Bitcoin extended recent declines on Thursday, as the cryptocurrency moved towards a two-month low. Bearish sentiment increased following the latest Federal Open Market Committee (FOMC) minutes, where the Federal Reserve hinted at further rate hikes. Ethereum fell below $1,800 today.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Near 2-Month Lows as Bears Regain Momentum
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin
Bitcoin ( BTC) neared a two-month low during today’s session, as traders continued to react to the latest FOMC minutes report.
Following a high of $29,192.26 on hump-day, BTC/USD dropped to an intraday low of $28,376.50 earlier in the day.
This was the weakest point that bitcoin had fallen to since June 21, when it was at a low of $28,271.
The drop comes as a recent upwards crossover between the 10-day (red) and 25-day (blue) moving averages has reversed course.
Additionally, the relative strength index ( RSI) has plunged deeper into oversold territory, and is now tracking at 35.05.
This is its lowest level since March, and should momentum continue to fall, price could end up at a floor of $27,600.
Ethereum
Bearish sentiment was also high in ethereum ( ETH), which fell to a multi-month low of its own on Thursday.
ETH/USD bottomed out at $1,783.05 on Thursday, less than 24 hours after trading at a high of $1,826.82.
As a result of this sell-off, ethereum slipped to its lowest point since June 20, when it almost moved under the $1,700 mark.
Ethereum’s RSI is also currently hovering in bear territory, with a reading at 33.67, and appears to be angling to reach a floor at 30.00.
Should it reach this point, ethereum will likely be trading around a long-term support point of $1,750.
Register your email here to get weekly price analysis updates sent to your inbox:
What is behind today’s increase in bearish sentiment? Leave your thoughts in the comments below.
