Crypto Market Update: (An Ether Easter)
This past week Visa announced that it would would start to experiment with settling U.S. dollar transactions on the Ethereum network using the U.S. dollar coin blockchain. This development is monumental for the space, Visa settles roughly 1,700 transactions per second and over 150,000,000 per day. While nothing is to be taken away from bitcoin by saying this, Ethereum has the capability of storing an infinite amount of value if allowed to scale by Governments aided by institutions as entrenched in modern finance as Visa. For this and this reason alone I do believe that Ethereum will be the faster horse throughout the remainder of this bull cycle.
Technical Analysis: (Ethereum)
Long term outlook (monthly chart):
They say a picture says 1000 words … this one says 2 … BUY ETHEREUM.
Medium term outlook (weekly chart):
3-4 month Price Target: $4000+
Short term outlook (daily chart):
Pennant breakout: Buy signal … Invalidated below $1800.
Technical Analysis: (Bitcoin)
Daily Chart Update:
While there is nothing bearish about this price action, I would like to see bitcoin hold above $60,000 and attract bids. Until it does so some caution is warranted for new entries.