Bitcoin, Ethereum Technical Analysis: BTC, ETH Hit 2-Week Lows, Ahead of US Midterms
Bitcoin fell below $20,000 on Tuesday, as markets prepared for the U.S. midterm elections. Cryptocurrencies were swept by a red wave today, as some Democratic investors expect that American voters will also be favoring such a wave in the political arena. Ethereum also moved lower, dropping below $1,500 for the first time in two weeks. Bitcoin
Bitcoin (BTC) prices fell for a third straight session on Tuesday, as traders prepared for the U.S. midterm elections.
Following a high of $20,882.38 to start the week, BTC/USD slipped to an intraday low of $19,448.53 earlier today.
This drop in price saw bitcoin fall to its lowest level since October 25, when the token was trading around the $19,200 mark. BTC/USD – Daily Chart
Looking at the chart, today’s decline in BTC came as prices fell below a key price floor of $20,080.
In addition to this, the 14-day relative strength index (RSI) has also slipped below a support of its own at 52.60, and is currently tracking at 44.81.
BTC has somewhat rebounded from earlier lows, with bulls so far rejecting a move under $19,000. The token is trading at $19,727.23 as of writing. Ethereum
Ethereum (ETH) also sank ahead of today’s vote, which many expect to be a clean sweep for Republican candidates.
The world’s second largest cryptocurrency fell to a bottom of $1,443.03, less than 24 hours after trading at a peak of $1,604.48.
Like with BTC, today’s move saw the token drop for a third consecutive day, hitting its lowest point in two weeks in the process. ETH/USD – Daily Chart
As can be seen from the chart, ETH bears attempted to recapture a floor of $1,425, however prices have since rebounded.
The RSI has however hit a floor, and as of writing, the index is tracking close to its floor of 50.00.
Should we see this floor broken, then we could see traders once again attempt to take the token towards the $1,425 point.
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Do you expect a Republican victory in the midterms to push crypto prices lower? 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: FTT Down 30% on Tuesday, Falling to 21-Month Low MARKET UPDATES | 7 hours ago Biggest Movers: MATIC Moves to 6-Month High, ATOM up 10% MARKET UPDATES | 4 days ago
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