On September 17, the price of Bitcoin successfully broke through the key resistance level of $116,000, with long positions targeting the psychological barrier of $120,000. Meanwhile, Ethereum and Ripple also held above the key support level, showing strong rebound potential. As the Federal Reserve is set to announce its interest rate decision in the early hours of September 18, the three major Crypto Assets may face significant Fluctuation, presenting important trading opportunities for investors.
Bitcoin breaks through key resistance level, target of $120,000 in sight
(Source: Trading View)
After hovering below the resistance level of 116,000 USD for several days, the price of Bitcoin finally broke through and held above this key level on September 16. As of September 17, BTC is trading at approximately 116,700 USD, demonstrating a sustained upward momentum.
On the technical side, the daily chart relative strength index (RSI) reading is 60, clearly above the neutral level of 50, indicating that bullish momentum is strengthening. The Moving Average Convergence Divergence (MACD) has remained effective since forming a bullish crossover on September 6, further supporting the continuation of the upward trend.
If BTC can hold above the support level of 116,000 USD, long positions are likely to target the psychological barrier of 120,000 USD. However, if the price falls below 116,000 USD, it could lead to a pullback to the 50-day exponential moving average of 113,674 USD.
Key price level:
Current Price: 116,700 USD
Key support: $116,000
Secondary support: $113,674 (50-day EMA)
Upward target: $120,000
Ethereum holds above the key support level, ready to challenge the historical high again
(Source: Trading View)
The price of Ethereum broke through the upper boundary of the consolidation range at $4,488 last Friday, experienced a brief pullback, but successfully retested and held above this key support level on Tuesday. Currently, ETH is trading at around $4,538, slightly above the support level.
The daily chart RSI reading is 55, maintaining above the midpoint, indicating slight bullish momentum. Although the MACD line is converging, suggesting some hesitation in the market, the overall technical outlook remains positive.
If ETH can hold above the support level of $4,488, the price is expected to challenge the historical high of $4,956 again. Conversely, if it falls below the support level, it may continue to decline to the lower boundary of the consolidation range at $4,232.
Key price level:
Current Price: 4,538 USD
Key support: $4,488
Secondary support: $4,232
Upside target: $4,956 (historical high)
Ripple descending wedge breakout, $3.40 in sight
(Source: Trading View)
The price of Ripple successfully broke through the descending wedge pattern formed in mid-July on September 11, a technical pattern that usually indicates a bullish reversal. Although XRP briefly pulled back to the breakout point of about $2.99 at the start of this week, it subsequently showed rebound momentum and is currently trading at around $3.04.
The daily chart RSI reading is 54, above the neutral level of 50, indicating slight bullish momentum. Similar to Bitcoin, the MACD indicator for XRP also supports the bullish view.
If XRP can maintain its upward momentum, the price is expected to advance towards the daily resistance level of $3.40. However, if a pullback occurs, it may drop to the support level of $2.94 at the 50-day EMA.
Key price level:
Current Price: 3.04 USD
Key support: 2.99 USD
Secondary support: $2.94 (50-day EMA)
Upside target: 3.40 USD
The Federal Reserve (FED) interest rate decision will be announced on September 17, which may have a significant impact on the Crypto Assets market. Investors should closely monitor market trends and seize potential trading opportunities.
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