Bitcoin, Ethereum Technical Analysis: BTC, ETH Move Lower Ahead of US Inflation Data – Market Updates Bitcoin News

Bitcoin.com

Bitcoin was trading under $17,000 to start the week, as markets prepared for a big week of economic announcements. U.S. inflation figures will be released tomorrow, and are expected to fall to 7.3%. Many believe this will give way to the Federal Reserve pivoting from its aggressive rate hike policy. Ethereum was also lower, and is trading below $1,250 as of writing.

Bitcoin

Bitcoin (BTC) started the week in the red, as traders prepared for a big week of economic announcements from the United States.

How To Get Free Crypto  

Inflation figures will be released on Tuesday, and are expected to fall to 7.3%, down from 7.7% the month prior.

BTC/USD fell to an intraday low of $16,899.39 during Monday’s session, which comes a day after hitting a high of $17,245.64.

BTC/USD – Daily Chart

As can be seen from the chart, today’s decline saw bitcoin move lower for a fourth straight day, edging closer to a floor of $16,700 in the process.

The 14-day relative strength index (RSI), which is currently tracking at 47.42, is also nearing a resistance of its own at 46.00.

Coinbase Banner  

Depending on tomorrow’s inflation figure we could see BTC move below $16,700, and potentially towards the $16,000 mark.

Ethereum

Ethereum (ETH) also trended downwards on Monday, with prices falling for a second consecutive session.

Following a high of $1,281.78 on Sunday, ETH/USD moved to a bottom of $1,243.48 earlier in the day.

The move saw ethereum fall to its lowest point since November 8, and it is now nearing a floor of $1,230.

ETH/USD – Daily Chart

Looking at the chart, recent bearish sentiment in ETH returned once the RSI failed to break out of a ceiling of 52.00.

As of writing, the index is tracking at 48.60, and now seems to be moving towards a floor of 45.30.

Despite this downtrend, the 10-day (red) moving average still remains above its 25-day (blue) counterpart.

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

Tags in this story

Do you expect U.S. inflation to fall below 7.3%? 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.

FreeBitcoin Banner  

Image Credits: Shutterstock, Pixabay, Wiki Commons

Read disclaimer

Go to Source
Author: Eliman Dambell


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.