Bitcoin continued to trade above the $27,000 level on Friday, after a surge beyond this point towards the end of yesterday’s session. Ethereum rallied to a one-week high.
Bitcoin, Ethereum Technical Analysis: BTC Above $27,000, ETH Reaches 1-Month High
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Bitcoin
Bitcoin remained above the $27,000 level on Friday, following a late rise in bullish sentiment towards the end of Thursday’s session.
Following a low of $26,424.95 on Thursday, BTC/USD raced to an intraday high of $27,259.50 earlier in the day.
As a result of the move, bitcoin rose to its highest level since September 20, when price peaked at $27,393.00.
However, earlier gains have since edged lower, largely due to a collision which took place on the relative strength index ( RSI).
Looking at the chart, the index was unable to push past a resistance level of 58.00, and has since fallen to a reading of 56.57.
Traders could be awaiting the release of this afternoon’s consumer sentiment report in the United States, prior to deciding their next move.
Ethereum
Ethereum ( ETH) continued to trend higher on Friday, breaking out of a key resistance level in the process.
ETH/USD peaked at $1,687.28 earlier in today’s session, which comes a day after trading at a low of $1,620.68.
This surge has resulted in ethereum climbing over a long held ceiling at $1,670, hitting a one-month high in the process.
The latest uptrend coincided with the relative strength index moving beyond a ceiling of its own at 57.00. It is now tracking at 58.61.
Bulls will likely remain unsatisfied until they take ethereum back above $1,700, which hasn’t happened since the end of August.
Register your email here to get weekly price analysis updates sent to your inbox:
Will ethereum extend this rally into the weekend? Leave your thoughts in the comments below.
