Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 to Start the Week

http://motleybloggers.com/wp-content/uploads/2022/10/bitcoin-ethereum-technical-analysis-btc-back-above-19000-to-start-the-week.jpg





Bitcoin started the week trading above $19,000, as bulls made a sluggish return to the token, following recent sell-offs. Ethereum also rallied on Monday, after a brief stint trading below $1,300. Overall, the global crypto market is down 1.19% as of writing.


Bitcoin


Bitcoin (BTC) was trading marginally higher on Monday, as bull began to return to crypto markets following recent sell-offs.


Following a low of $19,118.19 on Sunday, BTC/USD raced to an intraday high of $19,491.33 earlier in the day.


Monday’s move saw the world’s largest cryptocurrency climb towards a key price ceiling of $19,500.


Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 to Start the Week
BTC/USD – Daily Chart

Looking at the chart, the rebound in price comes as the 14-day relative strength index (RSI) recently broke out of its resistance at 48.00.


As of writing, the index is tracking at 49.42, with the next visible resistance point near the 56.00 level.


Should price strength continue to move towards this point, we will likely see prices move towards the $20,000 mark.

Ethereum


Ethereum (ETH) also surged to start the week, with the token climbing for a second straight session.


After a brief breakout below its floor of $1,275 on Saturday, ethereum has put together a run of back-to-back gains.


Today’s surge has seen the token hit a peak of $1,322.33, which comes a day after it was hovering around the $1,281.29 mark.


Bitcoin, Ethereum Technical Analysis: BTC Back Above $19,000 to Start the Week
ETH/USD – Daily Chart

Despite today’s gains, momentum in ETH/USD continues to be bearish, with both the 10-day (red) and 25-day (blue) moving averages trending downwards.


Bulls will likely be tentative to enter at this point, as we near a ceiling of $1,330, with the RSI also nearing an obstacle.


As of writing, the index is tracking at 45.87, which is slightly below a ceiling of 46.00.


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




Tags in this story

Do you expect ethereum to move above $1,400 this week? Leave your thoughts in the comments below.








Eliman Dambell


Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.







Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. MotleyBloggers.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.




Read disclaimer




Origina post from
https://motleybloggers.com/bitcoin-ethereum-technical-analysis-btc-back-above-19000-to-start-the-week/

Comments

Post a Comment

Popular posts from this blog

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
Post a Comment
Read more

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
Post a Comment
Read more

‘Bitcoin Is Dead’ Google Searches Skyrocket, Bitcoin Obituaries Records 15 Deaths This Year

https://motleybloggers.com/wp-content/uploads/2022/06/bitcoin-is-dead-google-searches-skyrocket-bitcoin-obituaries-records-15-deaths-this-year.jpg According to the Bitcoin Obituaries list, bitcoin has died 15 times in 2022, and the last obituary written about bitcoin’s death was on June 18, in a recent statement that said: “Bitcoin Will Not Recover.” Interestingly, Google Trends data shows that the search phrase “bitcoin is dead,” is estimated to hit an all-time high this week. The Old Saying ‘Bitcoin Is Dead’ Comes Back to Life In recent times, you may have heard the phrase “bitcoin is dead,” or something similar. A great number of people truly believe that bitcoin is dead while many believe the crypto asset is the future of money. The past two weeks have been gruesome for bitcoin as prices dropped to a low of $17,593 per unit. The analytics company Glassnode shows the losses during the last three days have been massive. “The last three consecutive days have been the largest USD deno
Post a Comment
Read more