Tuesday, November 28, 2023

After momentarily surpassing the $35,000 threshold late on Wednesday, bitcoin descended back below this mark during Thursday’s trading session. Nevertheless, the digital asset maintains its position near an 18-month high. Concurrently, Ethereum managed to ascend beyond the $1,800 mark once again.

Bitcoin

Bitcoin dipped beneath the $35,000 level during Thursday’s trading, following a short-lived rise above this benchmark the previous day.

The digital currency reached an intraday peak of $35,133.76 late on Wednesday but declined to an intraday low of $34,151.88 earlier in Thursday’s session.

This fluctuation finds bitcoin still trading in proximity to its most robust levels since May 2022, a period when it had surpassed $37,000.

BTC/USD – Daily Chart

As of this writing, the current trading price of bitcoin stands at $33,990.55. This decline is observed as the Relative Strength Index (RSI) was unable to break through the 90.00 range.

At present, the RSI registers a reading of 82.99, which signifies a significantly overbought condition in the medium-term outlook.

If market sentiment starts to lean markedly towards the bearish side, a likely downside target would be the $31,000 support level.

Ethereum

Conversely, Ethereum (ETH) predominantly exhibited an upward trajectory, pushing its value back over the $1,800 line.

During Thursday’s session, the ETH/USD trading pair touched an intraday high of $1,865.10, following its descent to $1,781.49 the day before.

Due to today’s upward thrust, Ethereum achieved its loftiest valuation since August, during which the price had remained below $1,880.

ETH/USD – Daily Chart

For the past seven consecutive trading sessions, the digital asset has been in the green, accumulating nearly a 20% gain in its valuation over this stretch.

On a related note, the 10-day (red) moving average is steadily outpacing its 25-day (blue) counterpart, indicating sustained bullish momentum.

At the time of compiling this report, the RSI stands at 74.90, a level that might prompt current investors to consider liquidating some of their holdings for profit.


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What are your expectations for Ethereum? Do you anticipate it will reach the $1,900 level before a shift in market sentiment? Share your insights in the comment section below.

Frequently Asked Questions (FAQs) about Technical Analysis of Bitcoin and Ethereum

What is the main focus of this technical analysis?

The main focus of this technical analysis is to evaluate the recent price trends of Bitcoin and Ethereum. It covers fluctuations in their prices, the Relative Strength Index (RSI), and moving averages to provide an insight into the current market conditions.

What is the recent trend in Bitcoin’s price?

Bitcoin has recently been trading close to an 18-month high. It briefly crossed the $35,000 mark but retraced to below this level, with a current trading price around $33,990.55 as of the last update.

How has Ethereum performed lately?

Ethereum has shown a strong upward trend recently, reclaiming the $1,800 mark. It reached an intraday high of $1,865.10 and has been in the green for seven consecutive sessions, adding nearly 20% to its value.

What does the Relative Strength Index (RSI) indicate for Bitcoin and Ethereum?

For Bitcoin, the RSI registers at 82.99, suggesting an overbought condition in the medium-term. Ethereum’s RSI stands at 74.90, which may signal that current buyers might start capturing gains soon.

What are the key support and resistance levels for Bitcoin and Ethereum?

For Bitcoin, if market sentiment turns bearish, a likely support level would be at $31,000. For Ethereum, it recently peaked at $1,865.10, but there’s no specific resistance level discussed in the analysis.

How many days has Ethereum been trading in the green?

Ethereum has been trading in the green for seven straight trading sessions, as of the last update.

What do the moving averages suggest for Ethereum?

The 10-day (red) moving average continues to outpace the 25-day (blue) moving average for Ethereum, indicating that the momentum remains bullish.

How can I receive weekly updates on price analysis?

You can register your email to receive a weekly technical analysis report directly in your inbox.

More about Technical Analysis of Bitcoin and Ethereum

  • Bitcoin Price History
  • Ethereum Price History
  • Understanding the Relative Strength Index (RSI)
  • Basics of Moving Averages in Crypto Trading
  • Introduction to Technical Analysis in Cryptocurrency
  • Weekly Technical Analysis Report Subscription
  • Understanding Support and Resistance Levels in Trading

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7 comments

CryptoTom October 27, 2023 - 12:26 am

hey, whats the significance of RSI over 80? I mean, should I start selling some of my BTC?

Reply
SandyFinance October 27, 2023 - 5:31 am

Super in-depth. Been waiting for Ethereum to break 1800 again. Finally some good news for hodlers!

Reply
RickInvestor October 27, 2023 - 7:00 am

Anyone have thoughts on what happens if the bearish sentiment kicks in? 31000’s not a floor I wanna see for BTC.

Reply
BrianTech October 27, 2023 - 7:41 am

Solid stuff, tho i think the focus on RSI’s kinda overrated. Isn’t there other indicators we should be looking at?

Reply
SarahW October 27, 2023 - 12:50 pm

Subscribed for the weekly updates. You guys always have the best insights!

Reply
JennyQ October 27, 2023 - 1:46 pm

Is anyone else thinking Ethereum could outperform Bitcoin this year? Just a thought.

Reply
MikeJ October 27, 2023 - 4:08 pm

Great analysis, man! really detailed. But are we sure Bitcoin’s gonna stay strong for long, you know with all these govt regulations comin up?

Reply

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