The market becomes more promising as Bitcoin and Ethereum continually break their All Time Highs.
Today, for the first time, bitcoin hit a record high at $48,000. The increase of more than 20% followed after Tesla, the number one electric car manufacturer owned by the current World's richest man, Elon Musk, announced that it had bought Bitcoinn worth $1.5B with some of its liquid cash.
This has spurred on analysts to make incredibly bullish calls on bitcoin. Some have predicted that the price could reach $70,000.
Analysts like Cheds, who tweeted about an interesting seeming fractal on the Relative Strength Indicator (RSI) that, when seen in the 70 area (which is where bitcoin is), could indicate a rally to 100.
Others see it as a sign that more powerhouses would join Tesla's move. Some are even calling on Apple to toe the line and use its liquid cash to buy-in. As of the time of this report, it is trading above $46,000.
In the days following its ATH, ethereum has been trying to break back above the $1,760 range. There have been some recent rallies where it attempted to do so, but most times, it fell short of its ATH and went into a correction. Although in all its recent corrections, it didn't break below $1,400.
In its most recent dip, it declined before it started to increase again. It cleared the $1,500, $1,600 and $1,700 level. It reached a new high at $1,779 before beginning a correction. It has scaled the important resistance support at $1,750, and the next critical support is at $1,770.
If it scales $1,770, we would see a new ATH very soon as it would climb above $1,800. If it scales the $1,850 level, then it would quickly reach the $2,000 level.
Ripple is still in a bullish market. Although there was a recent dip, it was bought up and almost immediately began a new increase. This is an indication of strong buying interest in XRP. It cleared the $0.4200 resistance level and is now trading above the $0.4500 level and the 100 simple moving average on the four hourly charts.
Litecoin and Bitcoin cash rode the BTC bull run wave. As of the time of this report, LTC was trading above $160 while BCH was trading above
$480.
It's been an exciting week so far for cryptocurrency. Most have been in a bull run, making and consolidating gains.
