Skip to main content

Bitcoin Ethereum Technical Analysis: BTC Rebounds Ahead of US Consumer Confidence Report

BTC Rebounds Ahead on U.S. Consumer Confidence Report 

After a three-day losing streak, bitcoin rebounded on Tuesday, ahead of the upcoming consumer confidence report in the United States. Price briefly fell below the $30,000 level earlier in the session, however bullish momentum has since returned. Ethereum rose above $1,900 for a short period.

Bitcoin

Bitcoin (BTC) rebounded from recent losses on Tuesday, ahead of the upcoming U.S. consumer confidence report.

The Conference Board expects its index to rise to a reading of 104.0 in June, up from 102.3 the month prior.

BTC/USD rose to an intraday high of $30,751.19 on Tuesday, following a low at $29,955.74 to start the week.

The move appears to have occurred as the 14-day relative strength index (RSI) bounced from a support point at 68.00.

As of writing, the index now sits at a reading of 70.17, which is once again in overbought territory.

A barrier at 73.00 is now the next visible ceiling, and unless bulls break out of this point, BTC will likely move back below $30,000.

Ethereum

Ethereum (ETH) briefly rose above the $1,900 level in today’s session, after falling towards a support level of $1,830 on Monday.

Following a low of $1,840.22 to start the week, ETH/USD jumped to a peak at $1,905.36 earlier in the day.

Momentum has since shifted, with the world’s second largest cryptocurrency once again falling below the $1,900 level.

At the time of writing, ETH is trading at $1,881.79, with the RSI marginally below a resistance level of 58.00.

Overall, momentum is bullish, following a recent crossover between the 10-day (red) moving average, and its 25-day (blue) counterpart.

Should this cross mature, there is a good chance that ETH will not only move above $1,900, but closer to $2,000.

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

Do you expect ethereum to reach $2,000 in July? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/NpM9K8y
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