Bitcoin [BTC] freight train continued over the weekend as prices scaled $4000 levels and rose to a fresh record high of $4125 on speculation that SegWit2x activation and the resulting faster transaction times will improve the virtual currency’s acceptability across the globe.
The rally is also fuelled by every growing curiosity about the BTC among the investor community. Sceptics continue to doubt the rally and call for a big crash. However, as of now there are no technical signs of the rally topping out.
As per coinmarketcap.com, the BTC is trading at $4085 levels; largely unchanged over the last 24 hours. Bitcoin has quadrupled in value this year and has gained around 36% so far this month. Ether is up 1.71% $304.17. BTC’s rival Bitcoin Cash [BCC] is up 1% at $312.20. The total market cap of the virtual currencies stands at $137.73 billion. The BTC dominance rate stands at 49.0%.
Technicals - Overbought RSI
Daily Chart
Resistance
$4181 [161.8% Fib Ext. of July 16 low - July 21 high - July 26 low]
Support
$3975 [session low]
$3773 [5-DMA]
$3495 [100% Fib Ext. + 10-DMA]
Observation
RSI is overbought on the daily, 4-hour and 1-hour time frame
Today’s candle has long lower shadow, suggesting dip demand despite overbought RSI
5-DMA and 10-DMA are sloping upwards
View
Bitcoin [BTC] freight train continued over the weekend as prices scaled $4000 levels and rose to a fresh record high of $4125 on speculation that SegW
Bitcoin BTC freight train continued over the weekend as prices scaled $4000 levels and rose to a fresh record high of $4125 on speculation that SegWit2x activation and the resulting faster transaction times will improve the virtual currency’s acceptability across the globe The rally is also fuelled by every growing curiosity about the BTC among the investor community Sceptics continue to doubt the rally and call for a big crash However as of now there are no technical signs of the rally topping out As per coinmarketcap.com the BTC is trading at $4085 levels largely unchanged over the last 24 hours Bitcoin has quadrupled in value this year and has gained around 36% so far this month Ether is up 1.71%  $304.17 BTC’s rival Bitcoin Cash BCC is up 1% at $312.20 The total market cap of the virtual currencies stands at $137.73 billion The BTC dominance rate stands at 49.0% Technicals Overbought RSI Daily Chart Resistance $4181 161.8% Fib Ext. of July 16 low July 21 high July 26 low Support $3975 session low $3773 5-DMA $3495 100% Fib Ext. + 10-DMA Observation RSI is overbought on the daily 4-hour and 1-hour time frame Today’s candle has long lower shadow suggesting dip demand despite overbought RSI 5-DMA and 10-DMA are sloping upwards View