Bitcoin News and Finance Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Begin Weekend Close to Key Resistance Levels

Bitcoin and ethereum began the weekend trading close to key resistance levels, as crypto markets continued to sustain recent gains. Overall, the global cryptocurrency market cap was marginally higher on Saturday, as traders prepared for this weekend’s session.

Bitcoin

BTC is currently trading 6% higher than at the beginning of the week, this coming as prices rallied to multi-week highs.

On Saturday, BTC/USD hovered marginally below its resistance of $45,050, as prices rose to an intraday high of $44,999.49.

Following four consecutive days of gains, today’s consolidation sees bulls identifying the current area of uncertainty, and wondering whether to sustain pressure or secure earlier gains.

BTC has not truly traded above the current resistance level since December 29, when prices were falling from a then high of $52,198.

Looking at the chart, the 14-day RSI indicator has marginally moved beyond its own resistance of 62.10, which is a slight positive for bulls.

However, the price strength is still relatively close to the ceiling, which shows that market uncertainty is still rife.

Traders will likely continue to wait for confirmation prior to any further positions.

.

Ethereum

ETH was marginally lower than Friday’s peak of $3,183.96, with the world’s second-largest cryptocurrency trading 0.43% lower as of writing.

Following its breakout of the $3,180 resistance level during yesterday’s session, ETH/USD today fell to a low of $3,087.49.

This intraday bottom was short lived, with prices now back above $3,120 and appearing to be consolidating below the ceiling.

Price strength in ethereum is deeply overbought, with the 14-day RSI indicator tracking at its highest level since November 10.

Bulls will likely still target the $3,310 resistance, which has been in place since February 10, however the road there seems more uncertain, as bears are likely waiting for a sign to re-enter.

Is there enough momentum left in ETH to see further gains this weekend? Leave your thoughts in the comments below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory