Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $29,000, Hitting a 10-Day Low

Bitcoin dropped for a second consecutive session on Thursday, as price moved towards a key point of support. Today’s sell-off has sent the cryptocurrency below $29,000, with the coin now trading at a ten-day low. Ethereum fell to a one-week low in today’s session.

Bitcoin

Bitcoin (BTC) was once again in the red on Thursday, as traders continued to secure gains from last week’s bull run.

BTC/USD fell to an intraday low of $28,596.91 earlier in today’s session, which comes a day after hitting a high of $29,509.35.

This is the lowest point that bitcoin has hit since April 10, when price traded at a bottom of around $28,100.

Looking at the chart, Thursday’s move saw BTC fall under a recent floor at $28,600, with the relative strength index (RSI) also dropping toward a floor of its own.

At the time of writing, the index is now tracking at 51.47, which is marginally above the aforementioned support at 50.00.

BTC has already moved away from earlier lows, and is currently trading at $28,837.95, as of writing.

Ethereum

Ethereum (ETH) slipped to a one-week low in today’s session, as traders attempted to find a point of support.

Following a high of $2,005.44 on Wednesday, ETH/USD dropped to a bottom at $1,928.58 earlier in the day.

As a result of this drop, ethereum fell to its weakest point since April 13, a day which saw ETH hover marginally above $1,900.

At the time of writing, ETH has rebounded, which appears to be due to its RSI bouncing from a floor at 52.00.

Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling at 58.00.

If bulls were to take price strength to, or above, 58.00, there is a good chance that ETH will be back over the $2,000 level.

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

Do you expect ethereum to climb above $2,000 this week? Leave your thoughts in the comments below.



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