Bitcoin and Ethereum Test Resistance
The price of Bitcoin is now at $40,000 resistance, an area where BTC has not been able to move above since it fell below it on May 19, . Resistance is also found at $42,000, $44,000 and $40,000 respectively. However, a break above $40,000 will be significant and could signal another rally in Bitcoin. BTC also tested support at the 200-day moving mean at $37.605, which is close to the lows of today at $37.465. This narrow band of support and resistance suggests that there is little movement in the asset, or that an abrupt break to one side is imminent.
Ethereum is trading at $2,706 per day and up by 8.95% ($222.43). This puts Ethereum up against BTC’s resistance. However, unlike Bitcoin, after that level there is no technical resistance until after $3,000. This summer, Ethereum saw a rise in percentages that was much higher than Bitcoin. It is likely that this trend will continue. Bitcoin lost less than 25% (0.24%) over the past seven days. Ethereum gained more than 18% in the same period.
What is Bitcoin’s future? Profit now
Trading derivatives can pose a risk to your capital. You should only trade with money that you can afford to lose. Trading derivatives might not be right for everyone. Please ensure you understand all risks and seek out independent advice if needed. You can obtain a Product Disclosure Statement (PDS), either online or by contacting our offices. This should be reviewed before you enter into any transaction with us. Spreads starting at 0.0 pip with a USD $3.50 commission per 100k traded. Raw Spread accounts. Standard accounts offer spreads starting at 1 pip with no additional commission fees. Spreads on CFD indexes start at 0.4%. This site is not intended for residents of any country or jurisdiction in which such distribution or use would be against local law or regulation.
Ethereum closed higher than its 100-day moving average. Today, Ethereum has its 38% Fibonacci Retracement level at $2729, before moving on to $3,350. On a weekly candlestick chart, you will see that there have been gaps to the upside in the past two weeks and that the market closed at or close to the highs of the last three weeks. This indicates that the rally will not stall at the current resistance and that a break above would indicate that Ethereum is still on the rise.