Fun

Bitcoin, Ethereum Technical Analysis: BTC Moves Lower as Prices Fail to Break Out of Key Resistance Level

News Feed - 2022-10-25 09:10:59

Bitcoin, Ethereum Technical Analysis: BTC Moves Lower as Prices Fail to Break Out of Key Resistance Level


Bitcoin was trading lower in today’s session, after failing to break out of a key resistance level of $19,600. Bullish sentiment seemed to have returned to the market on Monday, however this momentum was short lived. Ethereum also fell in today’s session, but remained above its recent price ceiling. Bitcoin


Bitcoin (BTC) moved lower on Tuesday, as bears returned to action following a failed breakout of a key resistance point.


BTC/USD slipped to an intraday low of $19,206.32 earlier in today’s session, moving away from Monday’s peak of $19,698.


Yesterday’s move saw the token briefly move past its ceiling of $19,600, however, after failing to maintain momentum, bulls vacated their positions. BTC/USD – Daily Chart


As a result of today’s drop, the 14-day relative strength index (RSI) fell to a floor of 47.50, which is its weakest point since Saturday.


Currently the index has rejected a move below this mark, and is tracking at 48.54, as bulls try to regain some of the market sentiment.


However, should we see a move below the aforementioned floor, then we could see bitcoin once again move under the $19,000 level. Ethereum


ETH/USD was also in the red on Tuesday, as traders appear to have consolidated their gains from yesterday’s session.


Following a move to a three-week high of $1,370 on Monday, ETH/USD fell to a bottom of $1,327.85 earlier in the day.


This earlier decline initially pushed the token below its resistance of $1,330, however as the day progressed, prices somewhat rebounded. ETH/USD – Daily Chart


As of writing, ethereum is now trading at $1,348.29, which shows that current momentum still remains largely bullish.


An upwards crossover between the 10-day (red) and 25-day (blue) moving averages has now occurred as well, which could be the reason for the shift in sentiment.


Looking at the chart, a ceiling of $1,385 still appears to be the target for traders in the coming days.


Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum


Will we see ethereum continue to surge heading into November? 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. Biggest Movers: DOGE Hits 1-Week High as Prices Rebound on Tuesday MARKET UPDATES | 8 hours ago Biggest Movers: ADA Nears 1-Week Peak, as MATIC Moves to Highest Point Since September MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHackers Are Taking Advantage of Typing Mistakes to Steal Cryptocurrency Next article‘Sleeping Bitcoin’ Spends Slow Down Considerably in 2022, as 92 Decade-Old BTC Worth $1.79 Million Wake Up 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. Bitcoin.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 disclaimerShow comments More Popular NewsIn Case You Missed ItDraft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament


A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.Fidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand" Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company
Binance Makes Regulatory Compliance Top Priority as the Crypto Exchange Pivots Into Financial Services Company Global cryptocurrency exchange Binance has made re
Rich Dad Poor Dad’s Robert Kiyosaki Discusses ‘Best Investment Value Today’
Rich Dad Poor Dad"s Robert Kiyosaki Discusses "Best Investment Value Today" The famous author of the best-selling book Rich Dad Poor Dad, Robert Kiyosaki, has discussed what he bel
GOAT Outpaces PEPE Growing To $900M Market Cap In 2 Weeks – Details
Este artículo también está disponible en español. Goatseus Maximus (GOAT), a new meme coin on the block, has taken the crypto community by storm with its aggressive surge
Port Finance to List on AscendEX
Port Finance to List on AscendEX press release PRESS RELEASE. AscendEX, a global cryptocurrency financial platform with a comprehensive product suite, is excited
Tom Blackstone5 hours agoFireblocks launches trading system to mitigate centralized exchange riskThe “Off Exchange” trading system was launched by Fireblocks, allowing institutions to trade without fully relinquishin
US Charges Indian Citizen in $3.4 Billion Crypto Ponzi Scheme Bitconnect
US Charges Indian Citizen in $3.4 Billion Crypto Ponzi Scheme Bitconnect The founder of the $3.4 billion crypto Ponzi scheme Bitconnect has been charged in the United States.
The Gift of NFTs: Why You Should Consider Buying an NFT for Your Loved Ones This Holiday Season
The Gift of NFTs: Why You Should Consider Buying an NFT for Your Loved Ones This Holiday Season 2021 is coming to an end and the new year is just around the corner. If you’v
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z
Optimism Raises $150 Million in Series B Funding Round Led by Paradigm and A16z Optimism, an L2 (Layer 2) rollup solution for Ethereum, has raised $150 million in its Series B fund
Zambia Testing Technology to Regulate Cryptocurrency — Government Minister
Zambia Testing Technology to Regulate Cryptocurrency — Government Minister The Bank of Zambia and the country’s securities regulators are currently testing the technology t
SEC pushes back decision on Grayscale Ether futures ETF
Ciaran Lyons7 hours agoSEC pushes back decision on Grayscale Ether futures ETFThe United States securities regulator has postponed its decision on approving Grayscale"s Ethereum Futures Trust ETF product until the end of
MicroStrategy Could Be Forced To Dump Bitcoin Under These Circumstances, Michael Saylor Responds
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Maksym Illiashenko20 hours agoGame developers’ role in elevating Web3 gaming — Breaking the stigmaBy focusing on these elements, game developers can elevate Web3 games and change the stigma surrounding them. It"s all