Bitcoin (BTC), Ethereum (ETH) Rally Into Q4 on Positive Sentiment

[MongiIG]

BITCOIN (BTC/USD) AND ETHEREUM (ETH/USD) PRICES, CHARTS, AND ANALYSIS

• Bitcoin (BTC/USD) pushing against $45k as short-term trend resistance breaks.
• Ethereum (ETH/USD) bounce back continues.

 

The cryptocurrency market has started Q4 in a robust fashion with the market capitalization set to break back above $2 trillion. The recent market sell-off into the $1.75 - $1.8 trillion zone has now turned higher with market capitalization now eyeing recent lower highs at $2.08 trillion and $2.24 trillion. A crack and close above $2.08 trillion will break the recent series of lower highs and add to the current positive sentiment in the market.

CRYPTOCURRENCY MARKET TOTAL CAPITALIZATION – OCTOBER 1, 2021

Chart via TradingView.com

The macro outlook for the cryptocurrency is beginning to look more positive with both the Federal Reserve (FED) and the Securities and Exchange Commission (SEC) taking a more constructive stance towards parts of the cryptocurrency market. This week SEC chair Gary Gensler said that a Bitcoin ETF, based on CME futures, would have ‘significant consumer protection’ and that he was looking forward to SEC staff reviews of the current ETF filings.

Bitcoin (BTC/USD) Rallies on Positive ETF Commentary from SEC Chair Gensler

At a meeting of the US House financial Services Committee, Fed chair Jerome Powell was asked if he intended to ban or limit the use of cryptocurrencies, to which he replied that he had no intention of banning them. Chair Powell did say that it would be appropriate if stablecoins were regulated, comparing them to money market funds and bank deposits.

The recent FED and SEC commentary has turned market sentiment positive, despite the ongoing backdrop of an increased China crackdown on all things crypto and with potential SEC market regulation in the wings. It seems that any bad news is being used as an opportunity to enter the market with downturns reversing quickly. Market sentiment can be fickle and turn quickly, but as we stand price action suggests higher the market will move higher as Q4 starts in a positive fashion.

Bitcoin continues to build on Thursday’s gains and has opened above a short-term downtrend line off the September 18 swing high at $48.8k. For a longer-term move higher, Bitcoin will need to take out all three simple moving averages and this mid-September high. This would open the way to the 61.8% Fibonacci retracement level at $50.5k and the September 7 high at $52.9k.

BITCOIN (BTC/USD) DAILY PRICE CHART OCTOBER 1, 2021

Ethereum (ETH/USD) is also moving higher and is printing a near two-week high around $3,185. To confirm a turnaround, ETH will need to break and open above the September 16 lower high at $3,675. The CCI indicator has moved out of the oversold territory and still has a lot of room left before ETH becomes overbought.

ETHEREUM (ETH/USD) DAILY PRICE CHART OCTOBER 1, 2021

What is your view on Bitcoin and Ethereum – bullish or bearish?

 

By Nick Cawley, Strategist, 1 October 2021. DailyFX

[Guest gsnvlu]

which has more value Bitcoin or Ethereum😬

[MongiIG]

29 minutes ago, Guest gsnvlu said:

which has more value Bitcoin or Ethereum😬

Hi @gsnvlu

Bitcoin vs Ethereum which cryptocurrency is the better 2021 investment? These two cryptocurrencies can be compared when you look at both of their pros and cons.

For the two graphs above the rest of the article click the following link: Bitcoin vs Ethereum

Another article link on the pros and cons click the following link: Pros and Cons of Bitcoin vs Ethereum

 

All the best - MongiIG