• Bitcoin has bounced strongly towards $10,700, confirming a short-term trend change.
  • Ethereum saw similar price action exploding to $350. 

Bitcoin confirmed a 4-hour bear flag that got almost no continuation and went straight into a massive move towards $10,700. Similarly, Ethereum also bounced back up, although its bounce is comparatively weaker, it is trading at $347. 

BTC/USD daily chart

btc price

On the daily chart, Bitcoin price has regained the 100-MA as support at $10,436 and is now eying up the next resistance level at $11,179, coinciding with the 50-MA. The MACD turned bearish for a short period of time on September 23 but has flipped bullishly again now. 

BTC/USD 12-hour chart

btc price

The TD sequential indicator has presented a buy signal at around $10,400. Bitcoin price is currently fighting to stay above the 50-MA at $10,664 and transform it into support here as well. The MACD hasn’t turned bullish just yet, but it’s close. The next resistance level here is also around $11,179.

Bitcoin IOMAP Chart

btc price

Looking at the In/Out of the Money Around Price chart by IntoTheBlock, we can see that Bitcoin is facing a fair amount of resistance at $10,870 and $11,178. However, more investors bought at $10,542 and below in comparison, which means Bitcoin currently has more support than opposition. 

BTC/USD 4-hour chart

btc price

We have similar price action on the 4-hour chart with Bitcoin regaining the 100-MA but getting stopped right at the 50-MA at $10,736. The MACD also turned bullish here, and the RSI has exploded to the upside getting closer to overextension levels. 

ETH/USD daily chart

eth price

Ethereum has managed to regain its 100-MA on the daily chart; however, the TD sequential indicator hasn’t presented a buy signal yet. Another difference with Bitcoin is that the MACD hasn’t turned bullish and will require a few more days to do so. The next resistance level will most likely be $388 in the form of the 50-MA, followed by $394, the last high.

ETH/USD 12-hour chart

eth price

On the 12-hour chart, the TD sequential indicator has presented a buy signal, but Ethereum hasn’t regained its 50-MA or 100-MA. Similarly, the MACD remains bearish. The next target price for the smart-contracts giant will be $374, the 50-MA, and $388, the 100-MA. ETH price needs to regain at least one of them as support. 

Ethereum IOMAP Chart

eth price

Looking at the IOMAP chart, we can see that the next resistance point would be at $363, where 445,000 addresses bought almost 10 million Ethereum coins. On the other hand, there isn’t much support on the way down compared to the resistance at $363, as only 1.75 million ETH coins were bought at $341. 

ETH/USD 4-hour chart

eth price

Nonetheless, Ethereum price has exploded above several resistance levels in the short term and turned its MACD bullishly. The next resistance is at $363, which coincides with the IOMAP chart and both the 100-MA and the 50-MA.

Ethereum bulls need to pay close attention to the nearest support levels at $341 and below as they aren’t too strong. In the short-term, the ETH price will most likely continue trending upwards until $363, the most critical resistance area in the short-term.

For Bitcoin, investors need to look at $10,870 as the first resistance level and then $11,178. A bearish break below $10,542 could be indicative of short-term weakness. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Is Altcoin Season here as Bitcoin reaches a new all-time high?

Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.

More Altcoin News
Shanghai court confirms legal recognition of crypto ownership

Shanghai court confirms legal recognition of crypto ownership

A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.

More Cryptocurrencies News
BTC hits an all-time high above $97,850, inches away from the $100K mark

BTC hits an all-time high above $97,850, inches away from the $100K mark

Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: New high of $100K or correction to $78K?

Bitcoin: New high of $100K or correction to $78K?

Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP