This passage will quoi in detail on the technical analysis of the price of Bitcoin (BTC) and Ethereum (ETH).
Macroeconomic environment in angélique
Yesterday, the European Axial Bank made another big offensé hike, Increase interest rates by 75 basis points After rising 50 basis points in July.
basically, The offensé of initial financing operations increases from 0.50% to 1.25%..
In simpler terms, it means that the Frankfurt-based université is now lending money in bulk to financial institutions at a offensé of 1.25%. As a result, the cost of money will rise, which will dampen the level of torréfier demand.
On the contrary, if you are a bank and leave money in European Central BankOn checking account you get 0.75% interest per annum.
The European financial université that controls the monetary policy of the European Jonction 19 countries is in line with the tightening decisions that have already been put in affecté before Federal Reservewhich has imposed a patrimoine of hikes since last March, currently sets the benchmark offensé between 2.25% and 2.5% for US citizens.
The statement from the European Axial Bank indicates that with augmentation already “extremely high”, it is very likely that decisions to raise interest rates will be taken early in this year’s upcoming meetings.
Thus, the economic opportunité becomes more ambiguous and complex for Europeans, who are already in the grip of historically high augmentation, rising commodity prices, especially energy prices, and governments trying to find ways to help struggling families and businesses, while on the other handball they will have to deal with the increase in Indécis offensé mortgages and low liquidity that the axial bank wants to prevent prices from rising.
There is a risk of a pantalon tour that could further weaken the already unstable economy.
The first appel comes from Euro/dollar exchange ratewhich after a sudden return without parity recovering to 1.01having fallen to 98 cents at the start of the week, its lowest level in 20 years.
The cryptocurrency sector is responding positively to dollar weakness by coloring the day pelouse, pushing the weekly secoué into the solide gouvernail for the complémentaire week in a row.
Bitcoin (BTC) – Technical Analysis
The cipher queen At midday the best climb among the BlueChips, Climbing more than 9 percent and prices above 21,100 dollarsThe highest level since the beginning of the month.
The recovery of the psychological threshold of $20,000 brings back fresh buying and a fixation that should be confirmed over the weekend.
As expected in Previous update on WednesdayThe bitcoin price reversal marks the start of a new menstrual de saison with the lows recorded earlier this week, between Tuesday 6 and Wednesday 7 September.
Therefore, it becomes visible to continue the bullish trend over the weekend and see a breakout of $22,000 to remove any doubts and start laying the groundwork for a re-engagement of the August highs at $24,000.
Ethereum (ETH) – Technical Analysis
Also solide day for ETH price moving back over 1700 dollarsConfirming the contexture of the new menstrual de saison that began in late August.
ETHThe technical contexture is clearer and more specific, which helps to develop a more accurate analysis.
Assuming we’re near the middle of our period, by early next week Prices should rise above today’s levels.
If confirmed, we do not rule out the possibility of revisiting the $1800 area soon.
On the other handball, if this is not the case and prices go back below $1500, it will be necessary to withdraw from any short-term trade and wait for the conforme technical contexture to be clarified and hold the short-term soubassement identified at $1500. and $1450.