Bitcoin breakout can lead to near-term acceleration, while Ethereum following suit
Key Takeaways
- Bitcoin took the lead in pushing back to new all-time highs on a closing basis Tuesday, coinciding with the successful launch of Proshares Bitcoin futures-based ETF
- Initial upside targets for BTC above 65k lie near 72.50k, then 89k, and thought to be definitely within reach on this breakout of former peaks.
- Popular Alt-coins like ETH/USD, SOL/USD, DOT/USD, XTZ/USD, BNB/USD look close to their own breakouts, with Ethereum set to possibly make a new all-time weekly high close this week
BTC/USD officially made a new daily all-time high close on 10/19 and has now officially exceeded April 14th intra-day peaks. Technically I expect follow-through to 72.5k, and then 89k which is a 100% extension of the rally up from last March’s lows. My cycle composite projects a run-up into late Nov/early Dec. Bottom line, despite daily RSI having reached the highest overbought levels of the year, it’s right to favor additional gains.
Ethereum breaking out above September highs today (10/20)
Following its recent breakout in Market-cap Dominance chart, ETH/USD looks to gain ground on BTC/USD as prices are just pushing up to the highest levels since May and could potentially set a new all-time weekly high close this week with a cl...Reports you haven't read
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Tuesday produced nearly a textbook breakout which not only exceeded late June and early July highs in SPX, but also successfully exceeded 3-4 month downtrends for SPX and DJIA. Seven of the 11 S&P Select SPDR ETF’s were higher by more than 3%, and volume was nearly 10/1 bullish on NYSE and NASDAQ, producing a “90% Up day” in volume. Hourly charts show this breakout above the two former peaks...
The SPX showed just minor downside follow-through after Tuesday’s reversal but might not immediately weaken down to prior lows ahead of the US July 4th holiday. As mentioned, prices reversed on cue Tuesday due to a combination of Elliott-wave analysis with Gann analysis which provided price and time targets based on the prior June 16th bottom. I expect that the next couple days might show prices attempting to stabilize and...
Cryptocurrency rally looks to have temporarily stalled out after a sharp three-week rally. Ethereum has stalled out in its relative performance vs Bitcoin, and for now, Bitcoin is an outperformer over Ethereum and should be favored. Weekly momentum remains negative and Cycle composites start to turn lower in early March into April/May, so given low retail interest and not many inflows, this could limit the larger rally continuing to all-time highs...
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