If the price rebounds off the moving averages and rises above $1,800, the ETH/USDT pair could rally toward the overhead resistance at $2,000. The 20-day EMA ($1,652) has started to turn up and the RSI is in the positive territory, indicating a minor advantage to buyers. The bears will try to pull the price back below the moving averages while the bulls will attempt to defend this support. This indicates that bears have not given up and they continue to sell at higher levels. 9 but the bulls are facing stiff resistance at $1,800. ETH/USDTĮther ( ETH) broke above the overhead resistance at $1,700 on Sept. The pair could then once again revisit the strong support at $18,626. If that happens, it will indicate that traders continue to sell on rallies. After the accumulation is complete, the asset usually starts a new bull move.Īnother possibility is that the price turns down and breaks below the 20-day EMA. This completes the transfer of assets from the weaker hands to the stronger hands. If the price turns down from this level, the pair could spend some time inside a large range between $18,626 and $25,211.ĭuring such periods of consolidation, the weaker hands sell their holdings fearing a further fall while the stronger hands buy expecting that a bottom may be close by. The bears are expected to defend this level with vigor. If buyers sustain the price above the 50-day SMA, the BTC/USDT pair could attempt a rally to the overhead resistance at $25,211. This suggests that the bears may be losing momentum. 9 and the 50-day simple moving average (SMA) ($21,944) on Sept. Buyers pushed the price above the 20-day exponential moving average (EMA) ($20,831) on Sept. BTC/USDTīitcoin is attempting to form a bottom.
One such example was given by Irfan Ahmad, the Asia Pacific digital lead for State Street’s crypto unit State Street Digital, who said that their institutional clients continued to place strategic bets in the cryptocurrency space in June and July.Ĭould Bitcoin and altcoins continue their up-move in the near term? Let’s study the charts of the top 10 cryptocurrencies to find out. The current bear market has not driven away institutional investors who continue to believe in the long-term prospects of the asset class. A break and close above this resistance could indicate that the bear market may be ending. The next major barrier on the upside is the 200-week moving average near $23,330.
20 to 21 meeting to be priced in and it also could mean that investors believe inflation has peaked.īitcoin’s ( BTC) rally above $22,000 cleared the closely watched metric of the realized price, which according to Glassnode is at $21,700. This suggests that investors expect the Federal Reserve's possible 75 basis point rate hike in the Sept.
The United States equities markets and the cryptocurrency markets have started the new week on a strong footing.
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