Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Lower for a Sixth Straight Day

Bitcoin was trading lower to start the week, as markets were anticipating the release of U.S. president Biden’s executive order on cryptocurrencies. Ethereum also remained in the red, and continues to track at multi-week lows.

Bitcoin

Bitcoin prices were almost 12% lower from the same point last week, as prices fell for a sixth straight day on Monday.

Following a high of $39,394.44 on Sunday, BTC/USD dropped to a low of $37,358.00 to start the trading week.

The move saw BTC near its long-term support against the dollar of $37,200, hitting its lowest level since February 4 in the process.

Price strength in bitcoin is now firmly oversold, with the 14-day RSI tracking at 39, which is its lowest point in over three weeks.

This recent downward trend has pushed the 10-day (red) moving average on the cusp of crossing over the 25-day (blue) MA.

Should this happen, we may see yet even more declines in the price of the world’s largest cryptocurrency.

Ethereum

Like bitcoin, prices of ethereum were also down to start the week, with the world’s second largest cryptocurrency trading almost 9% lower from its position last Monday.

Monday saw ETH/USD fall to an intraday low of $2,585.95, which is its weakest level since February 3.

This three-week low came as ETH headed to what seems to be a new floor of $2,560, as can be seen from the chart below.

However, shortly after hitting this point, the price of ETH rallied, as historical bulls who bought at this point once again re-entered.

This slight rebound has somewhat prolonged the inevitable downside cross of the 10-day and 25-day moving averages, which only recently showed markets signs of further upwards momentum.

What are the main factors behind this selloff? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/YADwMTL
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

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

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