Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rally as US Government Shutdown Fears Worry Stock Markets

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rally, as US Government Shutdown Fears Worries Stock Markets

Bitcoin rebounded strongly on Wednesday, as U.S. indices continued to fall ahead of a potential government shutdown. The U.S. government could run out of money later this week, if a deal is not reached to increase funding. Ethereum also rebounded higher in today’s session.

Bitcoin

Bitcoin bounced from a recent support point in today’s session, as traders fled to cryptocurrencies ahead of a potential U.S. government shutdown.

Following a low of $26,090.71 on Tuesday, BTC/USD surged to a peak of $26,640.40 earlier in today’s session.

The move comes as bulls recently rejected a breakout below the $26,000 level, and now look set to test the $27,000 ceiling.

From the chart, it appears that the rebound in price came as a result of the relative strength index (RSI) rising above a ceiling of its own at 51.00.

As of writing, price strength is tracking at 52.26, with the next visible point of resistance at the 55.00 mark.

Moving averages had recently begun to consolidate, however this rally could see the short-term, 10-day (red) trend line begin to climb higher.

Ethereum

In addition to bitcoin, ethereum (ETH) also surged on Wednesday, with the cryptocurrency reentering the $1,600 region.

ETH/USD peaked at $1,626.65 earlier in the day, which comes less than 24 hours after falling to a low of $1,580.17.

Wednesday’s gain comes as ETH climbed higher for a third straight day, breaking out of a resistance level of $1,620 in the process.

Traders will now likely be targeting a higher point of resistance at $1,670, however there are first some obstacles to overcome.

A ceiling of 51.00 on the RSI indicator will be the first hurdle, with price strength currently hovering just below this point.

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

Can ethereum rise to $1,700 before the end of the month? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/V3TSQO5

Comments

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

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

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