Chart of the Town
ICYMI: ETH has jumped to a new ATH of $1,920, placing the cryptocurrency in uncharted waters, and on the cusp of a new $2,000 psychological barrier.
FOR B(ETHER) OR FOR WORSE: Briefly after recovering most of the weekend’s loss, ETH experienced another retracement to below $1,750. A bullish ‘cup & handle’ pattern on ETHUSD’s 1-hour chart has taken shape. The MACD line is diverging from the signal line, suggesting the bulls remain in control for the time being. Meanwhile, the 14-day RSI is U-turning from the overbought region. If ETH manages to stay on top of the $1,900 resistance level, the next resistance level to watch for is near $1,940. Otherwise, a backtest of ETH’s prior ATH could also happen. Not to worry, though — it would still be in line with a standard bullish market structure.
Talk of the Town
A BIG MOMENT FOR BITCOIN: BlackRock CIO Rick Rieder went on record overnight, telling CNBC that his company has started entering the Bitcoin space. He also applauded Bitcoin’s potential and receptivity, especially among millennials. The world’s largest asset manager joins a chorus of acclaimed institutions, including BNY Mellon and Deutsche Bank, in endorsing Bitcoin as a legitimate store of value and a viable (and highly profitable!) form of investment.