Bitcoin consolidated for yet another week, as price entered Saturday around the same point at which it stood on Monday. Despite a brief rally on Thursday, which saw the price move above $28,000, the cryptocurrency has largely been unchanged.
Bitcoin, Ethereum Technical Analysis: Price Movement in BTC, ETH Stalls to Start the Weekend
This article was published more than a year ago. Some information may no longer be current.
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Bitcoin
Bitcoin started the weekend trading close to the $26,000 level, as bulls attempted to break into this price zone.
Friday saw bitcoin peak at $26,414.01, however as the day progressed, price slipped, after bulls were unable to move past a key resistance point.
BTC/USD was trading at a low of $25,730.12 earlier in today’s session, however it has marginally risen, and now sits at $25,862.51.
The slight increase comes as the relative strength index ( RSI) moved closer to a key resistance level of 45.00.
At the time of writing, the index is tracking at a reading of 39.66, after making a move towards a floor of 35.00 on Friday.
The 10-day (red) and 25-day (blue) moving averages look set for a cross in the near future, which could trigger a rise in bullish sentiment.
Ethereum
Ethereum ( ETH) has been hovering near a key support point of $1,630 to start the weekend, as market volatility eased on Saturday.
Following a low of $1,624.48 on Friday, ETH/USD made marginal gains in today’s session, hitting a peak of $1,637.98 in the process.
Despite several attempts by bears to move beyond the aforementioned price floor, bulls have rejected these advances for the majority of the week.
However, in order for sentiment in the market to shift closer to being bullish, a breakout of the 42.00 level on the RSI would be needed.
Price strength is now sitting at 38.67, with ethereum somewhat flatlining around the $1,634 region.
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