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Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session

News Feed - 2022-08-20 09:08:50

Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session


This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend. Bitcoin


Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $22,000.


Saturday saw BTC/USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level.


This floor has been at the $20,800 point, which was last hit on July 16, when prices were trading below $20,500. BTC/USD – Daily Chart


As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32.97, which is its lowest point since July 12.


Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27.


Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA.


Should this trend continue, this could signal further declines, with BTC likely falling below $20,000. Ethereum


After a strong start to the week, ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000.


ETH/USD, which dropped to a bottom of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.


This is the lowest level ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4. ETH/USD – Daily Chart


Honing in on the chart, it appears as if ETH bears are attempting to take prices towards a support point of $1,565.


However, bulls have so far resisted this possibility, pushing back from earlier lows, with the token currently trading at $1,636.11.


The rebound came as the RSI hit a floor of 43.00, and as of writing RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700.


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Do you expect ethereum to climb back above $1,700 this weekend? Leave your thoughts in the comments below. Eliman Dambell


Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: SHIB Rebounds on Saturday, as ATOM Moves Away From 3-Week Low MARKET UPDATES | 9 hours ago Crypto Fear and Greed Index Shows Market Sentiment Remains Fearful MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleThe Central Bank of Colombia Is Studying the Creation of a Digital Currency Next articleBiggest Movers: SHIB Rebounds on Saturday, as ATOM Moves Away From 3-Week Low 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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


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