Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower Ahead of US Inflation Data

Bitcoin was trading under $17,000 to start the week, as markets prepared for a big week of economic announcements. U.S. inflation figures will be released tomorrow, and are expected to fall to 7.3%. Many believe this will give way to the Federal Reserve pivoting from its aggressive rate hike policy. Ethereum was also lower, and is trading below $1,250 as of writing.

Bitcoin

Bitcoin (BTC) started the week in the red, as traders prepared for a big week of economic announcements from the United States.

Inflation figures will be released on Tuesday, and are expected to fall to 7.3%, down from 7.7% the month prior.

BTC/USD fell to an intraday low of $16,899.39 during Monday’s session, which comes a day after hitting a high of $17,245.64.

As can be seen from the chart, today’s decline saw bitcoin move lower for a fourth straight day, edging closer to a floor of $16,700 in the process.

The 14-day relative strength index (RSI), which is currently tracking at 47.42, is also nearing a resistance of its own at 46.00.

Depending on tomorrow’s inflation figure we could see BTC move below $16,700, and potentially towards the $16,000 mark.

Ethereum

Ethereum (ETH) also trended downwards on Monday, with prices falling for a second consecutive session.

Following a high of $1,281.78 on Sunday, ETH/USD moved to a bottom of $1,243.48 earlier in the day.

The move saw ethereum fall to its lowest point since November 8, and it is now nearing a floor of $1,230.

Looking at the chart, recent bearish sentiment in ETH returned once the RSI failed to break out of a ceiling of 52.00.

As of writing, the index is tracking at 48.60, and now seems to be moving towards a floor of 45.30.

Despite this downtrend, the 10-day (red) moving average still remains above its 25-day (blue) counterpart.

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

Do you expect U.S. inflation to fall below 7.3%? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/mzp9nyL
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more