HomeTradingTechnical analysis of Bitcoin (BTC) and Ethereum (ETH)

Technical analysis of Bitcoin (BTC) and Ethereum (ETH)

After closing the week down for the second time in a row, crypto markets are attempting to react without particular conviction.

Scrolling through the list of blue chips, there are alternating green and red arrows, with prices hovering above and below par.

Among the top 100 capitalized coins, Iota (MIOTA) rises to the podium, putting in the best rise of the day by climbing more than 7%. It is followed by the growth of Cosmos (ATOM) by 4% which rises over $4 per token, continuing the bullish phase that began last June and is still present today, being among the few cryptocurrencies that are bucking the trend with the rest of the sector.

On the opposite side, the negative performance of the day is for Algorand (ALGO), which retreats more than 6% from the opening of the day at $0.365, after closing the week among the best performers with a gain of more than 20%. 

Bitcoin (BTC) – Technical Price Analysis

The weekend passed without any particular shocks for Bitcoin.

By the end of the month, it becomes important to have confirmation of the holding of the supports tested in the middle of last week in the $18,500 area.

The return of the purchases of the last few hours, to the highest levels in recent months, will have to be matched by the rise in prices in the coming hours, otherwise the opposite effect is likely.

Need to return above $19,100 USD within the next 3 days and attempt to reverse the negative balance that statistically characterizes the month of September.

Ethereum (ETH) – Technical Price Analysis

Although the month of September turns out to be heavier for ETH‘s balance, down more than 15% since the monthly open, the technical structure grants more room for maneuver to the prices of the second largest cryptocurrency by capitalization.

Holding support at $1,250 will also need to be confirmed in the coming days to increase the odds in favor of a new monthly cyclical phase.

Also for Ethereum, the buying volumes of the last few hours exceed the daily average of the last few months. 

Therefore, confirmation is required with the return of prices above last week’s highs beyond $1,400. This is the level to follow in order to return to consider new medium-term purchases.

Federico Izzi
Federico Izzi
Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. He was interviewed as a cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".