Bitcoin, Ethereum Technical Analysis: BTC Falls as Global Economic Slowdown Heightens
Bitcoin was back in the red during Friday’s session, as the token was once again trading below $19,000. The recent decline comes as the global economic slowdown has become more apparent. This week, both the Bank of England and United States Federal Reserve have moved to increase interest rates, with the Bank of Japan also intervening in the currency market. Ethereum was also lower on Friday, falling below $1,300. Bitcoin
Bitcoin (BTC) fell back below $19,000 on Friday, as financial markets continued their sell-off, while the global economy continued to slow down.
BTC/USD was moving closer to a three-month low on Friday, as the token dropped to an intraday low of $18,859.75.
This comes as both the S&P 500 and gold also dropped to recent lows in the past 24 hours, following U.S. Fed rate hike. BTC/USD – Daily Chart
Looking at this chart, today’s decline comes as prices slipped below a key price floor of $19,300, with the 14-day relative strength index (RSI) also dropping below a resistance point.
As of writing, the index is tracking at 41.38, which is marginally below a notable ceiling at the 42.00 mark.
Bears now look set to move from this ceiling to a floor of 37.50, and should this occur, BTC will likely be trading below $18,000. Ethereum
Similar to bitcoin, today’s red wave also collided with ethereum (ETH), which saw its price once again fall below $1,300.
The world’s second largest cryptocurrency dropped to an intraday low of $1,258.71 during today’s session.
This move has seen ETH/USD move closer to a floor of $1,215, which was hit earlier this week for the first time since July. ETH/USD – Daily Chart
As seen from the chart, the 10-day (red) moving average has fully crossed with its 25-day (blue) counterpart, which is a sign that further declines could come.
Currently the RSI is tracking at 37.58, which is in oversold territory, and could be a positive for investors hoping that the sell-off slows down.
Overall, ETH has fallen by nearly 12% in the last seven days.
Register your email here to get weekly price analysis updates sent to your inbox: Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Could ethereum fall below $1,000 this month? 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: XRP Hits Fresh 4-Month High, Token Climbs 50% This Week MARKET UPDATES | 8 hours ago Biggest Movers: XRP Hits 4-Month High, ALGO up 17% on Thursday MARKET UPDATES | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBrazilian Federal Police Launch Operation Colossus, 6 Cryptocurrency Exchanges Involved Next articleGameFi Platform BinaryX Launches Strategy Game CyberChess With $500,000 Prize Pool 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 ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"
Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Goldman Predicts US Recession Odds at 35% in 2 Years, John Mauldin Wouldn"t Be Surprised if Stocks Fell 40% FBI Issues Alert Concerning Malicious State-Sponsored North Korean Hackers Targeting Crypto Firms Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design