Bitcoin News and Finance
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains  Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Yesterday’s Gains 

BTC was marginally lower to start the weekend, as crypto prices consolidated following recent gains. After surges in price on Friday, both ETH and bitcoin were slightly lower, as bulls appeared to have liquidated positions in order to secure profits.

Bitcoin

Bitcoin was trading lower to start the weekend, as markets consolidated following Friday’s surge in price.

Following a peak of $21,138.24 in yesterday’s session, BTC/USD slipped to an intraday low of $20,518.90 earlier today.

This drop comes as yesterday’s momentum slightly eased, and bears reentered the market close to a key point of uncertainty.

Looking at the chart, this resistance level was around the $21,100 level, which has often been a zone where bears like to circulate.

On this occasion, they opted to attack, forcing some previous bulls to retreat from their positions, with some likely waiting for an opportune time to reenter.

This also coincides with the 14-day RSI hitting a ceiling of its own at 48, however should price strength move beyond this, then we could likely see a continuation of upwards momentum.

Ethereum

ETH was subjected to a similar fate on Saturday, as prices were slightly lower, following a relatively strong rally on Friday.

Yesterday saw the world’s second-largest token hit an intraday high of $1,275.78 as prices rose by almost 12% during the day.

This momentum has somewhat dissipated today, with prices hitting a low of $1,195.61 to start the weekend.

After briefly surging past the resistance level at $1,270 on Friday, some earlier bulls abandoned their positions, opting to take profits instead.

As of writing, prices continue to trade marginally above $1,200, which is a good sign for those looking to take longer-term positions.

Currently, the Relative Strength Index is tracking at 49.27, which is its highest point since April. However, it would need to strengthen even further if prices are to rise.

Register your email here to get weekly price analysis updates sent to your inbox:

Will ETH and BTC now trend lower for the remainder of the weekend? Leave your thoughts in the comments below.

Labels:

Comments

Post a Comment

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
Post a Comment
Read more

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
Post a Comment
Read more

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
Post a Comment
Read more

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
Post a Comment
Read more
Blogarama - Blog Directory