Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain in the Red, to Start the Weekend

Bitcoin, Ethereum Technical Analysis: BTC, ETH Remain in the Red, to Start the Weekend

Bitcoin and ethereum were both trading lower to start the weekend, as crypto markets continued to face bearish pressures. The current uncertainty surrounding next week’s Federal Reserve meeting has seen prices consolidate for most of the week, with Saturday being no different.

Bitcoin

Bitcoin (BTC) was once again in the red during today’s session, as prices continued to trade below the key $40,000 level.

The world’s largest cryptocurrency dropped to a low of $38,235.54 to start the weekend, following a peak of $39,263.60 on Friday.

Saturday’s fall has seen the price continue to slowly approach the long-term support level of $37,570, which is a point that hasn’t been reached since March 13.

One reason why BTC bears haven’t yet captured this floor is due to the fact that the 14-day RSI continues to sit above its own support.

As of writing this, relative strength is tracking at 40.50, which is slightly above the ceiling of 40, and bears have likely avoided entering in huge numbers, as they are likely anticipating a rebound.

Recent history has shown that bulls typically push prices higher at this level, which could be a reason for the tentative start to today’s session.

Ethereum

Ethereum (ETH) on the other hand saw its long-term support level briefly hit during today’s session, as traders prepared to leave April behind.

April has been the worst month for ETH since December, with prices going from a peak of $3,580, to a bottom of $2,770.

Saturday’s bottom saw ETH/USD drop to an intraday low of $2,782.44, which is marginally above support at $2,780.

Following the low, the price has since climbed, as history suggested, with bulls typically re-entering the market at this point.

As of writing, ETH is trading at $2,832.82, which is 0.43% lower than Friday’s high, and comes as many hope for pending reversals.

Should this occur, the 42 ceiling within the RSI indicator will need to be broken in order to help rally more bulls together.

Will May see price consolidation in crypto finally end? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/7OjM0sA
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