Bitcoin’s $1,000 Recovery Shocks; Ethereum Fights $1,620 Resistance!

Introduction:

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:

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:

Moving Averages:

Exponential:

• MA 5: 1588.21 | Negative Crossover | Bearish
• MA 20: 1610.06| Negative Crossover | Bearish
• MA 50: 1636.44 | Positive Crossover | Bullish

Simple:

• 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.