Bitcoin Reclaims 200-Day MA, Ethereum Tries to Rebound: What's Next for Cryptos?
Bitcoin took a significant leap on the first day of October, signifying a crucial step toward recovery. Ethereum, by its turn, continued its steep ascent during the last week of September with a similar momentum, aiming to reverse the prevailing trend.
Presently, Bitcoin is trading above its 200-day Moving Average (MA) at $28,000, reflecting a 5% increase since the opening price yesterday. This rise is a response to the technical correction that followed the 50-day MA crossing below the 200-day MA in mid-September.
Concurrently, there has been a remarkable surge in breaking out of the descending channel formed since the decline that commenced in July.
In the current analysis, based on the decline observed from July to September, it becomes evident that a significant breakthrough has occurred, breaking through the resistance at the Fibonacci 0.382 level, which stands at $27,700.
Bitcoin is presently testing an intermediate resistance at $28,430, corresponding to the Fibonacci 0.5 level for today. Should the day conclude above this threshold, the upward momentum may persist, potentially reaching the more formidable resistance point of $29,130.
Conversely, it is of utmost importance for the ongoing trend that any profit-taking following the sudden surge is absorbed, particularly within the range of $27,700 to $28,000. A successful backtest by buyers within this range could bolster the trend towards the $30,000 region.
The present alignment of short-term Exponential Moving Averages (EMAs) and the Stochastic RSI on the daily chart, displaying signs of a positive crossover, lends support to the upward trajectory. However, it's worth noting the resemblance of the current movement to the bounce observed in June. Consequently,
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