Skip to main content

Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower as Bearish Momentum Returns on Friday

Following a slight surge in price, bitcoin was trading lower on Friday, as bearish momentum returned to crypto markets. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day.

Bitcoin

BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets.

Following a slight increase in price on Thursday, BTC/USD fell to an intraday low of $20,265.23 heading into the weekend.

As a result of Friday’s move, BTC moved towards what seems to be its new floor at $20,200 for the third day on the bounce.

Today’s decline also coincided with the 14-day RSI failing to break out of its ceiling close to the 26.35 area.

Whilst this indicator is currently tracking at 25.30, bears will likely attempt to take this to a support point at 22.

Should this occur, we will likely be looking at bitcoin trading below $20,000, which is something that could happen in the next few days.

Ethereum

In addition to declines in BTC, ETH was also marginally lower in today’s trading session, as it fell below a key price level.

ETH/USD slipped to an intraday low of $1,058.78 during Friday’s session, which is less than a day after it hit a peak of $1,138.27.

This drop sees ETH now trade marginally above its recent price floor of $1,050, which seems to be one of the last lines of defense preventing a move below $1,000.

As of writing, ETH has moved away from earlier lows, and is currently trading at $1,095.12, which is 1.48% lower than yesterday’s high.

Looking on the chart, the Relative Strength Index is tracking at 22, which is higher than its floor at 20.35.

If ETH is to remain above $1,000 during this upcoming weekend, price strength will need to stay above this point.

Could ETH fall below $1,000 this weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/csSCJ0k
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