Fun

Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory

News Feed - 2022-10-01 09:10:59

Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory


After a move above $20,000 on Friday, bitcoin was back in the red on Saturday, as prices fell close to a key support point. As a result of this move the token has been largely unchanged in the last week, with price up 0.87% in the last seven days. Ethereum was also lower to start the weekend. Bitcoin


Bitcoin (BTC) fell below $20,000 to start the weekend, as bearish sentiment returned following a brief rally late on Friday.


Following the release of the University of Michigan Consumer Sentiment report for September, which showed improvement from the previous month, BTC surged to a peak of $20,109.85.


However on Saturday, the token slipped to an intraday low of $19,238.12, falling below its floor of $19,300 in the process. BTC/USD – Daily Chart


Looking at the chart, the move comes as the 14-day relative strength index (RSI) continues to move away from its ceiling at 49.00.


As of writing, the index is tracking at 45.45, which is close to another support point near the 44.00 region.


Should this floor hold firm, there is a strong possibility that we could see a rebound, with bitcoin bulls not only taking price back to $20,000, but potentially above this point. Ethereum


Ethereum (ETH) was also trading low to start the weekend, as bullish sentiment from yesterday’s Consumer Sentiment data swiftly wore off.


Since hitting a peak of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.


As of a result of this sell-off, the world’s second largest cryptocurrency dropped below its support point of $1,330. ETH/USD – Daily Chart


Currently, the token is trading at $1,325.36, with bulls attempting to climb above this current point of resistance.


Like with bitcoin, ethereum’s 14-day RSI is also consolidating, and is hovering below a ceiling of 41.00 as of writing.


The 10-day (red) moving average seems to finally be positioned for a bounce, however, this will likely only occur once the ceiling on the RSI indicator is broken.


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 break out of this point this weekend? 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: QNT Nears 6-Month High, DOGE Extends Recent Gains MARKET UPDATES | 10 hours ago Biggest Movers: XRP Rebounds on Friday, Nearing Recent Highs  MARKET UPDATES | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleSpanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives Next articleBiggest Movers: QNT Nears 6-Month High, DOGE Extends Recent Gains 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 ItToday"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits


As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Crypto Exchange LBank and ETHDubai Partner for an Exclusive Meet-Up
Crypto Exchange LBank and ETHDubai Partner for an Exclusive Meet-Up press release PRESS RELEASE.Venture capitalists, founders, and eminent crypto investors graced the event to meet
Jesse Coghlan7 hours agoHester Peirce: US crypto laws can’t assume ‘everything is a financial asset’Securities and Exchange Commissioner Hester Peirce discussed a possible United States crypto legal framework, givi
Iran Continues Crackdown on Illegal Crypto Mining, Seizes Hundreds of Mining Rigs
Iran Continues Crackdown on Illegal Crypto Mining, Seizes Hundreds of Mining Rigs Authorities in Iran persist with their efforts to curb unauthorized cryptocurrency mining. The sta
Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says Report
Banks in Mexico Pose Greater Money Laundering Risk Than Crypto Firms, Says ReportCommercial banks by far pose the greatest risk of money laundering in Mexico compared to crypto-rela
Russians Have Invested Over $67 Billion in Cryptocurrency, Lawmaker Reveals
Russians Have Invested Over $67 Billion in Cryptocurrency, Lawmaker Reveals Interest in cryptocurrencies has been growing in Russia, not least among non-qualified investors. Accord
Litecoin Heading For Higher Levels As LTC/BTC Setup Signals Fresh Surge
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
Analyst Says PEPE Price Must Break This Resistance Level For 150% Surge Toward ATHs
Este artículo también está disponible en español. The PEPE price is currently trading within a Falling Wedge pattern, a historically bullish indicator that suggests an im
Here’s how much Bitcoin you could buy with all the fiat currency in the world
Tristan Greene6 hours agoHere’s how much Bitcoin you could buy with all the fiat currency in the world5,000 BTC used to get you a pizza — now it’s worth more than some countries.9468 Total views2 Total sharesListen
JK Rowling Bitcoin Quest: Elon Musk Joins Community to Explain Cryptocurrency to Harry Potter Author
JK Rowling Bitcoin Quest: Elon Musk Joins Community to Explain Cryptocurrency to Harry Potter AuthorHarry Potter author JK Rowling has become inundated with bitcoin insight and cryp
Crypto Facilities Gets FCA Nod to Set up Crypto Futures Venue
Crypto Facilities Gets FCA Nod to Set up Crypto Futures VenueCrypto Facilities, a subsidiary of Kraken cryptocurrency exchange, has obtained a Multilateral Trading Facility (MTF) li
OrdiZK bridge vanishes in alleged $1.4M rug pull: CertiK
Christopher Roark1 hour agoOrdiZK bridge vanishes in alleged $1.4M rug pull: CertiKThe team allegedly sold hundreds of millions of tokens into the market and then disappeared from social media.826 Total views5 Total shar
TRON Market Cap Hits Nearly $14 Billion On Strong Revenue Growth
Este artículo también está disponible en español. TRON, with its native token TRX, has been on a tear in the last few months, with its impressive market cap growth. Based