Bitcoin course is heading towards $9,800 on positive news
Positive news in the crypto world continue to please bitcoin holders and push the top pair BTC/USD to new heights.
First of all, South Korea is developing a legal framework for the legalization of the ICO.
Secondly, Waves Platform is going to activate smart contracts in the main network.
Reddit is considering the possibility to renew payment for premium subscription by bitcoins and to add to the main crypto currency Etherium and Litecoin. In general, the market hasn’t seen such prices either on ETH or BTC since the beginning of March. This boosts the bulls to pull the market upward at a tremendous speed.
On the one hand, this feeling of euphoria can cause the main pair to fly off to new heights. Resistance at $9,600 almost fell before the onslaught of restless even-toed ungulates. Then they’ll face the level of $9,800 after which the cherished $10,000. If everything goes at the same pace, we’ll be able to see the break through the support levels $10,336 – $10,500, $10,740 and, finally, $11,000 very soon. Naturally, these heights won’t be conquered within 1-2 days with a high degree of probability, but at the same time a breakthrough to the top is not excluded.
On the other hand, it’s worthwhile for bulls to gape a little, as bears can enter the battle and lead the bitcoin far down, as they intend to do it for several months in a row. And it’s too early to say that they didn’t succeed. Quite the contrary: the ball is on their side. It is worth the sellers to punch down already seem far $8,800 for bitcoin, as soon as other levels are just around the corner: $8,220 – $8,270 and $7,500 – $7,800. Well, then the case for small and bitcoin can easily fall below $5,000.
The Etherium course will rise above $780
In regard to ETH/USD, this couple is doing something incredible: it is running away from its lows day after day this year. But again, we shouldn’t discount the fact that the Etherium still follows its older brother, sometimes too actively. And it seems like a little more, and ETH will take the mark of $780, it will reach $870 and then it’ll be in $900-$965. The tempo is set, it remains to look at the elder and less speedy brother of BTC.
Maxim Efremov, Executive Director, ICBF
Based on: SMG