Bitcoin and Ethereum Consolidate, Upward Momentum Intact
- Bitcoin consolidates above $8,000.
- Ethereum presses higher and further gains may be on the cards.
- Dash continues to make fresh highs on scaling upgrade.
The DailyFX Bitcoin Glossary is designed to provide traders with a reference for important terms and concepts essential for understanding the emerging cryptocurrency universe.
Bitcoin (BTC): Consolidation but Uptrend Remains Unscathed
Bitcoin remains solidly above $8,000 and it seems it may be winning over one of its harshest critics. In an apparent volte-face, JP Morgan Chase is considering whether to provide its customers access to CME’s upcoming BTC future through its futures brokerage, according to a story in The Wall Street Journal. JP Morgan Chase CEO Jamie Dillon has long been a high profile critic of crypto-currencies, labelling BTC ‘a fraud’ while threatening to fire any employee ‘in a second’ who trades Bitcoin for being ‘stupid.’
On the chart, the uptrend remains in place although Tuesday’s bearish engulfing candle should be respected until the topside is broken. On the downside, the November 8 high at $7,888 should provide a layer of protection ahead of Fibonacci support at $7,088.
We discussed the latest set-ups in BTC, BCH and ETH at this Wednesday’s Weekly Bitcoin – attached to this report - if you would like to join us in the future, please click here.
** Please note that this week’s webinar will be on Thursday November 23 **
Chart: Bitcoin (BTC) Daily Time Frame (August – November 22, 2017)
Ethereum Ready for a Push Higher
The second largest digital coin, Ethereum (ETH) continues to move higher and is nearing the top of a longer-term triangle which suggests that prices could move even higher. Upside targets are at $379 ahead of $394 before the June 12 all-time high of $412 comes into play.
Chart: Ethereum (ETH) Daily Time Frame (April – November 22, 2017)
Dash Continues its Record-Breaking Run
Another crypto-currency making fresh highs this week is Dash (DASH), currently the fifth-largest coin by market capitalization. According to industry news, Dash, up +22% today, has started its own scaling process, upgrading its network block size to 2MB, while also reducing transaction fees and upgrading security protection. Dash is also working on its Evolution release, expected in June 2018, which is claimed to be the first user-friendly and scalable digital currency platform suitable for mass adoption. A close and consolidation period above the recent highs of $568 may see Dash push higher, although a similar pattern back in late-August saw Dash sold off before a fresh push higher.
Chart: Dash (DASH) Daily Time Frame (August – November 22, 2017)
Market Moves/Top 8 Capitalizations – November 22, 2017
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--- Written by Nick Cawley, Analyst.
To contact Nick, email him at email@example.com
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.