Skip to main content

Bitcoin, Ethereum Technical Analysis: Bitcoin Moves Higher as Crypto Markets Rebound on Saturday

https://motleybloggers.com/wp-content/uploads/2022/01/bitcoin-ethereum-technical-analysis-bitcoin-moves-higher-as-crypto-markets-rebound-on-saturday.jpg

Following two consecutive days of losses, bitcoin and ethereum both rebounded strongly to start the weekend. Crypto markets were trading close to 5% higher on Saturday.


Bitcoin


The world’s largest cryptocurrency regained some upward momentum on Saturday, as bitcoin bulls appeared to have re-entered the race.


BTC/USD rose to an intraday high of $37,952.88 on Saturday, following a low of $36,211.11 earlier in the session.


Today’s rally comes as bitcoin appears to have broken above the key RSI level of 30, and now tracks north of 35 on the indicator.


Despite remaining oversold, the breakout invigorated traders who were hoping to take BTC/USD to the $40,000 resistance level.


Overall and long-term, the BTC/USD chart is still positioned within a descending triangle. However, the recent shorter-term ascending run has created a slight bottleneck in price.

This, along with the potential for the RSI to rise to its next resistance point 41, may be enough to send price to, and potentially above, $40,000.


Bulls could attempt to reach this point throughout the course of the weekend.

Ethereum


ETH was trading over 8% higher during today’s session, hitting its recent resistance level of $2,570 in the process.


Saturday’s rally saw ETH/USD climb to an intraday high of $2,576.46, which is its highest point since Thursday.


Looking at the chart below, the moving averages of 10-days (red), and 25-days (blue), were still declining, however as the RSI tracks higher, many will begin to anticipate a potential cross.

If this occurs, some may begin to target a range of $2,800 – $3,000.


Has the bear run in ETH cooled off for now? Leave your thoughts in the comments below.



Origina post from
https://motleybloggers.com/bitcoin-ethereum-technical-analysis-bitcoin-moves-higher-as-crypto-markets-rebound-on-saturday/

Comments

Post a Comment

Popular posts from this blog

US Senator Urges Congress to Pass Her Crypto Bill — Claims It Would’ve Prevented FTX Bankruptcy

http://motleybloggers.com/wp-content/uploads/2022/11/us-senator-urges-congress-to-pass-her-crypto-bill-claims-it-wouldve-prevented-ftx-bankruptcy.jpg U.S. Senator Cynthia Lummis believes that the FTX bankruptcy wouldn’t have happened under the Lummis-Gillibrand crypto bill. She stressed: “It’s clearer now than ever before that we need comprehensive regulation in the digital asset space.” Senator Lummis Explains How Her Crypto Bill Would Prevent the FTX Catastrophe U.S. Senator Cynthia Lummis (R-WY) explained in a series of tweets Monday why the collapsed cryptocurrency exchange FTX wouldn’t have gone bankrupt had Congress passed her crypto bill. The cryptocurrency trading platform filed for bankruptcy last week. The senator from Wyoming has been a supporter of bitcoin for quite some time. She personally owns BTC and believes that bitcoin is something that the Federal Reserve should hold on its balance sheet. She has said repeatedly that the cryptocurre...
Post a Comment
Read more

Research Shows Centralized Exchanges Saw the Most Visits This Year From Americans, Koreans, Russians

http://motleybloggers.com/wp-content/uploads/2022/12/research-shows-centralized-exchanges-saw-the-most-visits-this-year-from-americans-koreans-russians.jpg Residents of the United States, South Korea and the Russian Federation have been the most frequent users of centralized exchanges this year, according to a new study. The finding comes after the spectacular crash of FTX, one of the largest such platforms, amid tightening regulations and fewer new users. U.S. Leads by Number of CEX Users, Turkey and Japan Are Also in the Top in Terms of Traffic The U.S., South Korea and Russia together account for 22% of all visits to centralized exchanges (CEX) for cryptocurrencies, according to the 2022-2023 “Global Crypto Industry Overview and Trends” annual report produced by Huobi Research. The estimate is based on data from the top 100 CEXs on active users, trading depth, trading volume, and reliability. With a share exceeding 9%, the United States is the pronounced leader in terms...
Post a Comment
Read more

Kevin O’Leary Tells US Lawmakers FTX Failed Because Binance Intentionally Killed It

http://motleybloggers.com/wp-content/uploads/2022/12/kevin-oleary-tells-us-lawmakers-ftx-failed-because-binance-intentionally-killed-it.jpg Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has told U.S. Congress that he believes the collapsed crypto exchange FTX failed because rival Binance intentionally put it out of business. He said former FTX CEO Sam Bankman-Fried (SBF) told him that Binance, which owned a 20% equity stake in FTX, refused to comply with regulators’ requests whenever FTX applied for a license in different jurisdictions. Kevin O’Leary Shares Why He Thinks FTX Failed With U.S. Senators Shark Tank star Kevin O’Leary shared why he thinks crypto exchange FTX collapsed in a congressional hearing, titled “Crypto Crash: Why the FTX Bubble Burst and the Harm to Consumers,” before the Senate Committee on Banking, Housing, and Urban Affairs on Wednesday. Senator Pat Toomey (R-PA) asked O’Leary, “Why do you believe FTX failed?...
Post a Comment
Read more