Bitcoin price keeping market participants guessing
Bitcoin has been trading on low volume over the weekend and held quite well despite the ongoing situation with Credit Suisse – an investment bank — losing 10% of its total share value. Such events typically have detrimental effects on all markets due to repercussions for the global economy.
However, such systemic failures are also the reason Bitcoin came into existence and market participants have been highlighting the current environment to be bullish for Bitcoin’s future.
From a technical perspective, DXY has started the week with 112.46 serving as resistance. We can expect 108 as the next target over the coming days, which should give Bitcoin and equities some room to move up.
Top altcoin gainers and losers
BTC Technical Analysis
BTC price is currently trading above \(19,000 after a swift move down to \)18,900 which was probably a stop loss hunt before moving up. The trend line seen is drawn down from \(64,000 offering resistance at \)20,500. Bitcoin first needs to reclaim \(19,300-\)19,500 where most bulls will start feeling in control hence giving enough momentum to breach through $20,500.
Targets for this relief rally would be \(21,000-\)21,700 as seen below due to the fair value gap established via the price action on Sept. 13, as well the Fibonacci sequence which lines up perfectly.
ETH Technical Analysis
Ethereum price is currently trying to form a floor around \(1,300 which can be seen by aggressive buying below the level as soon as we enter \)1,280. So far Ethereum has been range bound for the most part but \(1,344 is an area of interest for bulls and has been a point of contention for the past few days. If bulls breakthrough in a convincing fashion we’ll finally be able to see Ethereum out of the \)1,300 range and trading around $1,500.
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Disclaimer: None of the information here constitutes financial advice and market participants are advised to conduct their own research since cryptocurrencies are speculative assets with considerable risks.