Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Closes in on $31,000 as S&P 500 Plunges to 4-Month Low

#BTC Hits 3-Month High to Start the Week

Bitcoin started the week surging towards the $31,000 level, as the S&P 500 fell to a four-month low. Momentum in crypto markets has remained mostly bullish in recent days, following speculation on upcoming exchange-traded fund (ETF) approvals by the United States SEC. Ethereum rose above the $1,700 mark.

Bitcoin

Bitcoin climbed to a fresh multi-month high to start the week, as market sentiment remained high following speculation on potential ETF approvals.

After trading at a low of $29,734 on Sunday, BTC/USD peaked at the $30,951 level during today’s session.

This move saw bitcoin climb to its strongest level since July 14, when price hovered close to $32,000.

Bitcoin chart by TradingView

Monday’s gains sent the relative strength index (RSI) above the 76.00 mark for the first time since the beginning of the year.

As a result of the cryptocurrency being extremely overbought, bears that are currently sidelined could be pondering reentry.

In the event that this comes into fruition, sellers could aim to push bitcoin to a long-term floor of $29,000.

Ethereum

Ethereum (ETH) rallied above the $1,700 level on Monday, hitting a three-week high in the process.

ETH/USD peaked at $1,705.37 earlier in the day, less than 24 hours after trading at a low of $1,623.98.

As a result of today’s high, the world’s second largest cryptocurrency climbed to its highest level since the start of the month.

Ethereum chart by TradingView

The move saw ethereum climb for a fifth straight session, which came as the RSI broke out of a resistance at 60.00.

Price strength is now tracking at 62.40, with the next visible ceiling on the index at the 65.00 mark.

At the time of writing, ethereum is trading at $1,676.39.

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

Do you expect ethereum to rally back above $1,700 in the coming days? Leave your thoughts in the comments below.



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