Bitcoin plunged from a recent fourteen-month high to start the weekend, as traders appeared to have begun securing yesterday’s gains. The decline saw the price fall below $30,000, days after almost moving above $32,000. Ethereum also slipped, however remained above $1,900.
Bitcoin, Ethereum Technical Analysis: Bitcoin Retreats From 14-Month High, as Profit Takers Swoop In
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin ( BTC) fell below $30,000 to start the weekend, as traders began to take profits, following recent highs.
After peaking at $31,354.48 on Saturday, BTC/USD plunged to an intraday low of $29,966.39 earlier today.
This sees bitcoin retreat from a high of $31,862, which was the strongest level for the cryptocurrency since last May.
Looking at the chart, the decline was somewhat inevitable, due to the relative strength ( RSI) moving into overbought territory.
The index rose to a peak of 65.55 on Thursday, before falling to a current reading of 54.17 earlier today.
Since this drop, price strength has since stabilized, with BTC now trading at $30,347.59.
Ethereum
Ethereum ( ETH) also moved lower on Saturday, however traders were able to reject a drop below the $1,900 level.
ETH/USD slipped to a bottom of $1,901.36 earlier in the day, less than 24-hours after trading at a top of $2,005.96.
Since hitting Friday’s three-month high, bulls have opted to abandon previous positions heading into the weekend.
The world’s second largest cryptocurrency has since rebounded, bouncing away from a floor at $1,900, and now trades at $1,943.27.
This comes as the RSI held firm at a support point around the 55.00 zone, going on to climb to a current reading of 56.79.
Overall, the next target could be around the 61.00 mark, and if successfully hit, ETH will likely be back over $2,000.
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Will markets consolidate during this weekend? Leave your thoughts in the comments below.
