Bitcoin, Ethereum Technical Analysis: BTC, ETH Extend Recent Declines During Saturday’s Session

Bitcoin Oct 26, 2022 0 241 Add to Reading List

This week’s sell-off in cryptocurrency markets worsened on Saturday, with bitcoin falling below $21,000 for the first time in nearly a month. Ethereum also continued its descent in today’s session, as the price of the token dropped under the $1,700 level to start the weekend.

Bitcoin

Bitcoin (BTC) continued to reside in the red to start the weekend, as prices of the world’s largest cryptocurrency fell below $21,000.

Saturday saw BTC/USD fall to an intraday low of $20,868.85, with the token edging closer to a key support level.

This floor has been at the $20,800 point, which was last hit on July 16, when prices were trading below $20,500.

BTC/USD – Daily Chart

As a result of these declines, the 14-day relative strength index (RSI) dropped to a low of 32.97, which is its lowest point since July 12.

Bitcoin prices have since rebounded, and as of writing are back above $21,000. BTC is currently trading at $21,191.27.

Taking a closer look at the chart, it can be seen that the 10-day (red) moving average (MA), is nearing a downward cross with the 25-day (blue) MA.

Should this trend continue, this could signal further declines, with BTC likely falling below $20,000.

Ethereum

After a strong start to the week, ethereum (ETH) has begun the weekend trading over $400 away from Monday’s peak above $2,000.

ETH/USD, which dropped to a bottom of $1,695.15 on Friday, fell even lower in today’s session, hitting a low of $1,611.34.

This is the lowest level ethereum has traded at in the last sixteen days, after falling below the $1,600 level on August 4.

ETH/USD – Daily Chart

Honing in on the chart, it appears as if ETH bears are attempting to take prices towards a support point of $1,565.

However, bulls have so far resisted this possibility, pushing back from earlier lows, with the token currently trading at $1,636.11.

The rebound came as the RSI hit a floor of 43.00, and as of writing RSI is tracking at 44.90. Should this head back towards 50, we may see the token rise back above $1,700.