Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC up 10% From Same Point Last Week

https://motleybloggers.com/wp-content/uploads/2022/01/bitcoin-ethereum-technical-analysis-btc-up-10-from-same-point-last-week.jpg

Despite trading lower on Monday, bitcoin is up over 10% from the same point last week, with ETH also gaining within that period. In general, crypto markets were weaker to start the new week.


Bitcoin


Following some strong rallies over the weekend, BTC/USD gave back some of these gains on Monday, falling to an intraday low of $36,733.57.


This comes after the world’s largest cryptocurrency edged closer to the $40,000 level, by hitting $38,168.01 during Sunday’s session.


The move saw its 14-day RSI climb to 38, however as on January 18th, price action was simply not strong enough to move past that point.


As of now, bitcoin is tracking at 34 on this indicator, and has extended the consolidation between support of $35,470, and resistance of $39,010.


Looking at the chart, you can see that the 10-day(red) moving average has begun to slow its downward trajectory, giving way for the potential upside swing.

BTC/USD is currently down 2%, trading at $37,259.85, however prospects for a bullish breakout remain, whilst we continue to consolidate at current levels.


Some expect that bull run to come this week.

Ethereum


On Monday, ETH is up over 17% higher from its price at the same point last week, despite trading in the red to begin the day.


ETH/USD fell to an intraday low of $2,489.07 during the session, despite hitting a 5-day high of $2,622.5 late on Sunday.


The short-term resistance of $2,600 which has been in place since January 22nd, continues to be a hurdle to further upside swings.

In addition to this, the RSI has not moved beyond 36 during that same period, and although prices are oversold, the lack in price strength has deterred bulls from taking longer-term positions.


Could that change this week, with more bulls re-entering? Leave your thoughts in the comments below.



Origina post from
https://motleybloggers.com/bitcoin-ethereum-technical-analysis-btc-up-10-from-same-point-last-week/

Comments

Post a Comment

Popular posts from this blog

P2P Bitcoin Traders in Nigeria Think Outside the Box in the Wake of CBN Restrictions

After the Central Bank of Nigeria issued a directive targeting the country’s cryptocurrency industry, bitcoin and altcoin trade volumes on centralized exchanges immediately plunged. Nevertheless, the new regulations seem to have succeeded in boosting crypto trade volumes on informal markets or on peer-to-peer trading platforms. Nigerian Crypto Traders Get Creative Still, the increasing trades on informal platforms have also led to increased reports of users losing money to con artists. Moreover, with the CBN seemingly eager to see volumes of crypto trades plummet, Nigerian users had to find ingenious but legal ways of getting around the central bank’s imposed restrictions. As shown in one local report , one such legal way is through an app created by one local crypto start-up, Patricia. According to the report, this application is already enabling Nigerian users to buy or sell their crypto assets securely and without running afoul of CBN regulations. Therefore, in this repor...
Post a Comment
Read more

A Jacobin Podcast Review: Critiques on Crypto and Sterlin’s Response

https://motleybloggers.com/wp-content/uploads/2022/01/a-jacobin-podcast-review-critiques-on-crypto-and-sterlins-response.jpg The following opinion editorial is a Jacobin Podcast review written by the author Sterlin Lujan , the chief risk officer with Cryptospace. The Jacobin Podcast episode called: “ Dig: Cryptocurrency w/ Edward Ongweso Jr & Jacob Silverman, ” touches upon “cryptocurrency, NFTs, Elon Musk, the metaverse, meme stocks, and techno-utopianism amid the crushing reality of our neoliberal hellscape.” Cryptocurrency isn’t fringe technology anymore. Over the last decade, it has become embedded into finance, culture, and even our social life. It’s drastically changing the way we think about money, economics, and human action. However, some people, primarily on the left, are skeptical of cryptocurrency. Many of them hate it, regardless of how much of a godsend it has been for many. My friend, thought leader, author, and psychedelic visionar...
Post a Comment
Read more

Bitcoin, Ethereum Technical Analysis: ETH Back Under $2,000 as Balenciaga Gains Lose Steam

https://motleybloggers.com/wp-content/uploads/2022/05/bitcoin-ethereum-technical-analysis-eth-back-under-2000-as-balenciaga-gains-lose-steam.jpg Following strong gains to start the week, BTC once again fell under $30,000, as crypto prices moved lower on Tuesday. The downturn follows up from yesterday’s rally, which came as Balenciaga announced it would be accepting crypto payments. ETH also dropped, falling under $2,000 today. Bitcoin Bitcoin fell under $30,000 on Tuesday, as bears returned to action following a green start to the week. Following a high of $30,547.50 during Monday’s session, BTC /USD fell to an intraday low of $28,975.56 earlier today. Today’s drop saw BTC fall by over 5% in the day, as bullish sentiment following the Balenciaga crypto announcement faded. BTC /USD – Daily Chart Since then, bears have now pushed prices closer to support at $28,800, which is an area where BTC has resided over the past few weeks. Looking at the chart, the 14-da...
Post a Comment
Read more