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Bitcoin (BTC) has been trapped in a wide range since April, indicating indecision about its next directional move. The bears’ attempts to push the price below the support of the range were thwarted by the bulls on September 11. However, Bitcoin is not out of the woods yet.
Bitcoin Price Analysis!
Jamie Coutts, a contract market technician and crypto market analyst at Bloomberg Intelligence, stated that if the tightening cycle prolongs and “if it follows with an increase in unemployment and more stress in the banking sector, then there could be a little more pain.” Crypto investors also acted cautiously. The Bitfinex report shows that the crypto sector witnessed a $55 billion capital outflow in August. The report stated that the decrease in liquidity has a greater impact on market movements due to individual events.
On September 14, Bitcoin broke and closed above the 20-day exponential moving average (EMA) of $26,228. This indicates a weakening downward momentum. The 20-day EMA is flattening out, and the relative strength index (RSI) is near the midpoint, which signals that the BTC/USDT pair may remain range-bound between $24,800 and $28,143 for some time. If the bears want to make a comeback, they may have to quickly pull the price below the 20-day EMA. Such a move could indicate selling at higher levels and lead to a retest of the strong support at $24,800.
Ethereum (ETH) Price Forecast!
On September 11, Ethereum (ETH) dropped below the $1,550 support, but the bears failed to sustain below this level. This indicates strong buying at lower levels. Bulls later initiated a recovery that reached $1,638, the 20-day EMA. At this level, there is a high possibility of a fierce battle between bulls and bears.
A breakout and close above the 20-day EMA can trap several aggressive bears and cause a short-term squeeze. This could push the price up to $1,745. On the other hand, if the price falls below the 20-day EMA, it could indicate that bears are in control. Sellers will then attempt to push the ETH/USDT pair below $1,550 and continue the downtrend.
