Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Remains Below $27,000, Ahead of Powell Speech

Bitcoin once again fell below the $27,000 level on Friday, ahead of a panel discussion which includes Fed Chair Jerome Powell. Powell will be holding a discussion with former Chair Ben Bernanke at a conference in Washington. Ethereum was marginally lower today.

Bitcoin

Bitcoin (BTC) dropped below the $27,000 mark on Friday, ahead of a panel discussion which will include Fed Chair Jerome Powell.

Markets anticipate some forward guidance from Powell regarding future decisions that the Federal Reserve could take in coming months.

Following a high of $27,466.53 on Thursday, BTC/USD dropped to an intraday low of $26,415.10 earlier today.

Bitcoin chart by TradingView

The move, which saw the price fall by over $1,000, pushed bitcoin towards a key price floor at $26,300.

Friday’s slippage occurred as the 14-day relative strength index (RSI) once again dropped below a resistance of its own at the 42.00 mark.

Price strength is now tracking at 40.83, with bears possibly targeting a support point at the 38.00 zone.

Ethereum

Ethereum (ETH) was also in the red in today’s session, with prices briefly breaking out of the $1,800 level.

ETH/USD fell to a bottom at $1,774.20 on Friday, which comes a day after hitting a high of $1,826.90.

The drop in price resulted in ethereum falling below a floor at $1,790. However, it has since rebounded.

Ethereum chart by TradingView

Similar to BTC, ethereum’s RSI was unable to break out of a resistance point at 45.00, and is now at a reading of 44.83.

A sign of hope for bulls comes in the form of the 10-day (red) moving average, which moved closer to a crossover with its 25-day (blue) counterpart.

Should this occur, there is a reasonable chance that ETH could climb towards $1,900.

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

Will Powell’s speech have an impact on markets? Leave your thoughts in the comments below.



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

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

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more