Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Key Week of US Economic Announcements

Bitcoin hovered below $26,000 on Monday, as traders awaited a big week of economic announcements in the United States. The consumer confidence report will be released on Tuesday, with gross domestic product and nonfarm payrolls coming in the upcoming days. Ethereum was largely unchanged today.

Bitcoin

Bitcoin started the week hovering around the $26,000 region, as markets prepared for a big week of economic data.

Following a high of $26,406.15 on Sunday, BTC/USD dropped to an intraday low of $25,914.93 earlier in today’s session.

The world’s largest cryptocurrency has mostly consolidated around this level for the past ten days, since surging above $30,000 earlier in the month.

Bitcoin chart by TradingView

Since then a huge red wave has swept through the market, with BTC falling to a two-month low just over a week ago.

Prices have continued to trend sideways as the 14-day relative strength index (RSI) has failed to break out of a resistance level of 30.00.

As of writing, the index is tracking at 27.34.

Ethereum

Ethereum (ETH) also consolidated on Monday, with prices largely unchanged from Sunday’s low.

ETH/USD climbed to a high of $1,665.14 earlier in the day, which followed on from Sunday’s bottom of $1,641.63.

The move saw ethereum once again climb above a support point of $1,650, following a recent drop below this zone.

Ethereum chart by TradingView

Similar to bitcoin, the RSI has been unable to move past a ceiling of 33.00, which seems to be the main barrier to a bullish resurgence.

In the event this level is breached in the coming days, ethereum will most likely move above $1,700.

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

Will ethereum rally this week? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/jOa8PDs
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