It has been an absolute bloodbath for the crypto industry in the last few days. All major coins including Bitcoin and Ethereum witnessed massive sell-off and loss of market value. This incident could be tied to the US stock market’s bearishness as well as the overwhelming number of regulatory measures taken by various nations.
This has especially caused the fear index to emit the ‘extreme fear’ reading as traders are apprehensive of the money they already lost. Bitcoin in the last week lost 17.2%. Ethereum was reeling under a loss of 30% in one week. In the last 24 hours, however, Bitcoin witnessed some respite. Ethereum also attempted to recover slightly on its chart.
Price Analysis: BTC/USD Four Hour Chart
Bitcoin still is in a downtrend with the bears in control. The price of BTC was $35,422.68, the coin registered some upward movement at press time. This upward movement wasn’t steady as indicators were yet to reflect the same. The immediate price resistance for the coin stood at $38,323.34. A fall below the current price level would mean that the coin could be priced at around $29,800.
Technicals remained negative, however, slight signs of northbound movement could be witnessed on the indicator. On Balance Volume had dipped significantly which meant that sellers were abundant in number as opposed to buyers in the market.
OBV noted a small uptick which could be tied to the price recovery. The Relative Strength Index was below the half-line indicating that the selling pressure was considerably higher than buying pressure. RSI also flashed a small rise in the indicator. Directional Movement Index was positive as prices increased.
Price Analysis: ETH/USD Four Hour Chart
Ethereum was trading for $2353.12 with bearish sentiments on its chart. The coin showed some undoing of the losses that it incurred in the past few days. The price for Ethereum remained below the 20-SMA which meant that sellers drove the price momentum in the market. The price ceiling for the coin was $2861.60. Further bearish pull could drag prices near the $2000 mark.
On Balance Volume was negative hinting towards a diminished buying strength. There was an uptick signifying that prices might recover. The Relative Strength Index just recovered from the oversold zone as the indicator was above the 25-mark.
The Chaikin Money Flow was in the negative zone which was indicative of capital outflows instead of capital inflows in the market.