Skip to main content

Bitcoin, Ethereum Technical Analysis: Leading Crypto Assets See Choppy Price Action

Bitcoin, Ethereum Technical Analysis: Leading Crypto Assets See Choppy Price Action

Bitcoin and ethereum prices declined in trading on Friday, November 3, 2023, as technical oscillators flashed mixed signals for the two largest cryptocurrencies by market capitalization.

Bitcoin

Bitcoin (BTC) fell 3.3% to $34,195 amid light trading volume of $20.79 billion over the last 24 hours. The relative strength index (RSI) reading of 70 indicates bitcoin is approaching overbought levels, while the Stochastic oscillator of 86 suggests the crypto may be due for some more pullback.

Bitcoin chart by TradingView

The commodity channel index (CCI) of 60 reflects that BTC is still trading within the upper half of its recent price range. The ten-day simple moving average (SMA) of $34,494 represents near-term resistance, while the longer-term 50-day and 100-day SMAs of $29,072 and $28,261 signal ongoing positive momentum.

Despite this, the RSI’s descent towards a bearish divergence, coupled with the absence of any forthcoming spot bitcoin exchange-traded fund (ETF) announcements, hints that a downward price correction could be on the horizon. Should this occur, the $33,000 and $32,500 levels are likely to emerge as critical support thresholds to keep an eye on.

Ethereum

Ethereum (ETH) dropped 2.8% to $1,785 during the past 24 hours, with $13.19 billion worth of ether changing hands over 24 hours. The RSI of 61.4 implies ethereum has room to rise before overbought conditions materialize.

Ethereum chart by TradingView

Meanwhile, the Stochastic level of 79.9 indicates the crypto asset is approaching overbought territory on the daily chart. The CCI reading of 51.4 reflects ether trading in the middle of its band. The 10-day SMA at $1,800 is close resistance, while the 50-day and 100-day SMAs at $1,656 and $1,693 denote some leftover bullish momentum.

​​Ethereum has witnessed a significant uptick in exchange inflows, reaching a five-month high with a surge of nearly 130,000 ether deposited into exchanges. Over the past fortnight, it has risen more than 10% and over the past month, over 8%. Ether has recorded $13.19 billion in 24-hour trade volume on Friday.

Today’s Bitcoin and Ethereum Market Verdict

Overall, the oscillators show both leading cryptos remain supported but a near-term pullback looks likely given the proximity to overbought levels on the Stochastic. The moving averages confirm the established uptrends remain intact, with any dips representing potential buying opportunities. Traders may look to take some profits near-term while maintaining a bullish intermediate-term outlook on bitcoin (BTC) and ethereum (ETH).

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

What do you think about bitcoin’s and ethereum’s price action on Friday? Share your thoughts and opinions about this subject in the comments section below.



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