- Bitcoin takes a leap above $9,000, testing major support
- Ethereum also exhibits an upward stride; tests major resistance near $190 and $192
- BTC rises steeply, while ETH takes steep steps to test resistance at $190 and then $192
Bitcoin after trading below $9,000 for the past 2 days is again above $9,000–testing the major resistance, today. However, BTC has still not hit the major resistance level around $9,500–giving the new 7-day high. Although giving a sigh of relief to its investors, BTC trades above $9,000.
On the other hand, Ethereum tested the resistance levels one after the other, starting from $190 and then at $192. However, it could not hold tight and is currently trading below $190 at $188.63, gaining grounded support from the short-term moving averages.
Bitcoin vs Ethereum Price Analysis:
Analyzing the 2-day movement of BTC/USD, we rightly observe that the coin was trading close to the price range of $8,700–$8,900 until yesterday. Nearing towards the end, the long green candle formation led the coin to take a straight leap of over 3% from $8,792.30 to $9,141.42. Gaining support from the 10-day SMA, Bitcoin at the time of writing was trading at $9,010.60.
Likewise, if we compare the ETH/USD movement at the onset of November 11, 2019, we see that the coin had tested all the major resistances at $190 and $192. Unable to hold, Ethereum at the time of writing was trading at $188.43, gaining support from 5-day and 10-day moving averages around $186.
Therefore, we consider this upsurge as a mirage and believe that both the coin will fall back below their major supports, i.e. $9,000 and $186 (as ETH/USD at the time of writing was already trading below $190).
Technical Indicators of Bitcoin:
Bitcoin trades in the ‘sell phase’ below 10-day MA, which is around $9,100, has immediate support from 20-day MA and 50-day EMA.
The MACD of the coin is above zero but holds a bearish outlook as this is not a considerate upsurge, but only volatility that’s speaking.
The RSI is at 40, after having returned from the overbought zone as it slid from trading at $9,141.42 as per the data from Coinbase.
Technical Indicators of Ethereum:
Unlike Bitcoin, Ethereum trades in the ‘buy phase’ below 10-day MA, which is around $186 and holds at immediate support around the same price area, followed by $185.
The MACD of the coin is inclined to zero and holds a slightly bullish outlook as MACD line crosses over.
The RSI is at 36.30 after having returned from the inclination around the overbought zone as it slid from trading at $192 as per the data from Coinbase.