Bitcoin started the weekend trading below the $26,000 level, as bears seized market momentum to end the week. Price surged during the early part of the week, climbing over the $28,000 mark. However in the days that followed, sentiment has mostly trended lower. Ethereum remains in the red.
Bitcoin, Ethereum Technical Analysis: BTC Starts Weekend Trading Close to $25,000
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin continued to trend lower on Saturday, as the bears were once again in control of crypto market sentiment.
Following a high of $28,148 on Tuesday, BTC/USD started the weekend falling to a low of $25,362.61.
The decline has come as a result of profit taking, and also the changing economic climate in the United States.
Consumer spending is slowing, whilst the labor market remains tight as a result of increasing interest rates.
Looking at the chart, today’s decline pushed bitcoin below a key support point of $25,600, however bulls have since reentered.
At the time of writing, BTC is now trading at $25,818.66, with a target of $26,000 likely to be present throughout the weekend.
Ethereum
After almost falling below $1,600 on Friday, ethereum ( ETH) was mostly higher to start the weekend’s session.
ETH/USD peaked at $1,650.71 earlier in the day, but momentum has since dropped, with the price now at $1,635.02.
The world’s second largest cryptocurrency has not been able to move back above $1,650, which has been a point of price support.
From the chart it appears that ETH managed to avoid dropping under $1,600 due to the relative strength index ( RSI) colliding with a floor at 36.00.
As of writing, price strength is now tracking at a reading of 37.04, with the next visible ceiling at 49.00.
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Do you expect ethereum to move beyond $1,700 next week? Leave your thoughts in the comments below.
