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Bitcoin rules the day
The pair started the day at $ 11,918 and quickly began to rise with no significant corrective moves. The whole day was like near steady and unhindered growth for Bitcoin at 17:30 UTC. After 17:30 UTC the price dropped slightly after 17:30 UTC when traders started to lock in their profits.
The price action of the day shows that Bitcoin is in a strongly bullish mode. Yesterday’s turn above $ 11,862 was a pivotal event in Bitcoin trading that evidently and finally paved the way for $ 14,000, which may not be far ahead. The US presidential debates on Friday may have their effect on Bitcoin price action in the short term as democratic leadership will put more selling pressure on the USD, which will inevitably be reflected in bullish price action in BTC / USD.
As there are no barriers on the chart for BTC / USD as high as $ 13,949 from the CEX.IO chart, the pair could end well above $ 13,000 this week, closing Wednesday’s trading session above $ 12,400.
Ethereum biting the dust of Bitcoin
Compared to Bitcoin’s surge, Ethereum’s price action on Wednesday, although appearing quite strong as a percentage – + 6.8% at 18:00 UTC, was only a pale shadow of Bitcoin’s gains simply from a graphical standpoint.
The smart contract pioneer opened the session on Wednesday at $ 369.6 and continued with a chart pattern quite similar to that of Bitcoin. From the start of the day, ETH / USD began to rise, without even being held back by the daily resistance level of $ 378. A slight correction followed between 5:00 and 9:00 UTC, with ETH / USD being bounced off the $ 378 level and turned it into support. Between 16:00 and 17:00 UTC, the pair reached $ 399.6, the high of the day at 18:30 UTC.
This modest rise amid the heady bullish price action in Bitcoin was only a small consolation for Ethereum backers. Probably the launch of the Ethereum 2.0 mainnet, which still seems pretty far ahead, is getting people tired of waiting and putting further selling pressure on Ethereum. However, there is a small sign of hope for Ether on the technical side of trading as the 20-day SMA has finally managed to break out of the 50-day SMA, which indicates a bull market. But considering the bullish trend in the Bitcoin market, Ether’s bullish outlook looks very uncertain.
Konstantin Anissimov, executive director of CEX.IO
