Daily Crypto Analysis – Bitcoin Recovery Shocks, Ethereum Battles $1,620
12 Sep 2023
Bitcoin’s $1,000 Recovery Shocks; Ethereum Fights $1,620 Resistance!
Bitcoin, after hitting a three-month low, showed signs of resilience on Tuesday with a $1,000 recovery. However, the formidable $26,000 mark remains a significant obstacle for the cryptocurrency. This rebound followed Bitcoin’s recent slump, which marked its weakest performance since mid-June when it briefly dipped below $25,000, coinciding with Wall Street’s opening bell. Meanwhile, Ethereum grapples with resistance below the $1,620 level against the US dollar.
Bitcoin recovered from three-month lows, but $26,000 remains a barrier.
On Tuesday, Bitcoin (BTC) recovered, rising by $1,000 after hitting a three-month low. The $26,000 mark continues to be a significant point of resistance for the cryptocurrency. The recovery occurred after Bitcoin’s worst performance since mid-June when it briefly fell under $25,000 on Monday at the start of Wall Street.
ETHEREUM Turns Red Below $1,650, Against the US dollar, the price of Ethereum is battling below the $1,620 barrier. Ethereum made a few tries during the previous week to strengthen itself against the US Dollar above $1,650. The price of ETH started a new slide after failing to launch a comeback wave over $1,650.
ETH Technical Overview:
- MA 5: 1588.21 | Negative Crossover | Bearish
- MA 20: 1610.06| Negative Crossover | Bearish
- MA 50: 1636.44 | Positive Crossover | Bullish
- MA 5: 1581.88 | Negative Crossover | Bearish
- MA 20: 1615.73 | Negative Crossover | Bearish
- MA 50: 1636.71 | Positive Crossover | Bullish
RSI (Relative Strength Index): 44.46| Neutral Zone |Neutral
Stochastic Oscillator: 44.04 | Buy Zone | Positive
Resistance And Support Levels:
- R1: 1648.69 | R2: 1725.97
- S1: 1578.14 | S2: 1447.10
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 1544.54 | Take Profit: 1460.54 | Stop Loss: 1608.37
Elsewhere In the Crypto Market
Bitcoin up (3.91%) at 26,135.00, Ethereum up (4.04%) at 1,612.16, Litecoin up (3.47%) at 60.88, Solana up (4.42%) at 18.42, Doge coin up (2.28%) at 0.62 as of writing time.
Key Economic Events & Data Release Today:
No major event today.