Weekly Digest: Bitcoin Poised For New Gains, Ethereum Soft Fork is a No-go

Although much more calmer than the week before, these days didn’t come free of events and news.  Let’s dive in Bitcoin, Ethereum, and everything else!

Bitcoin Price

This week the Bitcoin price experimented a flat formation, the price was incapable of consistently breaking through the 30-Moving Average of the 4-hour chart:

4-Hour Chart (Bitfinex)

4-Hour Chart (Bitfinex)

4-Hour Chart (Bitfinex)

As the pressure started to build up, the bears and the bulls were preparing their next move, however, bears didn’t manage to drive the price down with sufficient strength. This lead to the elephant green candle shown above, effectively resolving the triangle formation (to the upside).

The resistance is now on the $690-$700 mark, where a lot of supply is trapped. The Daily chart (along with the MACD and RSI) suggest that the upside move hasn’t even started yet, indicating that the bull market might continue after the short-term consolidation is over.

Ethereum Foundation Indecisive

The DAO debacle left many people under the waters, unfortunately, this bad episode hasn’t ended yet. After the mining community decided to support the Soft Fork, a new vulnerability was found in Geth’s update code.

The update introduces a new attack vector

Read more ... source: NewsBTC USA