- Since November 10th, BTC has lost approximately $20,000 in value.
- Bitcoin investors feel prices have been oversold.
The year 2021 has been difficult for cryptocurrency prices, with Bitcoin and Ethereum falling to new lows in recent months. Consequently, traders are on the lookout for any signs of fresh opportunities in the coming weeks.
Bitcoin (BTC)
Bitcoin’s price has been continuously sliding since Monday when it fell below $50,000. On October 1st, BTCUSD reached an intraday low of $47,073. Since November 10th, BTC has lost approximately $20,000 in value. Bitcoin investors feel prices have been oversold and view this as an opportunity to “buy the dip.” Bitcoin is presently trading around $47,000, a historical support level.
The analysis shows that the moving averages’ momentum seems negative despite some previous crosses. The chart shows the 10-day, 25-day, and 50-day SMAs. First, the 10-day and 25-day moving averages fell, indicating a possible selloff. When the 50-day moving averages are broken, the negative pressure continues.
If this final cross develops, BTC prices may still follow the current falling triangle’s current channel to the long-term bottom of $44,000.
Ethereum (ETH)
Since its all-time high of $4,836 at the start of November, ETHUSD has lost nearly $1,000. Ethereum’s price then plummeted, and it is now in the red for the sixth week in a row. On the weekly chart below, prices are slightly above the $3,759 support level, and the RSI is at 52, indicating that prices are neither overbought nor oversold.
With Bears, many anticipate a break below the current RSI floor of 52, pushing costs below $2,830.Bulls anticipate a price reversal back to the resistance level of $4,675.
