Headlines are for Bitcoin, profits for Ethereum

ad-midbar
ad-midbar
ad-midbar
ad-midbar

  • SEC comments do not encourage a Bitcoin that is in defensive mode.
  • Ethereum remains strong and is running to lead a change in the market.
  • XRP moves away from the minima but lacks the strength to go further up.

The cryptocurrencies market needs positive news regarding development, regulation, and supervision.

The Great Wall that impedes access to this attractive market can be overcome once and for all if a world-class regulator authorizes the launch of an investment instrument suitable for the general public.

A few hours ago, SEC Chairman Jay Clayton stated that the process of authorizing the launch of an ETF on Bitcoin is still ongoing.

The main reluctance for the U.S. regulator is the possible manipulation of prices in an as yet under-regulated market. 

Hearings to decide on the two existing proposals are planned for Oct. 13 for Bitwise and Oct. 18 for VanEck/SolidX.

At the moment, the price of Bitcoin does not reflect any enthusiasm for the news, and it struggles to stay above the main moving averages. On the other hand, Ethereum and many other Altcoins have been positive against Bitcoin for three consecutive days.

 

ETH/BTC Daily Chart

The ETH/BTC pair is currently trading at the price level of 0.01771,  supporting above in early August and which would now be a confirmation point for the changing trend in Ethereum’s behavior.

Above the current price, the first resistance level is at 0.0187, then the second at 0.1924 and the third one at 0.20.

Below the current price, the first support level is at 0.0172, then the second at 0.0155 and the third one at 0.0132.

ETHBTC

The MACD on the daily chart begins to improve and increases its bullish slope. The line spacing also increases. The structure has improved a lot for the bullish and could consolidate the movement in the short term if the current improvement continues.

The DMI in the daily chart shows us how bulls reach the level of bears, so we can expect an increase in uncertainty, waiting to see who gets the lead in price development. The most positive aspect of the indicator is to see bulls above level 20, which indicates the existence of an ongoing trend.

 

BTC/USD Daily Chart

The BTC/USD pair is currently trading at $10,262 based on the 50-period exponential moving average and the 100-period simple moving average. The structure proposes price falls, but Bitcoin’s resilience to losing this support raises questions.

Above the current price, the first resistance level is at $10,650, then the second one at $11,265 and the third one at $14,000.

Below the current price, the first level of support is at the current level where the moving averages pass, then the second at $9,600 and the third one at $9,150.

BTCUSD

The MACD on the daily chart loses strength as it reaches the neutral territory. 

The averages lose inclination but keep the opening between the lines. The current structure is ambiguous and allows developments in any direction.

The DMI on the daily chart shows the bulls narrowly retaining their advantage over the bears. It also indicates an ambiguous structure, which adds uncertainty in the short term for Bitcoin.

 

ETH/USD Daily Chart

The ETH/BTC is trading at $182.16 and can maintain the support level at $180. The primary moving averages situation helps the current price gains but will be a handicap in the next few days.

Above the current price, the first resistance level is at $190, then the second at $195 and the third one at $197. The Ethereum faces a zone of strong resistance between the price levels of $195 and $207.

Below the current price, the first support level is at $180, then the second at $170 and the third one at $162.

ETHUSD

The MACD on the daily chart shows an improvement in the bullish potential. The bullish slope increases, and the lines increase their spread. It is a significant improvement at the structural level, but it is still at a very early stage.

The DMI on the daily chart shows how the bears continue to lead the ETH/USD pair, while the bulls lose some momentum after yesterday’s fight to retain support at $180.

 

XRP/USD Daily Chart

The XRP/USD is currently trading at $0.261, maintaining the improvement seen in recent days. 

Above the current price, the first resistance level is at $0.267, then the second at $0.272 and the third one at $0.287.

Below the current price, the first support level is at $0.256, then the second at $0.253 and the third one at $0.238.

XRPUSD

The MACD on the daily chart shows a minimal improvement, both in uptrend and separation between the averages. The current scenario is one of low price volatility that can help consolidate the support level and a subsequent improvement in the price over the medium term.

The DMI on the daily chart shows how the bears lose strength while the bulls also retreat after a couple of days of improvement. The two sides of the market keep the gap, so it is not close to a possible change of leadership that enhances the bullish moment.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel



News Source

ad-bottom
ad-bottom
ad-bottom
ad-bottom

NO COMMENTS