September 16th Market Analysis from LBank Derivatives

BTC

As we predicted on 8th Sep, Bitcoin(BTCUSD) spiked above $20000, retested the resistance near $22800, and got rejected, dump back to the $19800 level. It is expected that BTC will stay move in the range between $20000 and $19000 for a while and dump even deeper under $17000.

ETH

The Merge was completed yesterday, and the market showed a positive attitude before the Merge. The highest level appeared then. However, the rise turns out to be an emotional impact. The price of ETH(ETH/USD) rapidly dropped by $300, to around $1470. We warned in the last Article that it might cause the “sell the news” effect. The Merge is significant, however, the bear market is painful. ETH(ETH/USD) is expected to move around the range between $1620 and $1370.

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