Bitcoin and Altcoins Shoots Up
Bitcoin and the rest of the cryptocurrency market witnessed a massive upswing in the past 24 hours. Gains are now more than what was added to bitcoin’s value during an upswing rally last July 8, 2018.
This article uses support and resistance (and volume) as indicators. Support is the price level where there’s a big pressure to keep the crypto’s price from falling. Resistance is the price level where there’s a big pressure to keep the price in increasing further. These are very basic indicators and one that’s often being forgotten even by seasoned traders.
As of press time, Bitcoin sits at $7,514, an 11% increase within the day. The massive swing started at the $6,783 mark. It appeared to have peaked at $7,386 at around 2:00 am Philippine time. From then, it was a range trade between $7,386 and $7,295. It was around 10:00 am today when bitcoin broke the $7,486 mark and to shoot further at $7,522.
The next resistance should be near the $7,700 mark.
Ethereum’s rally began at the $472 mark before peaking at around $506. It is going to test the $538 mark, which was a minor resistance level that was tested on June 19, 2019. After that, the next resistance should be at the $590 mark.
Majority of the altcoins are on an upswing along with bitcoin. EOS is back at the $9 mark (a 14% increase in the past 24 hours) while litecoin sits at $91, a 10% increase.
Various reports think that the cryptocurrency market is positively affected by the news that asset management group BlackRock, which is the biggest provider of exchange-traded funds will foray into the bitcoin market.
Another news that may have an effect is the inclusion of cryptocurrency and blockchain topics as part of the globally recognized Chartered Financial Analyst (CFA) examination. Lastly, Coinbase has been reported to have gotten the green light from the US government to list security tokens in its platform. As one of the most popular platform in terms of mass adoption, the news about Coinbase can mean a massive awareness for more altcoins as well as recognition from coins other than bitcoin into the mainstream.
References: Coindesk, Cointelegraph, Trading View for plotting the charts used, Cryptocompare for the prices.
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