Bitcoin was back in the green to start the weekend, after bulls rejected a breakout below $29,000 during Friday’s session. The cryptocurrency continues to hover around a key support level, without either bulls or bears taking control. Ethereum was also marginally higher.
Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Saturday, as Markets Consolidate Following Recent Decline
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Bitcoin
Bitcoin ( BTC) returned to the green on Saturday, as traders of the cryptocurrency rejected a breakout of a key price level.
Following a low of $29,253.52 on Friday, BTC/USD rose to an intraday peak of $29,517.77 earlier in today’s session.
The move comes as the world’s largest cryptocurrency by market cap began to consolidate, following a recent move above $30,000.
Bitcoin surged earlier this week, as markets reacted to Moody’s downgrading the credit rating of several U.S. banks.
Today’s consolidation occurred just as the relative strength index ( RSI) flatlined around a support point near 49.00.
As of writing, the index is now tracking at a reading of 48.70, with earlier gains in BTC somewhat fading.
Ethereum
Additionally, ethereum ( ETH) was also marginally higher to start the weekend, snapping a three-day losing streak in the process.
ETH/USD peaked at $1,855.07 so far during Saturday’s session, following Friday’s low at the $1,839.57 level.
This is the first time since Tuesday that ethereum has climbed higher, and comes as profit taking from this week’s high seems to have ended.
In order for momentum to once again shift, ethereum will need to break out of a ceiling at 50.00 on the RSI.
Price strength is currently tracking at 47.45.
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Could ethereum move above $1,900 next week? Leave your thoughts in the comments below.
