Crypto outlook | Crypto Market Surge: Bullish Trends for Bitcoin and Ethereum Amid Positive Sentiment

Published Mon 23 Sep 2024 02:25 by vantageplus

Fundamental Data

Last week, the crypto market exhibited significant bullish momentum, reflecting a positive outlook. Ethereum surged from USD 2,356 to USD 2,538, posting a 8% gain, while Bitcoin climbed from USD 59,715 to USD 63,013 up 6% after the Fed’s 50bps rate cut. The SEC’s approval for Nasdaq to list options on the iShares Bitcoin Trust ETF further fueled market sentiment. Additionally, former President Trump advocated for crypto at a Bitcoin-themed event, urging support for pro-crypto policies as the election approaches.

Technical Analysis:

BTC – Currently exhibiting a bullish trend at approximately USD 62,881, closing above the 50-period MA on the daily chart. The daily chart indicates a breakout above a downtrend line at USD 61,000. If this breakout holds, the price could target the USD 70,000 range. However, a failed breakout may lead to a drop towards lower levels nearing USD 59,000.

ETH – Currently trading at USD 2,542, below the 50-period MA, after a bullish week yielding nearly 8%. The daily chart shows a breakout above the downtrend line at USD 2,494, indicating a potential trend reversal. A sustained breakout could push the price towards the USD 2,800 zone, facing resistance at the 50-period MA, while a failure could see a decline to USD 2,300.

LTC – Currently trading at USD 64.70 on the weekly chart, slight below the 50-period MA. The daily chart shows the price being rejected by the 50-period MA. Since the trend currently looks positive following the general market sentiment also from equities, rising prices might follow. If this rejection holds, a decline to USD 58.00 might happen. In General, though, Litecoin has recently followed through positively and weekly and monthly charts show further positivity ahead.

XRP – Currently trading at USD 0.5793, positioned above the 50-period MA on the weekly chart. The daily chart indicates a potential price rejection by the uptrend line at USD 0.5562, with recent candlesticks closing above the 50-period MA. If this rejection holds, there’s a strong likelihood of the price rising towards the USD 0.6300 range. The general trendd remains positive and a breakout towards higher levels might just be a matter of time, especially if the recent highs can be broken. However, a failed rejection could see the price drop to back to below the USD 0.5000 handle.

Vantage does not represent or warrant that the material provided here is accurate, current, or complete, and therefore should not be relied upon as such. The information provided here, whether from a third party or not, is not to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any financial instruments; or to participate in any specific trading strategy. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. We advise any readers of this content to seek their own advice. Without the approval of Vantage, reproduction or redistribution of this information is not permitted.

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