Breakout or Fakeout?
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Chart of the Day
Welcome home, the God of Wealth. This may be pure superstition but on the fifth day of the Lunar New Year, tradition dictates that families engage in activities to usher in the God of Wealth, who is expected to bring good fortune for the entire year. Believe it or not, on the same day, BTC broke through resistance levels near $48,500 and $49,000. Losses due to corrections on Valentine’s Day have been fully pared as buyers rush in to buy the dip. The momentum even propelled BTC price to momentarily surpass $50k on several exchanges, for the first time in history. If this rally establishes a strong foothold near $49,000, it may well push BTC to new levels.
Talk of the Town
Will ETH reach $2,000? After establishing stable support above $1,750,ETH, too, has been gathering momentum to test upside resistance levels near $1,850 and $1,880. It is only a few hurdles away from charging towards $2,000. Meanwhile, Ethereum co-founder Vitalik Buterin shared a proposal of Eth2.0’s first hard fork, which will, in turn, introduce several key upgrades to the existing Beacon Chain. Will the imminent upgrade fuel Ether’s rally? We will see.