Bitcoin Analysis: Eyes fresh record highs as blockchain community agrees to adopt SegWit protocol

Omkar Godbole FXStreet Contributor

Bitcoin prices on CoinBase jumped to a high of $2597 on Thursday after reports hit the wires that the majority of the blockchain community (as per hash power) has agreed to adopt SegWit protocol. This should help avoid coin split on August 1 and keep Bitcoin well bid over the weekend.

The sharp rally in the EUR and the resulting broad based USD sell-off following the ECB event yesterday also helped Bitcoin move back to near record high of $3000 level.

Goldman is bullish on Bitcoin

Goldman Sachs expects Bitcoin to re-test $3000 levels and extend the rally to $3700 soon.

Bitcoin up 17%

As per coinmarketcap.com, Bitcoin has gained 17% in the last 24 hours. The market cap of all cryptocurrencies is now stands at $94 billion compared to $68 billion on Sunday. Bitcoin dominance is 47.4%.

Technicals

1-hour chart

RSI turning lower from the overbought territory
Confluence of rising trend line support & Gann Fann line around $2400 levels
Above record high of $3000, the resistance is offered by the Gann Fann mid line around $3060

Daily chart

Thursday’s close ($2873) marked a bullish break above the critical resistance of $2806 (May 25 high).
The 2/1 Gann Fann line has acted as a strong support today ($2653.20)
14-day RSI is now bullish

Record highs likely on break above $2880

The rebound from $2653.20 (2/1 Gann Fann support) followed by a break above $2880 (session highs) would add credence to Thursday’s bullish close and shall open doors for $3000 and $3060 (resistance offered by Gann Fann on the 1-hour chart).
On the downside, only a daily close below $2600 would signal bullish invalidation.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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