Bitcoin, Ethereum Technical Analysis: BTC Nears $21,000, ETH Above $1,640 on Saturday
Bitcoin was back in the green on Saturday, as bulls returned to cryptocurrency markets to start the weekend. The token moved closer to a peak of $21,000, rebounding from Friday’s sell-off in the process. Ethereum was also higher in today’s session, climbing by nearly 10%.
Bitcoin (BTC) rebounded from Friday’s sell-off in today’s session, as the token moved closer to a breakout of $21,000.
Following yesterday’s low of $20,132.50, BTC/USD surged to an intraday high of $20,988.39 to start the weekend.
Today’s move sees the world’s largest cryptocurrency hover close to its highest level in nearly six weeks.
As a result of today’s move, the 14-day relative strength index (RSI) is now nearing a ceiling of its own.
Price strength has already failed to break out of the aforementioned resistance of 66.00 earlier this week, however bulls seem set on retesting this point.
Should a breakout occur, we will not only see the token above $21,000, but potentially moving closer to $22,000.
Ethereum (ETH) was also higher to start the weekend, as prices rose by nearly 20% in today’s session.
ETH/USD raced to a peak of $1,644.28 earlier in the day, which comes after it fell to a bottom of $1,494.75 on Friday.
Following today’s rally, the token founded by Vitalik Buterin rose to its highest point since September 13.
The move came as prices broke through a key resistance point of $1,590, following a failed attempt earlier in the week.
Although the price ceiling was broken, the RSI is now approaching a ceiling of its own, which could lead to increased uncertainty.
As of writing, ETH/USD is trading at $1,614.21, relatively lower than its previous peak.
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Will we see any further surges in ETH this weekend? Leave your thoughts in the comments below.
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