Bitcoin, Ethereum Technical Analysis: BTC, ETH Drop as Key Resistance Levels Hold

Bitcoin fell lower on Friday, as the token slipped below a key resistance level during today’s session. Following a mini rally in price this week, bitcoin bears returned to action, as volatility in the market increased. Ethereum was also lower, falling back below $1,700.

Bitcoin

Following a mini rally this week, bitcoin (BTC), was back in the red on Friday, as the token slipped below a key resistance point.

The world’s largest cryptocurrency fell to an intraday low of $21,171.79, which is nearly $600 lower than Thursday’s high at $21,744.87.

Today’s decline comes as market sentiment once again shifted to bearish territory, following a breakout attempt at the $21,600 price ceiling.

Although BTC/USD did marginally climb beyond that point, bulls opted not to maintain earlier positions, choosing to secure gains instead.

This was a signal to bears, who reentered the market, and now look set to send bitcoin closer to a floor at $20,800.

As of writing, there is slight hope that today’s sell-off will ease, and this comes as the 14-day relative strength index (RSI) has hit a support level of 44.80.

Should this hold, then we could see BTC rally during the upcoming weekend.

Ethereum

Ethereum (ETH) was also trading lower on Friday, as the token dropped back below $1,700, as sentiment surrounding The Merge event marginally faded.

So far today, ETH/USD has declined to a low of $1,628.17, which is roughly $90 below its high of $1,718.18 on Thursday.

Like with bitcoin, Friday’s move comes as ethereum bulls failed to sustain a breakout of a key price ceiling.

Looking at the chart, the ceiling was the $1,705 point, however bearish traders now appear to be targeting a support of $1,550.

The 10-day (red) moving average has now extended its downward trend versus its 25-day (blue) counterpart, with the RSI also weakening.

Currently, the index is tracking at 45.58, however it seems to be heading towards a floor at 42.30, which will likely be enough to take ETH back below $1,600.

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

How low do you expect ethereum to fall this weekend? Leave your thoughts in the comments below.

from Bitcoin News https://ift.tt/p1QXGrR

Comments

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

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

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

breaking news this december get instant daily breaking news

Search This Blog