentum to build in the coming days and weeks. We’ll just have to see.
Until then, traders should expect to see the BTC/USD continue to move up in the near-term. Today’s action has the price above the $9,200 level which was a potential point of resistance. The next possible resistance is $10,000. Looking forward, the $10,000 will likely lead to a new trading range. The halving didn’t spark a major rally like I suspected it might so we’ll need to see some other catalyst to get this train really moving. What that means is a new range between $10,000 and $12,000.
Ethereum Is Still On Track To Update
The Ethereum network and token is another story traders need to keep an eye on. The much-anticipated update is still on track for this summer and that means a lot of things may happen. The most important, fundamentally for price that is, is ETH’s switch to PoS mining. In the Proof-of-Stake system miners will have to put up a “stake” to set up nodes to support the network. The stakes are akin to escrow accounts and used to back transactions across the network, the owners of stakes earn their fees from transactions. The salient point is that miners and investors around the globe are going to need to buy ETH in order to set up their nodes and that means bullish price action. Longer-term, if the ETH network proves successful we can expect to see a migration of funds into the PoS miners and ETH will be the #1 choice.
On a technical basis, the ETH/USD pair is consolidating and preparing for what looks like a bullish move. The indicators are rolling into bullish signal that should take the pair up to the next resistance target at $225. If the $225 level is surpassed the next major targets for resistance come into play around $250 and$280.
