Skip to main content

Bitcoin, Ethereum Technical Analysis: Crypto Uncertainty Continues, as BTC Drops Again

Crypto prices continued to seesaw on Friday, as both bitcoin and ethereum fell into the red, after a short lived rally on Thursday. Bitcoin was once again below $40,000 during the session, while ethereum extended its recent spell of trading below $3,000.

Bitcoin

Bitcoin (BTC) once again fell below the $40,000 level on Friday, following a short stint in the green during yesterday’s session.

Following a peak of $40,269.47 on Thursday, BTC/USD fell to an intraday low of $38,698.16 earlier today.

This comes as BTC was unable to climb above resistance of $40,500, as bullish momentum eased, which was likely a result of traders closing positions.

Now that we are back in the red, the first thought would be for how long, with some likely to be targeting the $37,570 floor as a potential exit point.

Looking at the chart, the 14-day RSI has also changed course, and is now tracking at a floor of its own marginally below 43.

If price strength were to continue to fall beyond this point, we could see this shift in momentum entice even more bears to re-enter the market.

Ethereum

Bears, however, were already back in ethereum (ETH), as the world’s second largest cryptocurrency fell on Friday, following two days of gains.

ETH/USD found a bottom of $2,841.23 earlier today, as prices continued to trade below $3,000 for a third consecutive session.

Thursday saw ETH climb to a peak of $2,973.13, however, these gains were unable to continue following a breakout of the $2,950.00 ceiling.

As of writing this, ethereum is currently down by 1.08%, and is trading at $2,872.80, with bears likely targeting a floor of $2,780.

Should this floor be hit in the next few sessions, we would see ETH ending the week, at the same level it started, for the second week in a row.

Overall, crypto markets continue to be volatile, with some putting the current uncertainty down to the outcome of the upcoming Fed rate hike decision.

Could we see ethereum rally beyond $3,000 at some point this weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/8bknWf0

Labels

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

2021 Bitcoin Price Predictions: Analysts Forecast BTC Values Will Range Between Zero to $600K

As bitcoin has touched new price highs on Thursday nearing the $50k handle, people have been curious as to where the price will go in the future. Meanwhile, despite the gains so far, a number of luminaries, analysts, executives, and proponents from the crypto space believe the leading crypto asset will reach between $60k to six-digits this year. Mike Novogratz Predicts $100K Bitcoin: ‘Other CFOs and CEOs Are Saying, What Should We Be Doing?’ Satoshi Nakamoto’s invention has gained mass appeal in recent times as the leading digital asset bitcoin ( BTC ) has reached its highest value ever in 2021. On Thursday morning (EST), BTC spiked to an all-time high (ATH) at $48,697 per unit. Earlier in the morning at around 2 a.m., bitcoin was exchanging hands for $44,485 and saw an 8.98% increase since then. At the time of publication, at 6:30 p.m. (EST) on February 11, 2021, bitcoin (BTC) is swapping for $47,821 per coin. With BTC so close to the $50k mark, people have been forecasting ...
Post a Comment
Read more