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Bitcoin (BTC), Ethereum (ETH) Sell-Off Into The Weekend, Support Looks Increasingly Fragile

Bitcoin (BTC), Ethereum (ETH) Sell-Off Into The Weekend, Support Looks Increasingly Fragile

Nick Cawley, Senior Strategist

Bitcoin (BTC/USD), Ethereum (ETH/USD), and Alt-Coin Analysis and Charts:

  • Major coins near important support levels.
  • Trading ranges are narrow and volatility continues to wane.
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The slow grind lower in the cryptocurrency space continues with the last week seeing five lower lows being printed in a row. Trading ranges remain narrow, leading to a drop in volatility from the late May multi-year highs, while the technical outlook for both Bitcoin and Ethereum suggests that they are now both oversold. Away from the charts, crypto-Twitter remains quiet with the usual bullish noise and price suggestions nowhere to be seen over the last few weeks. While this in itself is not a market driver, the change in sentiment suggests that the crypto-community are likely nursing losses and have given up trying to jawbone prices higher. As always, weekend trading can be liquidity-thinned and volatile and price action exaggerated.

This Sunday also sees the Grayscale Bitcoin Trust (GBTC) six-month lock-up maturity of just over 16,000 Bitcoin equivalent, an event that has provoked a mixed reaction. While some say that this may cause BTC to fall further, if the sales happen, others believe that the current GBTC discount to net asset value will see investors rebalance by buying more GBTC, supporting the price of Bitcoin.

Prices via @IG.Com

Bitcoin seems to be sitting its sights on recent support between $28.8k and $30k. A break below 2$8.8k takes Bitcoin back to levels last seen six months ago and leaves $28k under pressure. BTC/USD also remains below all three simple moving averages and any short-term move higher is likely to be capped between $33,750 and $33,800.

Bitcoin (BTC/USD) Daily Price Chart

Ethereum is showing a fairly similar short-term chart set-up to Bitcoin with lower highs and lower lows dominating. The moving averages are mixed, while Ethereum is also slipping into oversold territory. Support is seen between $1,790 and $1,700

Ethereum (ETH) Daily Price Chart

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What are your views on Bitcoin (BTC) and Ethereum (ETH) – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.