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- In the first part of the day, the price of bitcoin consolidated a little above $20,000.
- For the fifth day, the price of Ethereum is in a bullish trend, and today we saw a more concrete price break above the $1600 level.
- For Bitcoin and stock indices, September is traditionally a bad month.
Bitcoin chart analysis
In the first part of the day, the price of bitcoin consolidated a little above $20,000, and after the NFP news, we saw a jump to the $20,400 level. In the previous three days, we had some resistance in that place from when we went down again. To continue the bullish option, we need further positive consolidation. After that, our next target is $21,000, our resistance from last week. If we could manage to stay at that level, we would have a chance to climb above and continue the bullish trend. For a bearish option, we need a negative consolidation and a return of the bitcoin price to support the $20000 level. A break below would be a bearish sign for weakening the price of bitcoin further. Potential lower targets are $19,500 and $19,000 levels.
Ethereum chart analysis
For the fifth day, the price of Ethereum is in a bullish trend, and today we saw a more concrete price break above the $1600 level. Today’s maximum was at the $1645 level. The price has climbed above all moving averages, which is very positive. For the bullish option, we need a continuation of the positive consolidation up to the $1700 level. We can expect some resistance there; the price rise above could continue the bullish trend. Potential higher targets are $1750 and $1800 levels. We need a new negative consolidation and price pullback below for a bearish option. If the price continues to retreat, we could look for the first support at the $1550 level. Additional support at that point is in the MA200 moving average. The potential lower target is the $1500 level.
Market Overview
For Bitcoin and stock indices, September is traditionally a bad month. In parallel with the stock market, the cryptocurrency market fell after the Federal Reserve expressed its hawkish views on Friday. Fed President Jerome Powell said the Fed will continue to raise interest rates until inflation comes down to the target level.
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