Bitcoin Price surged above 6400 USD today as CME Group, an American financial market company operating the world’s largest options and futures exchange announced its intention to offer Bitcoin futures by Q4.
Although regulatory approval is still required for the group to go ahead with the launch, this is Great news for Bitcoin and the Cryptocurrency sector.This type of initiatives usually open the door to more investors accessing and investing or trading Cryptocurrencies therefore increasing mass adoption.
Our article today will go over the performance of Bitcoin Price, Ethereum Price, Litecoin Price and Ripple Price for 2017
Bitcoin price surges above 6400 USD
Bitcoin Price (BTC) reached the Top of a perfect ascending channel. While we do not rule out a possibility of today’s news and an approval from the sec pushing Bitcoin’s price above the top of the ascending channel, we think the likely next move for Bitcoin is retest of the Breakout point at 5500 USD before the next upwards move. Bitcoin brokers reviews confirm such a trend.
When it comes to the Ethereum (ETH) Price, after a massive run in the first half of 2017, we have a potential consolidation happening prior to the next move. With Devcon 3, the Ethereum developers conference starting tomorrow, we might get some positive catalysts to break the 325 USD resistance. The 370 USD level will need to be broken for a significant upside move.
Litecoin Price typically benefits from Bitcoin’s upside so we might see a bullish move soon for Litecoin. Right now it is lagging Bitcoin and has fallen off the green ascending channel but found strong support in the support line annotated in Blue. We maintain our positive stance on Litecoin and we still believe 100 USD is likely by end of 2017 early 2018.
Ripple Price is in a huge triangle formation and has 2 important resistance barriers to break: The purple resistance line and the Blue line at the 0.26 USD level. If it manages to break the resistance line annotated in blue, the upwards move will be significant. Otherwise we might see it move sideways till it chooses the next direction. The good news is the lows are getting higher and higher.
To conclude, there are massive opportunities in trading or investing in cryptocurrencies if done right. This article covers our top selection for 2017 and 2018 and our Cryptocurrency report includes tips and insight to start in this market.
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