Daily Crypto Analysis – Bitcoin Soars with First Green Candle
18 Sep 2023
Bitcoin (BTC $26,845) embarks on the new week with a sense of optimism, marking its first green weekly candle in over a month. Despite a challenging August and early September, BTC’s resilience is evident as it edges closer to the $27,000 mark. This sets the stage for an intriguing week, with a significant U.S. macroeconomic event potentially fuelling volatility. The strength of the weekly close bodes well for the crypto market, but all eyes are on the U.S. Federal Reserve’s interest rate policy deliberations, which could hold substantial implications for cryptocurrencies and risk assets. Explore the latest developments in the crypto world, including insights into Ethereum and Solana.
Bitcoin (BTC $26,845) starts the new week with optimism as traders greet the first green weekly candle in over a month.
Bitcoin (BTC $26,845) starts the new week with optimism as traders greet the first green weekly candle in over a month. After a dismal August and the beginning of September, the strength of the BTC price appears to be steadily increasing, as BTC/USD is heading toward $27,000.
The background for what looks to be a fascinating few days, which will include a significant United States macroeconomic event as a potential volatility driver, is a strong weekly closing.
Any surprises at the U.S. Federal Reserve’s meeting to deliberate on interest rate policy might have a substantial impact on risk assets, including cryptocurrencies.
- MA 5: 26638.98 | Positive Crossover | Bullish
- MA 20: 26393.65| Positive Crossover | Bullish
- MA 50: 26279.57 | Positive Crossover | Bullish
- MA 5: 26599.15 | Positive Crossover | Bullish
- MA 20: 26374.78| Positive Crossover | Bullish
- MA 50: 26036.37 | Positive Crossover | Bullish
RSI (Relative Strength Index): 65.45| Buy Zone |Positive
Stochastic Oscillator: 51.69 | Buy Zone | Neutral
Resistance And Support Levels:
- R1: 26092.62 | R2: 28026.63
- S1: 25844.72 | S2: 24886.00
Overall Sentiment: Bullish | Market Direction: Buy
Trade Suggestion: Stop Buy: 27254.56 | Take Profit: 28034.79 | Stop Loss: 26752.98.
Elsewhere In the Crypto Market
Gains in the price of Ethereum are sluggish but still not over. Following a rejection from $19.51, Solana’s price is still constrained inside a negative technical structure.
Bitcoin is up (2.45%) at 27,181.40, Ethereum is up (1.76%) at 1,651.32, Litecoin is up (3.76%) at 65.96, Solana is up (2.83%) at 19.61, Dogecoin up at (1.71%) at 0.62 as of writing time.
Key Economic Events & Data Release Today:
No major events today.
Bitcoin (BTC $26,845) soars as traders cheer on a first green weekly candle.
Ethereum up 2.45% but still in negative technical structure as of writing time.