Bitcoin News and Finance Bitcoin, Ethereum Technical Analysis: BTC Moves Below $29,000, Hitting a 10-Day Low Skip to main content

Bitcoin, Ethereum Technical Analysis: BTC Moves Below $29,000, Hitting a 10-Day Low

Bitcoin dropped for a second consecutive session on Thursday, as price moved towards a key point of support. Today’s sell-off has sent the cryptocurrency below $29,000, with the coin now trading at a ten-day low. Ethereum fell to a one-week low in today’s session.

Bitcoin

Bitcoin (BTC) was once again in the red on Thursday, as traders continued to secure gains from last week’s bull run.

BTC/USD fell to an intraday low of $28,596.91 earlier in today’s session, which comes a day after hitting a high of $29,509.35.

This is the lowest point that bitcoin has hit since April 10, when price traded at a bottom of around $28,100.

Looking at the chart, Thursday’s move saw BTC fall under a recent floor at $28,600, with the relative strength index (RSI) also dropping toward a floor of its own.

At the time of writing, the index is now tracking at 51.47, which is marginally above the aforementioned support at 50.00.

BTC has already moved away from earlier lows, and is currently trading at $28,837.95, as of writing.

Ethereum

Ethereum (ETH) slipped to a one-week low in today’s session, as traders attempted to find a point of support.

Following a high of $2,005.44 on Wednesday, ETH/USD dropped to a bottom at $1,928.58 earlier in the day.

As a result of this drop, ethereum fell to its weakest point since April 13, a day which saw ETH hover marginally above $1,900.

At the time of writing, ETH has rebounded, which appears to be due to its RSI bouncing from a floor at 52.00.

Ethereum is currently trading at $1,945.58, with the index at the 54.54 level, below an upcoming ceiling at 58.00.

If bulls were to take price strength to, or above, 58.00, there is a good chance that ETH will be back over the $2,000 level.

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

Do you expect ethereum to climb above $2,000 this week? 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