Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Fall Towards $27,000 to Start the Weekend

Bitcoin moved close to a breakout below $27,000 on Saturday, as markets moved lower following a volatile week of trading. Market uncertainty was high this week, as traders digested the latest Federal Reserve interest rate hike, as well as the on-going global banking crisis. Ethereum remains below $1,800 as of writing.

Bitcoin

Bitcoin (BTC) started the weekend consolidating below the $28,000 mark, as market volatility eased on Saturday .

Following a high of $28,208.21 on Friday, BTC/USD moved to an intraday low of $27,039.27 earlier today.

As a result of the move, bitcoin collided with a floor at the $27,050 level, however bulls have so far rejected a breakout below this point.

Looking at the chart, today’s sell-off took place as the relative strength index (RSI) fell below a floor of its own, at the 65.00 mark.

As of writing this, the index is now tracking at the 62.75 level, with the next visible point of support at the 60.00 mark..

Overall, BTC has rebounded from earlier lows, and at the time of writing, is trading at $27,475.15.

Ethereum

Ethereum (ETH) also edged lower to start the weekend, as prices continued to fall from a recent seven-month high.

ETH/USD dropped to a bottom at $1,730.35 in today’s session, which comes a day after hitting a high of $1,791.14.

The move pushed ethereum to its long-term floor at $1,730, with buys opting to buy the dip at the point.

This recent drop in price has pushed ethereum’s RSI to its lowest point in two-week, with a current reading of 55.39.

Momentum still remains marginally bullish, as seen by the 10-day (red) moving average, however should prices move below $1,730, that could change.

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

Could ethereum fall below $1,700 this weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/39yqo08
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