Following Monday’s selloff, cryptocurrency markets mostly
rebounded across the board, with bitcoin and ethereum prices rallying by
as much as 10%. Overall the global crypto market cap was over 6% higher from yesterday’s session.
Bitcoin
Bitcoin, which fell to an intraday
low of $33,184.06 during yesterday’s session, was up close to 9% as of
writing, hitting a high of $37,247.52 in the process.
After a false breakout from its support level of $34,170 to start the week, today’s move saw BTC/USD climb from this point, with some anticipating the potential for a rally towards resistance of $40,000.
Looking at the chart below, BTC
bulls appear to have re-entered as many expected at this level, similar
to July’s move, however with the RSI still oversold, many remain
skeptical of a full scale bull run.
Now that the short-term 10-day EMA
(red) has somewhat eased its downward momentum, traders will be
anticipating a potential reversal, as the chances of the upward cross
gradually increase. One thing to consider is whether we are seeing
long-term bitcoiners buying the dip.
Ethereum
In the last seven days ETH has fallen over 20% in value, however Tuesday saw a slight easing of this bearish pressure, as bulls re-entered the race.
As of writing, ETH/USD
rose to an intraday high of $2,463.59, after almost falling below
$2,000 on Monday, recording its lowest rate since July as a result.
Looking at today’s chart, it appears to show that ETH has found an interim floor, despite the long-term descending triangle hinting at further downside pressure.
Similar to BTC,
Ethereum price action is still oversold, however as it gradually moves
towards the 30 RSI level, the question is if we will see bullish
sentiment begin to increase.
source link : https://news.bitcoin.com/bitcoin-ethereum-technical-analysis-btc-bounces-back-after-mondays-selloff/
