Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Fall Lower, as US Consumer Confidence Hits 6-Month Low

Bitcoin erased recent gains on Wednesday, as markets reacted to the latest points of U.S. economic data. One of which being consumer confidence, which dropped to a six-month low in May. Ethereum was also lower in today’s session, dropping below $1,900.

Bitcoin

Bitcoin (BTC) neared a breakout below $27,000 on Wednesday, as markets reacted to the latest data surrounding consumer confidence in the United States.

Following a high of $28,037.69 on Tuesday, BTC/USD slipped to an intraday low of $27,009.69 earlier in the day.

The downturn comes as momentum in the market has slightly shifted, with the global crypto market cap falling by 2.59% as of writing.

Bitcoin chart by TradingView

Overall, today’s decline in BTC comes despite an upcoming crossover between the 10-day (red) and 25-day (blue) moving averages.

From the chart, it appears that a failed breakout of a ceiling at 53.00 on the relative strength index (RSI) played a significant role in this.

The index is now tracking close to a floor at 46.00, with a current reading of 47.10, and should this hold, a reversal is still possible.

Ethereum

Ethereum (ETH) dropped below $1,900 in today’s session, as bulls retreated from a recent multi-week high.

ETH/USD sunk to a bottom at $1,860.37 earlier in today’s session, which comes after a peak of $1,914.85 the day prior.

Overall, the shift in momentum has led to ethereum moving away from a recent high of $1,928, which was the strongest point price had hit since May 8.

Ethereum chart by TradingView

Looking at the chart, failure to move past a resistance level of $1,930 can be partially blamed for the change in direction.

Overall, bears now seem to be set on taking price to a support point at $1,830, with the RSI hunting for a floor of its own.

The index is now tracking at 52.60, with the next visible floor potentially at 49.00.

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

What do you believe is behind today’s downturn? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/G8OCm4e
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