Bitcoin rebounded from recent lows on Thursday, as bulls moved to buy the dip, following a drop below the $26,000 level. The rally comes as traders rejected a full breakout below a key support point of $25,600. Ethereum was also back in the green during today’s session.
Bitcoin, Ethereum Technical Analysis: BTC Hits 1-Week High, as Bulls Move to Buy the Dip
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Bitcoin
Bitcoin climbed higher on Thursday, as bulls moved to buy the recent dip in price, following a drop below the $26,000 level.
After trading at a low of $25,805.00 on Wednesday, BTC/USD rose to an intraday peak of $26,786.90 earlier in today’s session.
This is the strongest point that bitcoin has hit since last Thursday, when the cryptocurrency was trading above the $28,000 mark.
Looking at the chart, the surge sent the 14-day relative strength index ( RSI) to a ceiling of 28.00, which is also a one-week high.
As of writing, price strength has moved below this point, however should a breakout occur, there is a good chance that BTC will head above $27,000.
Ethereum
Ethereum ( ETH) was also back in the green, and neared a breakout above the $1,700 zone late on Wednesday.
ETH/USD rallied to a high of $1,696.59 during yesterday’s session, less than 24 hours after the price was at a bottom $1,634.87.
Like with BTC above, today saw ethereum trade at its highest point in a week, with price peaking above $1,800 last Thursday.
The 14-day RSI has also collided with a key resistance level, in this occasion at the 34.00 zone.
Sentiment has marginally shifted, with the index now at 32.04, resulting in the easing of earlier gains.
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Can ethereum hit $1,800 this week? Leave your thoughts in the comments below.
