Bitcoin consolidated to start the weekend, as traders moved to secure gains following recent highs in the market. The global market cap was largely unchanged on Saturday, trading 0.06% lower at the time of writing. Ethereum also declined, after a one-month high on Friday.
Bitcoin, Ethereum Technical Analysis: Profit Takers Swoop in to Send BTC, ETH Lower
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Bitcoin
Bitcoin retreated from a ten-day high on Saturday, as bulls opted to secure profits from recent gains.
BTC/USD slipped to a low of $26,721.76 earlier in the day, which comes less than 24-hours after peaking at $27,075.94.
The move comes as bulls were unable to sustain a recent breakout above a ceiling at the $27,100 level.
Zooming into the chart, a failed break of the 58.00 resistance level on the relative strength index ( RSI), also contributed to the downturn.
At the time of writing this, price strength is now tracking at 56.24, which is marginally above a ceiling of 55.00.
Bulls will likely make another run towards $27,000 this weekend, despite todayâs price consolidation.
Ethereum
Ethereum ( ETH) has been on a bull run this week, climbing to a one-month high during Fridayâs session.
These gains have since been erased, with ETH/USD falling to a low of $1,657.68 earlier in the day, after hitting a high of $1,681.79 the day before.
The move has pushed the 10-day (red) moving average on the cusp with a crossover with its 25-day (blue) counterpart.
Although momentum is firmly bullish, a ceiling of 61.00 on the RSI could act as a hurdle for traders looking to take ETH towards $1,700.
Currently, the index is tracking at 60.01, with ethereum hovering slightly below the $1,680 price region.
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Is todayâs consolidation solely due to profit-taking? Leave your thoughts in the comments below.
