Bitcoin And Ethereum Price Continues to Remain Stagnant, A Possible Breakout Is Imminent

Bitcoin is currently gaining all of the spotlights in the crypto market. While in recent months, the king crypto’s price rallied above $12,000, it pulled back in early September as crypto assets corrected. The world’s number one crypto, Bitcoin, has been consolidating within the mid $10,000 range since its massive sell-off on September 3rd. 

On another note, Ethereum recovered along with other altcoins from the recent losses, rising with almost 10% to about $380.

Bitcoin Weekly Recap

Bitcoin’s charts indicators are flashing bullish this week. The primary crypto has risen by as much as $1000 over the last 7 days and has seen a consistent rise over the past 72 hours.

Bitcoin chart: 7-day timeframe (CoinMarketCap)

At the start of the week, Bitcoin left the major resistance and support levels untested. Bitcoin saw a bearish start to the week after experiencing a fall from an early Sunday morning high of $10,441 to a low of $10,259. Bitcoin retested the $10,500 levels, but was met with rejection as prices plummeted to $10,259. 

By September 14, Bitcoin surmounted to a record price gain of more than 3%, as bulls took on the $10,500 in a retest of strength. Bitcoin eventually broke above the $10,500 range high, sitting comfortably at $10,704 and surging towards the $11,000 mark. 

Tuesday, 15th September,  BTC made a new local high at $10,779, breaking out from the narrow range located between the levels of $9,825-$10,700. The coin experienced an oversold market condition. 

BTC saw a major uptrend on Wednesday 16th September. The coin reached the $11,000 high but was resisted. Bitcoin experienced this uptrend occurring simultaneously with the announcement from the U.S Fed as regards its plans to keep interest rates low, short-term. It would seem that Bitcoin reacted positively to the announcement as the asset steered upwards, breaking the resistance psychological line at $11,000, before reaching its new two weeks high at $11,085. However, the primary coin couldn’t sustain its run as it retraced southwards to settle below $11,000.

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At the opening of the market on Thursday, after 3 consecutive bullish days, Bitcoin rose and peaked at a new daily high of $11,044, but eventually retraced to just over $10,900. However, the coin is on the brink of hitting $11,000 and it would probably be appropriate at this level to say Bitcoin will hit this figure in a significantly short period of time.

Bitcoin saw a bullish start to the day yesterday, recording a 0.29% early morning gain. Bitcoin started the day trading at $10,956 and once again tested the $11k levels. The coin peaked for a brief moment past the $11k but retraced a bit and ended the day changing hands at $10,938.

Bitcoin has recorded a 0.29% loss in the past 24 hours. At press time, Bitcoin is trading at $10,927. Bitcoin market cap is currently $202 billion, with $27 billion traded in the past 24 hours.

Bitcoin Chart: 24 hours time frame (CoinMarketCap)

Ethereum Weekly Recap

Although Ethereum began the week on a quite good note, the coin obtained some consistent loss within the week. ETH gained almost 10% on a 7-day timeframe. 

ETH Chart: 7-day timeframe (CoinMarketCap)

On the 13th of September, ETH started the day at $387. However, a slight bearish day saw the coin fall back into the deep red to rest at $361 by the end of the day.

By Monday, the coin found support recovering from the previous day’s downward move, to end the day at $372. Starting the day on Tuesday at $376,  the coin dipped once more and ended Tuesday changing hands at $366.

A slight bearish move set in and drove its price further down by Wednesday. Ethereum tumbled to an early morning intra-day low at $360, before making a move. The coin fell through the first major support level at $360 before hitting a late afternoon intra-day high at $370. Amid falling short of the first major resistance level at $370, ETH experienced a late pullback, falling through the 38.2% FIB to end the day at $365 level. 

However, the charts began to move in the opposite direction in the wake of the recent market reverse that was seen in BTC within the past 48 hours. As ETH gradually made gains, it moved up the charts by around 6% yesterday, to record its $392 price by the end of Thursday.

After trading yesterday at $387, ETH today saw a rather bearish start to the day with a record of about 1.7% loss. Ethereum is currently changing hands at $380, with a total market cap of $42 billion.

ETH Chart: 24-hour timeframe (CoinMarketCap)

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