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BTC/USD Breaks above 15,600, ETH/USD Travels to 470

BTC/USD

The spiky start was substantially retraced in the next few hours, with the price dropping below 15,370. However, at the end of that transitory downside retracement the buyers took the reins to send Bitcoin’s price way above the past few days’ trading range.

The second big jump of the day happened between 10:00 and 11:00 UTC, sending the pair to 15,600, where a local intraday resistance level had been recently formed. During the next three hours the quote was fluctuating between 15,550 and 15,700. After that the BTC/USD cross rate began edging higher once again, rising above $15,900 after 17:30 UTC.

The trading session of 11th November saw BTC break away from the flag corrective pattern a little earlier than might have been anticipated by the market but perfectly in line with the rising course of the ongoing BTC/USD uptrend that was continued on 24 September after a transitory corrective move that took place on 1st September.

Right now, the market situation is in favour of the BTC/USD uptrend continuation toward $18,000. The path to that handle has no obstructions on its way, and the recently accumulated liquidity during the flag corrective pattern could help the BTC price climb to that price level in one bullish swing.

ETH/USD

On Wednesday, 11th November, the ETH/USD trading pair started off at $450.60 and rose swiftly to $464 in the first hour of the day. The subsequent nine hours did not see the pair lose as much gained progress as was the case with BTC/USD. The pair continued sideways until 16:00 UTC, with the lowest point of 455.9 being reached between 9:00 and 10:00 UTC. Starting at 16:00 UTC, the ETH/USD price began its second prominent surge of the day, rising to 473.5 between 16:00 and 17:00 UTC.

For Ethereum, things are starting to look more promising than earlier this autumn. The pair is starting to show resistance toward Bitcoin’s local dips and more bullish price action of its own. The positive price dynamics in Ether might have been stimulated by the approaching launch of the genesis phase of Ethereum 2.0 and its founder Vitalik Buterin’s recent relocation of 3,200 ETH to the deposit contract of Ethereum 2.0.

From the technical perspective, the situation on the chart proposes that Ether continues its ascension later in the week of 9th November, with the closest pivotal barrier positioned at $488 – the current maximum of this year. With the overall positive price dynamics among the top ranking coins by market cap, we are likely to see ETH/USD test this level already this week. If that happens, some buying volumes are expected to be lost, and sideways dynamics may be the trading course for ETH/USD for a number of trading sessions. However, with the positively perceived launch of Ethereum 2.0, which is to happenen this December, Ethereum will likely go to new tops this year.

Konstantin Anissimov, Executive Director at CEX.IO

This article was originally posted on FX Empire

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