Bitcoin Price Fights Against $7,800 Resistance for Days
The bottom formation remains intact and represents a strong support zone.
The Bitcoin price moved close to the $7,800 an ounce but was not yet able to generate enough upward momentum.
Bitcoin continues to stand between the range of resistance and the triple confirmed bottom formation to date.
Technical Indicators Signals
The price gained momentum yesterday, reaching a high of $7,755 an ounce before initiating a correction. The gains that BTC was able to achieve yesterday were completely cancelled out by the downward correction. The Bitcoin price was already at a low of $7,598 an ounce and is currently consolidating its losses to $7,645 an ounce. As mentioned earlier, the resistance at $7,800 must be breached to gain upward momentum. On the downside, there is a short-term support zone at the 100 SMA, which is at $7,500 an ounce. The largest and most important support level is the bottom level at $7,100. Since the 23rd, the Bitcoin price has been moving within this range. The RSI is currently at the 44 level and shows a slight overhand from sellers. However, it is only slightly down, so the Bitcoin price may gain some momentum again in the near future.
Bitcoin Chart from TradingView
Yesterday we reported about the SEC decision to classify ICOs as securities. This will probably include crypto currencies such as Ethereum, EOS, IOTA, Ripple and many more. Bitcoin will not be covered by this regulation as the SEC already considers Bitcoin to be an independent currency. This means that only registered stock exchanges may offer Ethereum & Co. for trading, while Bitcoin is not subject to any new restrictions. The Bitcoin price could definitely be boosted by this announcement.
Furthermore, it became known this week that a Wall Street giant has already been offering Bitcoin trading for private transactions for two years and will officially integrate the trading desk for all customers in the coming weeks.
Ethereum Price Highlights
The ether price fights for a clear resistance at 614 dollars
Large bullish trend line forming on the hourly chart with support at $598 an ounce
Ether remains in range, important break will be either over $614 or under $600
The Ethereum price faces strong resistance. ETH must rise above the $614 mark.
Technical Indicators Signals
The ether price was mostly above the $590 an ounce level against the US dollar. The price was recently above the $615 level, but could not break the resistance of $617. A high was formed at $617.50 before a downward correction took place. However, the decline was protected by the $598-600 support range. There is also a large bullish trend line forming on the hourly chart with support at $598. The 100-hour SMA is also near the $598 level, which could prevent a drop. The price is facing an important resistance near the $614 level. A break in resistance is necessary for buyers to push the price above the $620 level.
Ethereum Chart from TradingView
Ethereum Price Analysis
Looking at the chart, the price is currently trading within a range. If the resistance level at $614 is breached, another uptrend is possible. If the price drops below $600, it breaks the rising trend line and is likely to initiate a trend change. The MACD is slightly in a bearish zone. The RSI is currently just below the 50 level with a bearish angle, signaling the slight overhand of sellers.