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

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 report, we relis

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 visionary, Daniel Pinchbeck, pointed out a

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-day Relative Strength Ind

motleybloggers

Search This Blog