Price Analysis

Bitcoin Trades Above $9,000, While Ethereum at $188; Create a Mirage

  • 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:

Bitcoin Price Forecast
BTC Chart by TradingView

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.

ETH Price Chart
ETH Chart By TradingView

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.

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Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.
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