Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Near 2-Month Lows as Bears Regain Momentum

Bitcoin, Ethereum Technical Analysis: BTC, ETH Near 2-Month Lows, as Bear’s Regain Momentum

Bitcoin extended recent declines on Thursday, as the cryptocurrency moved towards a two-month low. Bearish sentiment increased following the latest Federal Open Market Committee (FOMC) minutes, where the Federal Reserve hinted at further rate hikes. Ethereum fell below $1,800 today.

Bitcoin

Bitcoin (BTC) neared a two-month low during today’s session, as traders continued to react to the latest FOMC minutes report.

Following a high of $29,192.26 on hump-day, BTC/USD dropped to an intraday low of $28,376.50 earlier in the day.

This was the weakest point that bitcoin had fallen to since June 21, when it was at a low of $28,271.

The drop comes as a recent upwards crossover between the 10-day (red) and 25-day (blue) moving averages has reversed course.

Additionally, the relative strength index (RSI) has plunged deeper into oversold territory, and is now tracking at 35.05.

This is its lowest level since March, and should momentum continue to fall, price could end up at a floor of $27,600.

Ethereum

Bearish sentiment was also high in ethereum (ETH), which fell to a multi-month low of its own on Thursday.

ETH/USD bottomed out at $1,783.05 on Thursday, less than 24 hours after trading at a high of $1,826.82.

As a result of this sell-off, ethereum slipped to its lowest point since June 20, when it almost moved under the $1,700 mark.

Ethereum’s RSI is also currently hovering in bear territory, with a reading at 33.67, and appears to be angling to reach a floor at 30.00.

Should it reach this point, ethereum will likely be trading around a long-term support point of $1,750.

Register your email here to get weekly price analysis updates sent to your inbox:

What is behind today’s increase in bearish sentiment? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/QHrElzu
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more