May 23, 2022

MotleyBloggers

News from the world of bitcoin

Bitcoin, Ethereum Technical Analysis: BTC Falls Below $40,000 to Start Weekend

Bitcoin has fallen below $40,000 to start the weekend, as cryptocurrency markets extend recent losses. ETH was also lower on Saturday, falling to its lowest point this week in the process.

Bitcoin

BTC fell for its fourth consecutive session on Saturday, as the world’s largest cryptocurrency dropped below its long-term support level.

The price of BTC/USD fell below its $40,000 floor during the session, hitting an intraday low of $38,777.04 in the process.

As of writing, BTC is down 5.27% on the day, and is currently trading at $39,151.54, with the 14-day RSI tracking at 45.4.

This decline in price strength comes as the floor of 47 within the RSI indicator was broken, and is now trading at its lowest since last Sunday.

As prices continue to fall, traders are naturally looking to find a stable floor, which appears to be around the $37,600 region.

However, as established on Friday, a rebound could also be imminent, as bulls historically have lived in the current price range.

Ethereum

Unlike bitcoin, ETH appears to have found its floor to start the weekend, despite also falling to its lowest level in the last seven days.

Earlier in today’s session, ETH/USD hit an intraday low of $2,587.75, however these losses have somewhat eased, and ethereum is now trading at $2,645.77.

This is marginally lower than today’s peak of $2,705.25, however as Saturday’s session matures, many remain hopeful of increases in price.

The floor of $2,550 seems to be the target of bears, which have been firmly present since prices were trading at the $3,000 resistance point.

History has shown that bulls tend to rally at the current level, as seen the last few times we were at this support point around $2,600.

Could we see prices recover heading into Sunday? Leave your thoughts in the comments below.