FXEMPIRE
All
Ad
Advertisement
Advertisement
Anissimov Konstantin
Add to Bookmarks
cryptocurrency Silver and gold Bitcoin,litecoin,ethereum on dollar banknote on golden table,Virtual Digital money on blockchain concept.financial business.crypto currency mining.

Bitcoin Rules the Day

The pair began the day at $11,918 and instantly began trending upwards without significant corrective moves. The whole day was like almost constant unobstructed rising for Bitcoin as of 17:30 UTC. After 17:30 UTC the price slumped down slightly after 17:30 UTC as the traders began locking in their profits.

The day’s price action shows that Bitcoin is in a strongly bullish mode. Yesterday’s breakthrough above $11,862 was a pivotal event in Bitcoin’s trading that has evidently and finally opened the road to $14,000, which may be not very far ahead. Friday’s U.S. presidential debates may have their own effect on Bitcoin’s price action in the short term as a Democratic lead will be putting more selling pressure on the USD, which will inevitably reflect in a bullish price action in BTC/USD.

Advertisement
Know where Bitcoin is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Since there are no barriers on the chart for BTC/USD until $13,949 by the CEX.IO chart, the pair may finish this week well above $13,000, closing Wednesday’s trading session above $12,400.

Advertisement

Ethereum Biting Bitcoin’s Dust

Compared to Bitcoin’s surge, Ethereum’s Wednesday’s price action, though looking strong enough in percent – +6.8% as of 18:00 UTC, was only a pale shadow of Bitcoin’s gains simply from the graphic viewpoint.

The smart-contract pioneer opened Wednesday’s session at $369.6 and continued in a chart pattern looking quite similar to Bitcoin’s one. Since the start of the day, ETH/USD began trending up, not even being withheld by the daily $378 daily resistance level. A slight correction followed between 5:00 and 9:00 UTC, with ETH/USD bouncing off the $378 level and turning it into support. Between 16:00 and 17:00 UTC, the pair reached $399.6, which was the day’s high as of 18:30 UTC.

This modest rise amid the heady upside price action in Bitcoin was only a small consolation for Ethereum backers. Probably the launch of Ethereum 2.0 mainnet, which still looks quite far ahead, is making people tired of waiting and puts additional selling pressure on Ethereum. However, there is a little sign of hope for Ether from the technical side of trading as the 20-day SMA has finally made it above the 50-day SMA, which indicates a bullish market. But considering the bullishness in the Bitcoin market, Ether’s upside prospects look very uncertain.

Konstantin Anissimov, Executive Director at CEX.IO

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker