25 September 2020 | ZebPay Trade-Desk
Bitcoin (BTC) Technical Analysis and Chart
At the time of writing, Bitcoin is trading around $10,320 reflecting a loss of 1.39% approximately over the period of 24-hours.
Source: Cryptowatch
As we see in the chart above, the Bitcoin bulls have been defending the clinical level of $10,000 since July after failure to breach $12,000 last month level and thus, the biggest asset my market capitalization has been trading in the tight range just above the 10k mark.The ascending bullish pattern (channel as shown in the chart ) hasn’t been negated yet and BTC shall find strong support around $9,750 followed by $7,850 levels. On the upper side, BTC finds small resistance at $10,800 above which it will find ease in picking the prices up again. The falling EMA crossover and MACD histogram near 0, provides a reason to worry but should be negated with price maintaining above critical levels (200 day EMA and above the lower band of channel)The fibonacci immediate retracements also finds it place between the $10,300-$9000 mark indicating strong support in the region. BTC is still strong after a healthy correction and the analysis will be negated if prices fall below $9,750 in a shorter time frame. Technical standpoint remains as “Buy on Dips” till the support levels mentioned above are not broken.
Ethereum (ETH) Technical Analysis and Chart
At the time of writing, Ethereum is trading around $329.18 reflecting a loss of 1.45%
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