Monday, October 2, 2023

Bitcoin maintained its proximity to a 14-day peak on Friday, as market participants continue to assess the implications of the recent rise in U.S. retail sales.

After dipping to $26,285.50 the previous day, the BTC/USD pair surged to reach an intraday apex of $26,774.62 earlier in the current session.

This zenith marked Bitcoin’s highest trading value since it surpassed the $27,500 threshold on August 31.

Bitcoin Chart Courtesy of TradingView

In today’s trading climate, the prevailing bullish tone is largely attributed to the Relative Strength Index (RSI) inching closer to an upper limit of 52.00.

As of this writing, the RSI is hovering at 51.96, leading some formerly optimistic traders to reconsider and exit their positions.

Despite this, Bitcoin has pulled back slightly to a current trading value of $26,617.31. It is anticipated, however, that traders may mount another effort to breach the $27,000 mark in the days ahead.


Ethereum (ETH) extended its positive performance for a fourth successive session, holding firmly above the support level of $1,620.

The ETH/USD pair climbed to hit an intraday high of $1,640.52 today, nearly a full day after it had sunk to a low of $1,618.73.

This most recent high positioned Ethereum at its most robust trading level in a one-week span.

Ethereum Chart Courtesy of TradingView

While the earlier gains have somewhat dissipated, traders have been unable to break through a critical resistance point of 47.00 on the RSI.

At the time of this analysis, the RSI stands at a value of 44.41, with 40.00 serving as a potential support level to watch.

Nevertheless, the general market sentiment remains on the bullish side, as there exists a strong likelihood of a future upward crossover between the 10-day (depicted in red) and 25-day (depicted in blue) moving averages.

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Do you anticipate Ethereum exceeding the $1,700 mark this weekend? Share your perspective in the comments section below.

Frequently Asked Questions (FAQs) about Technical Analysis of Bitcoin and Ethereum

What is the main focus of the technical analysis?

The main focus of the technical analysis is to assess the current market positions of Bitcoin and Ethereum, particularly in the context of recent U.S. retail sales data.

How is Bitcoin performing according to the analysis?

According to the analysis, Bitcoin has maintained its position close to a 14-day high. It recently reached an intraday high of $26,774.62, which is its highest point since August 31, when it exceeded the $27,500 mark.

How is Ethereum performing according to the analysis?

Ethereum has extended its positive run for a fourth consecutive session, staying above the support level of $1,620. It reached an intraday high of $1,640.52, marking its strongest level in the past seven days.

What is the Relative Strength Index (RSI) indicating for both cryptocurrencies?

For Bitcoin, the RSI is nearing an upper limit of 52.00 and is currently at 51.96. For Ethereum, the RSI stands at 44.41 with traders failing to breach a key resistance level of 47.00. Both indicators suggest a generally bullish market sentiment.

Are there any significant events influencing the cryptocurrencies?

Yes, stronger-than-expected U.S. retail sales data has had a notable impact on the market, influencing traders’ sentiment and possibly contributing to the bullish tone of both Bitcoin and Ethereum.

What are the future expectations for Bitcoin and Ethereum according to the text?

The text anticipates that traders may make another run towards the $27,000 mark for Bitcoin in the coming days. For Ethereum, there is a high potential for an upwards cross between the 10-day and 25-day moving averages, indicating a generally bullish sentiment.

More about Technical Analysis of Bitcoin and Ethereum

  • U.S. Retail Sales Data
  • Bitcoin Technical Analysis
  • Ethereum Technical Analysis
  • Relative Strength Index Explained
  • Cryptocurrency Market Trends
  • Understanding Moving Averages in Trading


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