Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher Ahead of This Week’s US Economic Data

Bitcoin, Ethereum Technical Analysis: BTC Slightly Higher, Ahead of This Week’s US Economic Data

Bitcoin started the week trading higher, as markets prepared for a big week of economic data in the United States. The headline announcement will be Friday’s nonfarm payrolls, in addition to services and manufacturing activity data. Ethereum continued to trade above a key support point on Monday.

Bitcoin

Bitcoin (BTC) was in the green to start the week, with the price trading at its highest point since last Friday.

Traders are optimistic heading into August, which has historically been a bullish month for the cryptocurrency.

BTC/USD hit an intraday high of $29,489.87, which comes following a low at $29,059.50 during Sunday’s session.

Bitcoin chart by TradingView

Bitcoin bulls rejected a breakout below the $29,000 mark, just as the relative strength index (RSI) closed in on a collision with a resistance level at 46.00.

This ceiling appears to be a major obstacle preventing price from moving towards its obvious target at the $30,000 mark.

At the time of writing, the RSI is tracking at 45.97 with bitcoin at $29,362.66.

Ethereum

Ethereum (ETH) remained above a key support level at $1,850 on Monday, as traders continued to target the $1,900 level.

Following a low of $1,851.73 on Sunday, ETH/USD jumped to a peak of $1,884.14 earlier in the day.

The world’s second largest cryptocurrency has now gone ten days since it last traded above the $1,900 mark.

Ethereum chart by TradingView

Like with BTC, in order for ETH to make further upward strides, it will first need to break out of a current ceiling on the RSI.

The index is currently tracking at 47.72, which is marginally below a key resistance level at the 48.00 mark.

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

What is the peak point ethereum could reach in August? Leave your thoughts in the comments below.



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

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

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