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September 21, 2020
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Guide & Analysis

Bitcoin and Ethereum rise to $ 9,600 and $ 275 with bulls taking over

Bitcoin and Ethereum broke above crucial obstacles and will seek to advance further to strengthen the position above $ 9,600 and $ 275, respectively

Bitcoin rose above $ 9,600, while Ethereum rose to $ 275, with the green cryptocurrency market early Thursday morning. This represented Ethereum’s highest price level since the mid-March collapse – a period when bears restricted prices below $ 246.

Other major currencies that have seen significant increases in the past 24 hours include XRP (+ 3.6%), Bitcoin Cash (+ 4.5%), Litecoin (+ 3.9%), IOTA (6%) and TRON ( + 3%). ChainLink also appreciated more than 7% to continue its remarkable performance in the market.

Bitcoin price movements

The BTC / USD pair broke above $ 9,600 for the first time in weeks and optimism is back on attempts to break $ 10,000 again.

The rise from $ 9,391 to $ 9,600 means that bulls could rise to $ 9,700, with a potential break above $ 9,780, moving buyers to a new price test close to $ 10,000, psychologically significant. However, the positive side faces a major obstacle, with 61.8% Fibonacci at $ 9,811.84.

It is likely, therefore, that bulls initially fail to consolidate and move into the aforementioned price zone.

If that happens, subsequent BTC / USD declines will be supported immediately at the 38.2% retracement level of Fibonacci and SMA 50 and SMA 20 found at $ 9,263 and $ 9,372.

BTC / USD daily chart. Source: TradingView

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Ethereum price analysis

The ETH / USD pair has risen more than 9% in the past 24 hours and is currently trading at around $ 269, after exceeding $ 275.

Ethereum bulls are trying to gain momentum for a rise above $ 246 and yesterday’s pump presented that opportunity; The ETH / USD pair crossed two main barriers – the psychological $ 250 and the biggest resistance, $ 260.

So far, Ethereum bulls are in control, with prices above $ 264. A return visit of $ 280, therefore, will be possible in the coming days.

The area may be difficult to overcome, but buyers can be encouraged by the MACD which is printing a bullish divergence on the daily chart.

Bitcoin and Ethereum rise to $ 9,600 and $ 275 with bulls taking over 24

ETH / USD daily chart. Source: TradingView

The RSI is in a slight decline, moving away from its overbought territory. Buyers therefore want to establish a position above $ 260. An immediate reversal will cause buyers to seek to defend $ 250, as this means that they keep the opportunity to rise further in the coming days. A drop in that level means that prices can reach $ 245.

Source: CoinJournal

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