Skip to main content

Bitcoin Ethereum Technical Analysis: BTC Bulls Recover SEC Related Losses as Price Moves Near $29000

BTC Bulls Recover SEC Related Losses, as Price Moves Near $29,000

Bitcoin rallied to a six-week high on Wednesday, as price moved to the cusp of a breakout above the $29,000 level. Today’s surge sees bulls recover almost all of the losses that came after the Security and Exchange Commission (SEC) sued Binance and Coinbase. Ethereum also climbed higher, rising above $1,800.

Bitcoin

Bitcoin (BTC) raced to a six-week high in today’s session, as bulls moved to recover all losses that came as a result of the SEC suing Binance and Coinbase

BTC/USD hit an intraday peak of $28,975.62 earlier in the day, which comes less than 24 hours after trading at a low of $26,668.79.

Today’s move sent the cryptocurrency to its strongest point since May 6, when price traded at $29,850.

Bitcoin chart by TradingView

Another catalyst for Wednesday’s surge was a breakout which took place on the relative strength index (RSI).

As of writing, price strength has moved beyond a ceiling at 58.00, and is currently tracking at 65.63.

In addition, the 10-day (red) moving average has also shifted course, and is closing in on a crossover with its 25-day (blue) moving average counterpart, which is another sign of upcoming bullish momentum.

Ethereum

In addition to BTC, ethereum (ETH) also made notable gains on Wednesday, rising to its highest point in over a week.

Following a low of $1,715.34 on Tuesday, ETH/USD jumped to a high of $1,821.70 during today’s session.

As a result of this move, the world’s second largest cryptocurrency hit its strongest point since June 10.

Ethereum chart by TradingView

The 14-day RSI has also made similar strides, moving to a reading of 53.27, which is the most it has tracked at since earlier in the month.

This is marginally below a resistance level at 54.00, which has prompted previous bulls to gradually begin abandoning their positions.

At the time of writing, ETH is now trading at $1,811.34, after giving up earlier gains.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to move above $1,900 in the coming days? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/r81ZhDa
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

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more