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Price analysis: BTC/ETH

3 min reading

According to ByBit data, Bitcoin has closed September in the red for six years in a row and has only managed a positive monthly close in two different situations since 2013. Bitcoin's best performance was in 2016, when it increased by 6.04 percent.

It seems like Bitcoin (BTC) might not witness a strong increase in the month of September. According to the ByBit data since 2013, Bitcoin has closed September in the red for six years and has managed a positive monthly close on two different situations. The best performance was in 2016 when Bitcoin increased by 6.04%.

BTC/USDT

The bulls have once again not succeeded to increase the price above the overhead resistance at $50,000 on Aug. 29, pointing out that bears are defending the level belligerently. Bitcoin created a Doji candlestick pattern on Aug. 29, which was set on to the downside today. The failure to the relative strength index (RSI) to get into the symmetrical triangle depicts weakness. If bears pull the price under the 200-day simple moving average ($46,065), the BTC/USDT pair could drop to the next support at $42,451.67. 

This level is considered as a tough support. If the price rebounds off this level, the pair might remain range-bound between $42,451.67 and $50,500 for some days. A break and close below $42,451.67 will signal the start of a deeper correction. The pair may then correct to $36,670. This negative perspective will disapprove if the price turns up from the present level and breaks above $50,500. This move could open gates for a rally to $60,000. 

ETH/USDT

Ether (ETH) has gone down from the overhead resistance zone at $3,335 to $3,377.89 on Aug. 29. This means bears are still defending the overhead zone aggressively. Nonetheless, the bulls haven’t yet given up and are still going strong by defending the 20-day exponential moving average
($3,139) as seen from the strong rebound today. If bulls can drive the price higher than the overhead zone, the ETH/USDT pair can continue its up-move with a target objective at $3,670 and then $4,000. 

However, if bears manage to pull the price under the 20-day EMA, the ETH/USDT pair could drop to the breakout level at $3,000. A rebound from this level might keep the pair range-bound between $3,000 and $3,377.89. A more profound relation can happen if bears pull and sustain the price under the breakout level at $3,000 this could end up in a decline to the 20-day SMA ($2,389). 

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