Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $45,000 as Russia Withdraws ‘Some’ Troops

Following four consecutive sessions of declines, bitcoin rallied late on Monday, into Tuesday, as it was reported that Russia was withdrawing some troops from the Ukrainian border. Overall, crypto markets are up close to 5% on the day.

Bitcoin

BTC finally rebounded during Tuesday’s session, as bulls once again re-entered the race to $45,000.

Following a low of $41,928.19 yesterday, BTC/USD rose to an intraday high of $44,331.96 on Tuesday, with many now expecting further short-term increases in price.

Today’s rally came as prices moved away from support which was close to $41,000, helped by the increase in momentum.

This rise in momentum came as the short-term 10-day (red) moving average appears to have moved away from its recent horizontal path, and now seems to be trending upward.

In addition to this, the Relative Strength Index (RSI) broke the resistance of 56.43, which as outlined yesterday, was a key obstacle preventing bulls from re-entering.

Now that this has happened, the RSI is currently tracking at 61, however, a new hurdle could be awaiting it at the 65.20 area.

Aside from this, the skies look relatively clear as the price of bitcoin looks to fly toward resistance of $45,000.

Ethereum

Ethereum was also higher on Tuesday, as bulls once again pushed prices above the $3,000 level.

ETH/USD broke past its recent resistance level of $3,022 today, as it hit an intraday high of $3,115.69 earlier in the session.

As of writing, ETH was over 6% higher on the day, with the 14-day RSI also moving beyond its ceiling at 51.64, and is currently four points away from the next point of uncertainty.

Today’s move comes following a low of $2,867.31 to start the week, however with this new-found momentum, ethereum bulls could likely be targeting the $3,300 region.

Similar to BTC, the 10-day moving average seems to have been boosted by today’s swing, which will likely give bulls further confidence.

Can today’s momentum continue throughout the week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/d12XRLS
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more