Following a slight surge in price, bitcoin was trading lower on Friday, as bearish momentum returned to crypto markets. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day.
Bitcoin, Ethereum Technical Analysis: ETH, BTC Lower as Bearish Momentum Returns on Friday
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Bitcoin
BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets.
Following a slight increase in price on Thursday, BTC/USD fell to an intraday low of $20,265.23 heading into the weekend.
As a result of Friday’s move, BTC moved towards what seems to be its new floor at $20,200 for the third day on the bounce.
Today’s decline also coincided with the 14-day RSI failing to break out of its ceiling close to the 26.35 area.
Whilst this indicator is currently tracking at 25.30, bears will likely attempt to take this to a support point at 22.
Should this occur, we will likely be looking at bitcoin trading below $20,000, which is something that could happen in the next few days.
Ethereum
In addition to declines in BTC, ETH was also marginally lower in today’s trading session, as it fell below a key price level.
ETH/USD slipped to an intraday low of $1,058.78 during Friday’s session, which is less than a day after it hit a peak of $1,138.27.
This drop sees ETH now trade marginally above its recent price floor of $1,050, which seems to be one of the last lines of defense preventing a move below $1,000.
As of writing, ETH has moved away from earlier lows, and is currently trading at $1,095.12, which is 1.48% lower than yesterday’s high.
Looking on the chart, the Relative Strength Index is tracking at 22, which is higher than its floor at 20.35.
If ETH is to remain above $1,000 during this upcoming weekend, price strength will need to stay above this point.
Could ETH fall below $1,000 this weekend? Leave your thoughts in the comments below.
