Bitcoin, Ethereum Technical Analysis: BTC Plunges Below $22,000, While ETH Nears 10-Day Low

Bitcoin was considerably decrease on Friday, because the token fell by over $1,500 in a 24-hour interval. The world’s largest cryptocurrency has been declining all week, nevertheless as we speak’s drop engulfed earlier losses. Ethereum was additionally within the pink, because the token fell under $1,700 for the primary time in nearly ten days.

Bitcoin

Bitcoin (BTC) fell decrease for a seventh consecutive session on Friday, because the token broke out of a key value flooring earlier within the day..

On Friday, BTC/USD fell to an intraday low of $21,718.54, which noticed the token drop under its latest help level at $22,600.

This transfer noticed the world’s largest cryptocurrency hit its lowest level since July 27, and close to a brand new flooring of $21,150 within the course of.

As might be seen from the chart, the drop coincided with the 14-day relative power index (RSI) transferring under its personal flooring at 46.

Currently, the index is monitoring at 37.87, which isn’t solely in oversold territory, however the weakest level the RSI has touched in over a month.

Despite already being oversold, it seems that bears are trying to recapture a flooring of 34.95, which is able to see BTC presumably drop under $21,000.

Ethereum

In addition to BTC, ethereum (ETH) additionally fell significantly decrease in as we speak’s session, as costs dropped under $1,700.

ETH/USD dropped to a backside of $1,695.15 earlier in as we speak’s session, as a pink wave swept via cryptocurrency markets.

This is the bottom stage ETH has traded at since August 10, when costs went on to hit a flooring of $1,705.

Today’s transfer has seen the token transfer marginally under this help stage, while the RSI additionally dropped under a key flooring.

As of writing, relative power on ethereum is monitoring at 47, which like bitcoin, is the weakest level since mid-July.

Should this downtrend proceed, it’s possible that ETH bears will look to take costs to a lower cost flooring of $1,600.

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