Bitcoin Analysis: averts coin split, bullish above $2710
|Bitcoin once again found support of the Gann Fan 2/1 line yesterday. The virtual currency ended on a weaker note at $2754 and was last seen trading around $2760 levels. The Gann Fan line is seen offering support round $2710 levels today.
The currency failed to rally over the weekend, even though the miners signaled their support for the Bitcoin Improvement Proposal (BIP) 91, avoiding a split of Bitcoin into two blockchains. The support for BIP 91 reached 100% on Friday, well exceeding the required 80% threshold.
As per coinmarketcap.com, Bitcoin hasn’t really moved much during the last 24 hours. Other virtual currencies - Ethereum, Ripple are flat lined as well. Litecoin shed 2.06%. The total market cap of the virtual currencies stands at $94.54 billion. The BTC dominance rate is stagnant around 47.5%.
Technicals
Resistance
- $2848 (previous day’s high)
- $2957 (Thursday’s high)
- $3000
Support
- $2910 (Gann Fan support)
- $2608.27 (supp on 4-hour chart)
- $2436 (upward sloping 4-hour 50-MA)
Daily chart
- We await range breakout. The odds of a bullish break are high, given the RSI has breached the downtrend line and the bears have failed for three trading sessions to cut through Gann fan 2/1 support.
- A rebound from $2710 followed by a move above $2848 would open doors for fresh record highs above $3000.
- On the downside, only a daily close below $2608 would revive the bearish view.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.