Hideo Nakamura Bitcoin, Ethereum Technical Analysis: Bitcoin’s 5-Day Losing Streak Comes to an End
Bitcoin managed to break a five-day losing streak on Friday, signaling a potential interim price stabilization. This development occurred in response to the recent U.S. inflation report, which remained unchanged at 3.7%. Ethereum also experienced a slight upward movement, recovering from its recent bearish trend.
Bitcoin
Bitcoin (BTC) put an end to its five-day losing streak on Friday, driven by market reactions to the latest U.S. inflation report.
After hitting a low point of $26,558.32 during Thursday’s trading session, BTC/USD saw an intraday peak of $26,919.04 earlier today.
Today’s price rebound occurred after BTC met the $26,560 level, which acted as a temporary support.
Bitcoin’s price seems to have a more substantial support at $26,000, but the relative strength index (RSI) has not dropped below the 45.00 level yet. Currently, the RSI stands at 46.41, just above its 45.00 floor. However, it’s possible that bears might try to push this index lower in the coming days.
If the current support level holds, there’s a chance that Bitcoin could retest the $27,000 level over the weekend.
Ethereum
Ethereum (ETH) also saw a modest increase today, recovering from its support level established on Friday.
ETH/USD reached a peak of $1,553.51 during the current trading session, following a low of $1,523.24 the previous day.
The low seen yesterday was the weakest point for Ethereum since March 12, when its price bottomed out at $1,612.
The 10-day (red) moving average continues to show a downward trend crossing over with the 25-day (blue) moving average, indicating potential bearish sentiment in the near future.
Although Ethereum’s price is currently above the $1,535 support level, this situation may change in the days to come.
To receive weekly price analysis updates directly in your inbox, you can register your email here:
[Link to Weekly Technical Analysis Report]
Stay informed about the top cryptocurrency news of the week. Sign up now.
Can the bulls withstand the ongoing downward pressure? Share your thoughts in the comments section below.
Table Of Contents
Frequently Asked Questions (FAQs) about Cryptocurrency Recovery
What caused the end of Bitcoin’s 5-day losing streak?
Bitcoin’s 5-day losing streak came to an end as a reaction to the unchanged U.S. inflation report, which remained at 3.7%.
What price levels did Bitcoin and Ethereum reach during this recovery?
Bitcoin (BTC) reached an intraday peak of $26,919.04 during its recovery, while Ethereum (ETH) peaked at $1,553.51.
What support levels were observed for Bitcoin and Ethereum?
Bitcoin found temporary support at the $26,560 level, and its longer-term support appeared to be at $26,000. For Ethereum, the price rebounded from a support level at $1,535.
What indicators suggest potential bearish sentiment?
For Ethereum, the 10-day moving average continued its downward crossover with the 25-day moving average, indicating upcoming bearish sentiment.
How can readers stay updated on cryptocurrency price analysis?
Readers can register their email to receive weekly price analysis updates in their inbox through the provided link in the text.
More about Cryptocurrency Recovery
- [U.S. inflation report](Link to the source of the inflation report)
- [Bitcoin price chart](Link to a Bitcoin price chart on a reputable financial website)
- [Ethereum price chart](Link to an Ethereum price chart on a reputable financial website)
- [Weekly Technical Analysis Report](Link to the source where readers can register their email for weekly price analysis updates)
