Bitcoin, Ethereum Technical Analysis: BTC, ETH Seek Support Level, Following Worst Selloff Since FTX Crisis

Bitcoin started the weekend trading below $26,000, as the cryptocurrency had its worst week since the collapse of FTX. Market sentiment was bearish following reports that Spacex liquidated its bitcoin holdings. Ethereum remains below $1,700.

Bitcoin

Bears continued to circle bitcoin (BTC) to start the weekend, as the cryptocurrency had its biggest one-day decline since the collapse of FTX.

BTC/USD dropped to a low of $25,668.92 on Saturday, which comes less than 24 hours after trading at a high of $26,598.65.

As a result of today’s move, bitcoin remains close to a two-month low, with some traders targeting a breakout below $25,000.

Overall, the relative strength index (RSI) is deep in bearish territory, with a current reading of 18.56.

Price strength hasn’t tracked below 20.00 since January last year, which for some was the beginning of the so-called “crypto winter”.

Should there be further declines this weekend, the target will likely be a support point of $24,900.

Ethereum

Ethereum (ETH) was marginally higher on Saturday, as the price rebounded from a recent move below $1,600.

Following a high of $1,695.45 on Friday, ETH/USD fell to a bottom of $1,644.93 to start the weekend.

On Thursday, ethereum dropped to a low of $1,540, which was its weakest point since March 12, when the price was trading below the $1,459 level.

The 10-day (red) moving average is now firmly on a downward trend, after appearing as though it was nearing an upwards cross earlier in the week.

As of writing, ethereum seems to have found a firm floor around the $1,660 level.

Do you expect ethereum to rebound in the coming week? Leave your thoughts in the comments below.

from Bitcoin News https://ift.tt/VjT1AQv

Comments

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

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

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

breaking news this december get instant daily breaking news

Search This Blog