Bitcoin, Ethereum Technical Analysis: BTC Bounces Back After Monday’s Selloff
Following Monday’s selloff, cryptocurrency markets mostly rebounded across the board, with bitcoin and ethereum prices rallying by as much as 10%.Overall the global crypto market cap was over 6% higher from yesterday’s session. Bitcoin
Bitcoin, which fell to an intraday low of $33,184.06 during yesterday’s session, was up close to 9% as of writing, hitting a high of $37,247.52 in the process.
After a false breakout from its support level of $34,170 to start the week, today’s move saw BTC/USD climb from this point, with some anticipating the potential for a rally towards resistance of $40,000.
Looking at the chart below, BTC bulls appear to have re-entered as many expected at this level, similar to July’s move, however with the RSI still oversold, many remain skeptical of a full scale bull run. BTC/USD – Daily Chart
Now that the short-term 10-day EMA (red) has somewhat eased its downward momentum, traders will be anticipating a potential reversal, as the chances of the upward cross gradually increase. One thing to consider is whether we are seeing long-term bitcoiners buying the dip. Ethereum
In the last seven days ETH has fallen over 20% in value, however Tuesday saw a slight easing of this bearish pressure, as bulls re-entered the race.
As of writing, ETH/USD rose to an intraday high of $2,463.59, after almost falling below $2,000 on Monday, recording its lowest rate since July as a result.
Looking at today’s chart, it appears to show that ETH has found an interim floor, despite the long-term descending triangle hinting at further downside pressure. ETH/USD – Daily Chart
Similar to BTC, Ethereum price action is still oversold, however as it gradually moves towards the 30 RSI level, the question is if we will see bullish sentiment begin to increase. Tags in this story Analysis, Bitcoin, Bullish, buying the dip, Ethereum, selloff, TA, Technical Analysis
What are your thoughts on the current market conditions? Let us know in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Technical Analysis: Meme Coins, Avalanche Move Higher on Tuesday MARKET UPDATES | 3 hours ago Technical Analysis: Cosmos Climbs Higher, While Solana"s Fall Continues MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleFearing a Hawkish Fed: Economists Focus on Upcoming FOMC Meeting as Global Market Rout Slows Next articlePureStake CEO Derek Yoo Explains the Technology Behind Moonbeam Network 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 ItMad Money"s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate
The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer"s Dogecoin Warning Jim Cramer, the host ... read more.UFC Partners With Dapper Labs to Launch NFT Collection "UFC Strike" These Are the Crypto Economy"s 10 Most Expensive Assets per Unit in 2022 Robinhood Begins Rolling Out Crypto Wallets to Select Customers Bitcoin Price Slips Below $36K, BTC Dominance Increases, Billions Leave Crypto Economy