Estimated reading time: 2 minutes
Bullish momentum in Bitcoin markets has continued on this week’s open, with the price posting a nearly three week high at $377.77. Weekly resistance lies at $380 and $396, while support lies at $334. The current price on the BitStamp exchange is $374.79, up 3.07% ($10.20). The recent price increases have occurred in conjunction with a rise in trading volumes, led by Chinese exchanges such as Huobi and OKCoin.
The recent rally has also accompanied a joint crackdown on dark net markets by the E.U. and the U.S. This comes after a year when Silk Road was shut down and the market price has responded similarly. First, the price fell but has recovered above and beyond the pre-Silk Road (and Silk Road 2.0) bust price. This could possibly reflect that the market encourages/supports law enforcement on the internet, as it is expected by some that the price should fall in this type of situation.
A second generation crypto-currency called NODE is set to launch next week, which aims to compete with Visa by providing ultra-fast transactions, with 50-100 confirmations per second, which is a higher rate than Bitcoin. The crypto-currency has been built from scratch, potentially improving on the idea of a decentralized and neutral currency, with encryption features. The NODE network also allows anyone with a computer to earn NODE by helping the network and seeks to reduce the environmentally unsustainable Bitcoin mining ‘farms’.
The chart below shows the 4-hour chart with the Ichimoku cloud. The lagging line has broken above the cloud, which gives a strong indication that an upward trend has formed. The cloud should provide support at $360 by Friday. The conversion line is also above the base line, indicating bullish momentum so far. If the price closes below the conversion line, this will indicate that the next support will be found at the top of the cloud, at around the $340 level in the next few days.
The daily chart is shown below and at this timeframe we have no confirmations of an upward trend yet. The lagging line is still below the cloud, but does look like it will happen within the next few days if the price can push higher. The price closed above the base line on Sunday, boosting the price into the cloud. The next resistance will be found at around $395. If the price moves above this level and the lagging line pushes above the cloud, then this will act as confirmation of a strong upward trend.
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