Konstantin Anissimov, Executive Director at CEX.IO
On 15th of September, Bitcoin continued its steady growth after breaking through its sideways trend against USD on Monday. The BTC/USD quote added $135 or 1.26% on Tuesday. Meanwhile, Ethereum lost considerably on Tuesday – $12.27 or 3.25%. The smart-contract pioneer has come under the pressure from the daily resistance level at $378.
Bitcoin reached the 20-day SMA on Tuesday, September 15th, finishing the day at $10,826.50. The Tuesday session proved that Bitcoin is on the rebound course after the early-September losses. On the hourly chart the bullish flag formation formed on Tuesday, which is expected to convert into the next bullish price action later this week. At 9:00 UTC Bitcoin began its move off the local support at $10,667 and reached $10,940 by 12:00. Then a correction followed, taking the pioneer cryptocurrency to $10,799 at the end of Tuesday’s session.
Bitcoin may still come under pressure from the 50-day SMA at around $11,200 this week, but there is no serious technical resistance until $11,625. Therefore, Bitcoin is likely to reach this price level by the 20th of September.
Ethereum, on the contrary, is under much more substantial pressure from the daily resistance level at $378. At the start of Tuesday’s trading session at 2:00 UTC Ethereum attempted to break above it, but the hourly candlestick finished as a shooting star, giving only more stimulus to a downside move, which saw ETH close Tuesday’s session at $365.
Currently, there is very frail support for Ethereum, and it looks very vulnerable to further losses. There is a bit of a backing at $360, but it will not stand if the sellers come in full force. On top of that a descending triangle is forming on the 4-hour chart. Therefore, Ethereum holders should be wary of further near-term losses.
What to Expect Later This Week
Bitcoin is on a clearly identifiable upside course, and betting against it in the mid-term period will be a sure way to losses. To be cautious, it will be reasonable to expect BTC to reach $11,200 later this week, but in case bullish sentiment increases, the price may have reached the weekly resistance level at $11,625 by the 20th of September.
Ethereum looks much less certain. Although being under substantial pressure, ETH will likely stay below $378, Bitcoin edging higher at a fast pace could lend Ethereum some support and get it off its downward course. But still, it is more likely ETH will finish this week at around $370 – $380 dollars.
Executive Director at CEX.IO