4u Created
Image default
Crypto

BTC, ETH Extend Recent Declines on Saturday – Market Updates Bitcoin News


Bitcoin was trading lower on Saturday, as cryptocurrency prices continued to trade in the red following the latest U.S. nonfarm payrolls (NFP) report. The token dropped for a fourth consecutive day, moving closer to a key support point in the process. Ethereum was also in the red, hitting a five-day low in the process.

Bitcoin

Bearish sentiment remained in bitcoin (BTC) markets to start the weekend, as they continued to digest the latest nonfarm payrolls (NFP) report.

Following the better-than-expected jobs report, BTC/USD fell to an intraday low of $19,395.79 earlier in the day.

The move pushed the token close to a key support point of $19,200, and as of writing, it is trading close to a six-day low.

BTC/USD – Daily Chart

Looking at the chart, the 14-day relative strength index (RSI) has also dropped, and is also approaching a floor of 45.70.

Despite moving closer to this bottom, the 10-day (red) moving average has recently crossed over its 25-day (blue) counterpart, which is typically a sign of bullish momentum.

Should BTC move to its floor of $19,200, there will likely be an influx of bulls looking to buy this dip, sending prices higher as a result.

Ethereum

Ethereum (ETH) was also down for its fourth consecutive day, with the token breaking out of a key support point in the process.

The world’s second largest cryptocurrency dropped to a low of $1,321.75 on Saturday, a day after hitting a peak of $1,356.88.

As a result of today’s sell-off, ETH/USD dropped below its support of $1,330, and is currently trading at its lowest point since October 3.

ETH/USD – Daily Chart

From the chart, it appears that the RSI is now marginally above its own floor of 42.00, with the price trading at $1,328 as of writing.

Unlike BTC, there has not been any crossover of moving averages, however, the trend lines seem to be nearing in proximity to this point.

Overall, even with the current market turbulence, it seems that bulls are still targeting a breakout of the $1,400 level.

Register your email here to get weekly price analysis updates sent to your inbox:

Could ethereum bulls return to action this weekend? 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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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.





Source link

Related posts

Celsius Files for Bankruptcy — Regulator Says the Crypto Lender Is ‘Deeply Insolvent’ – Regulation Bitcoin News

Ukraine to Revise Virtual Assets Law in Line With EU Crypto Rules – Regulation Bitcoin News

GRN (G) Is Now Available for Trading on LBank Exchange – Press release Bitcoin News