Monday, October 2, 2023

On Tuesday, Bitcoin once again established its footing above the $28,000 mark, as its 10-day and 25-day moving averages edge closer to a ‘death cross.’ These two trend lines have been drawing nearer, potentially setting the stage for a bullish crossover. In similar positive news, Ethereum saw a slight uptick today.

Bitcoin (BTC) resurfaced above the $28,000 threshold on Tuesday, with a looming death cross hinting at potential bullish upswing. BTC/USD climbed to a daily high of $28,044.76 today, rebounding from an earlier dip at $27,563.88. This rise keeps Bitcoin in proximity to a three-week high of $28,473, which is just short of the $28,500 resistance level.

Looking at the BTC/USD daily chart, the resurgence on Tuesday occurs as the relative strength index (RSI) continues to hold above a 53.00 base. At the time of this writing, the index is noted at 54.29, with a possible upper target of 57.00 in sight for current bullish traders. However, gains made earlier in the session have receded a bit, suggesting continued market volatility.

Meanwhile, Ethereum (ETH) demonstrated relative stability during today’s session, mostly maintaining its position above the $1,900 mark. After hitting a daily low of $1,879.08 on Tuesday, ETH/USD surged to a daily high of $1,916.57 later in the day. Much like BTC, this price movement keeps Ethereum in close range to its highest level since May 8.

Looking at the ETH/USD daily chart, a bullish crossover between the 10-day (red) and 25-day (blue) moving averages has already taken place, which may potentially attract more bullish traders to the market. Should this happen, the $1,930 resistance level could be the final hurdle to cross before prices can surge past the $2,000 mark.

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Could June be a month of substantial gains for Bitcoin and Ethereum? Share your thoughts in the comments section below.

What is the significant price level for Bitcoin (BTC) according to this analysis?

According to the analysis, Bitcoin has broken past the $28,000 mark and is hovering close to a three-week high of $28,473. The significant level to watch is the $28,500 resistance level.

What does a ‘death cross’ mean in this context?

In this context, a ‘death cross’ refers to the potential crossover between the 10-day and 25-day moving averages of Bitcoin’s price. This is often seen as a bearish indicator. However, in this analysis, it is suggested that this could signal a possible bullish momentum.

How did Ethereum (ETH) perform according to the analysis?

Ethereum showed relative stability during the session, mostly staying above the $1,900 mark. It hit a daily low of $1,879.08 and rose to a high of $1,916.57. The analysis suggests a bullish trend with the crossover of the 10-day and 25-day moving averages.

What are the significant resistance levels for Ethereum?

According to the analysis, the significant resistance level for Ethereum is at $1,930. Should this be crossed, the price might potentially surge past the $2,000 mark.

What does the ‘bullish crossover’ refer to in this analysis?

In this analysis, ‘bullish crossover’ refers to a situation where a shorter-term moving average (10-day in this case) crosses above a longer-term moving average (25-day in this case). This is often seen as a bullish (positive) indicator, suggesting potential price increases.


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1 comment

BlockchainBilly June 2, 2023 - 8:37 am

So, eth’s more stable than btc these days huh? Who’d’ve thought…


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