Bitcoin prices rallied on Monday as 43% of the miners signaled support for the scaling proposal Segwit2x. This came as positive surprise to traders since miners weren't expected to show support until July 21. BTC/USD on CoinBase broke above the 100-DMA level of $2065 yesterday and closed above $2197.79 (38.2% Fib R of $900-$2999.99).
A minor dip to $2134 seen earlier today has been quickly reversed and the virtual currency is now chipping away at the resistance offered by the 10-DMA level of $2243.
As per coinmarketcap.com, Bitcoin has gained 10% in the last 24 hours. Ethereum is up 12.53%. Ripple has gained 10.29%, while Litecoin has added 3%. The total market cap stands at $78.9 billion, while the Bitcoin Dominance rate is 46.8%.
- $2223 (4-hour 50-MA)
- $2293 (head and shoulders neckline resistance)
- $2383 (4-hour 100-MA)
- $2197.79 (38.2% Fib R of $900-$2999.99)
- $2050 (June 15 low)
- Falling trend line breached on the 4-hour chart
- Spinning bottom and a bullish follow through on the daily chart
- Big jump in volumes on Monday
- RSI challenging the downtrend line
The bullish reversal confirmation indicates the dips are likely to find new buyers unless the virtual currency breaks below $2000. However, the 10-DMA is still sloping downwards, thus break above $2300 is likely to be short lived. We are likely to witness sideways trading today with a positive bias.
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 securities. 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 Forex 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.