Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower on Black Friday

Bitcoin was marginally lower on Nov. 25, as markets returned to action following the U.S. Thanksgiving holiday. Overall, cryptocurrency markets were mostly in consolidation in today’s session, with the global market cap up 0.12% as of writing. Ethereum was also largely unchanged, with the token hovering below $1,200.

Bitcoin

Bitcoin (BTC) was mostly unchanged on Friday, as cryptocurrency markets consolidated, following the U.S. Thanksgiving holiday.

Following a high of $16,641.32 on Thursday, BTC/USD fell to an intraday low of $16,388.40 earlier in today’s session.

Today’s decline saw a three-day winning streak snapped, with BTC moving closer to a recent support point of $16,200.

Looking at the chart, this comes as the 14-day relative strength index (RSI) failed to break out of a ceiling at 41.00

The index is currently tracking at 40.04, with neither bulls or bears taking hold of market sentiment.

However, should bulls manage to break out of the 41.00 resistance point, then we could likely see BTC move towards $17,000.

Ethereum

Ethereum (ETH) was once again below $1,200, as the world’s second largest cryptocurrency also consolidated in today’s session.

ETH/USD fell to a bottom of $1,174.82 earlier in the day, which comes less than 24 hours after hitting a high of $1,203.98.

As a result of this drop, ETH/USD slipped below support at $1,180. However, as the day has progressed, price has rebounded.

Currently, ethereum is trading at $1,196.60, with the RSI tracking at a level of 42.75, which is below a ceiling at 43.00.

In addition to this, the 10-day (red) moving average is currently trending sideways, which seems to be a positive signal that recent downward pressure has eased, for now.

Should this trend line begin to shift, we could see more ETH bulls return to the market, in anticipation of an uptrend.

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

Could we see ETH hit $1,300 before the end of the month? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/2rPwOHb
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

Seven UK Companies Form Cryptocurrency Trade Body

Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, Crypto UK, has stated that its principal aim is to “improve industry standards and engage policymakers.” Also Read:   Independent Ratings Agency Alerts Investors About Dangers of Tether Leading Cryptocurrency Companies form Crypto UK Trade Body Seven leading cryptocurrency companies operating the UK have formed an independent trade body tasked with developing self-regulatory standards for the cryptocurrency industry, in addition to “engag[ing] policymakers.” The members of Crypto UK are Coinbase, Etoro, Cex.io, Blockex, Commerceblock, Coinshares, and Cryptocompare – comprising trading platforms, exchanges, asset managers, merchants, comparison websites, and intermediaries from the cryptocurrency sector. “Regulation is Imminent” The Crypto UK chairman and managing director of Etoro, Iqbal Gandham, described the trade body’s mission as “promot[in...
41 comments
Read more