Fun

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.


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


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


The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms

News Feed

Jesse Coghlan2 hours agoCME Group to launch BTC, ETH reference rates aimed at Asia’s investorsCME reported nearly half of its crypto volume year to date came from non-U.S. trading hours and around 11% from the Asia Pac
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year
Metaverse Real Estate Sales Expected to Reach $1 Billion This Year Real estate sales in the metaverse are expected to reach a billion dollars this year, according to a metaverse an
Helen Partz12 hours agoRevolut to suspend cryptocurrency services in USRevolut’s suspension of cryptocurrency services in the United States will affect 1% of their total global user base, the firm said.1795 Total views
Jesse Coghlan7 hours agoDirector YOLO’d $4M of Netflix budget into Dogecoin, made $27M: ReportCarl Erik Rinsch reportedly used nearly $11 million of his Netflix show’s budget to gamble with stocks and crypto and made
Sources Say World’s Largest Darknet Empire Market Exit Scammed, $30 Million in Bitcoin Stolen
Sources Say World"s Largest Darknet Empire Market Exit Scammed, $30 Million in Bitcoin StolenOne of the world’s largest darknet markets (DNM), Empire Market, allegedly exit sc
Robinhood Begins Rolling Out Crypto Wallets to Select Customers
Robinhood Begins Rolling Out Crypto Wallets to Select Customers Trading platform Robinhood has begun rolling out crypto wallets to 1,000 customers. Users can send and receive their
Report: Bank of Spain Worried About Inflation and Its Consequences in Latam
Report: Bank of Spain Worried About Inflation and Its Consequences in Latam The Bank of Spain has issued a new report about the performance of Latam economies during the first six
J.W. Verret5 hours agoWorldcoin: Should you let Sam Altman scan your eyeballs for WLD?Sam Altman believes his product ChatGPT will disrupt the world. As a “solution” to the consequences, he’s asking you to scan you
Ukrainian Pharmacy Chain Introduces Cryptocurrency Payments
Ukrainian Pharmacy Chain Introduces Cryptocurrency Payments A major Ukrainian chain of pharmacies has started accepting cryptocurrency through Binance Pay. The new payment method w
Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning
Blackrock Warns of Unprecedented Recession for 2023, Bull Markets Not Returning Blackrock, one of the largest asset management companies in the world, has warned that 2023 will be
Russia’s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation
Russia"s Biggest Bank Sberbank Unveils Crypto Plans to Follow Upcoming Regulation The largest bank in Russia, the state-owned Sberbank, has reportedly unveiled i
No, Hamster Kombat is not illegal in Uzbekistan
Helen Partz12 hours agoNo, Hamster Kombat is not illegal in UzbekistanUzbekistan authorities have not banned the Hamster Kombat game but warned against possible risks of withdrawing its tokens in the future.1940 Total vi