Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000, Following Latest US Retail Sales Report

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $30,000, Following Latest US Retail Sales Report

Bitcoin slipped below the $30,000 mark on Wednesday, as markets continued to react to the latest U.S. retail sales report. Sales rose by 0.2% last month, which is more than the 0.5% sum many had forecasted. Ethereum has remained resilient, climbing back above $1,900.

Bitcoin

Bitcoin (BTC) slipped below $30,000 on Wednesday, following the latest retail sales data from the United States.

After climbing to a peak of $30,184.18 on Tuesday, BTC/USD dropped to an intraday low of $29,556.43 earlier today.

The decline came in the midst of a five-day win-less run, which occurred soon after last week’s move close to $32,000.

Bitcoin chart by TradingView

Bulls have since started to fight back, with bitcoin now back above $30,000, helped by the relative strength index (RSI).

The index found a support point at the 50.00 mark, and has so far resisted a breakout of this level.

One area of concern for bulls is a recent downward crossover between the 10-day (red) and 25-day (blue) moving averages, which could result in a future sell-off.

Ethereum

Ethereum (ETH) was marginally lower on hump-day, as price briefly broke out of the $1,900 level.

ETH/USD dropped to a bottom at $1,878.72 earlier in the day, but has gone on to record a high of $1,918.12.

Similar to bitcoin, ethereum has been trending lower for five straight days, prior to Wednesday’s rebound.

Ethereum chart by TradingView

From the chart, it appears that the RSI is heading towards a ceiling of 55.00, following today’s bounce back, which could be enough to take ETH to a key price point of its own.

The target appears to be the $1,930 mark, which was last hit during the weekend’s trading session.

In the event this ceiling is broken, there is a good chance that ethereum could make another run towards $2,000.

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

Could ethereum hit $2,000 this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/axBt4zc
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