Analysis Flash Update: Bitcoin Surges to New High Above $3200 Under the Radar

This article was posted on Saturday, 10:59, UTC.
It’s a Saturday morning surprise for cryptocurrency investors once again, with the most valuable coin choosing the low liquidity environment to finally top the once elusive $3000 mark. As Bitcoin Cash continues to fade, (down to $240 from a high of $700) BTC emerged from the fork stronger than ever and now crossed the $50 billion in market capitalization. With the SegWit activation process underway, and the scaling debate being resolved, the road looks clear for more all time highs from a fundamental perspective.

Bitcoin Daily Chart Analysis

Technicals also support more upside, and although this is not the best of times to enter new positions, the market is not overbought yet either short- or long-term. The coin roughly followed our projection for the correction from June, as it worked its way through the overbought readings after the spring rally. The short-term chart below shows the possible targets for the move, with the first one being already hit by the currency.

Bitcoin 4-Hour Chart Analysis

The short-term MACD as room to rise before reaching overbought readings, and the $3400 target looks reachable in the current up swing. The other major coins are also dragged higher by the optimism, but they are mostly still well off their prior highs, as today is all about Bitcoin. Litecoin and Monero are the two most bullish majors, rising above key resistance levels at $44 and $46 respectively. We will take a closer look on the perspective of BTC and the other majors termur long-trem cryptocurrency analysis later on today.

Featured image from Shutterstock

Important: Never invest money you can't afford to lose. Always do your own research and due diligence before placing a trade.

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