After price climbing above the $26,000 level earlier in the day, bitcoin bulls have retreated from earlier positions, sending prices lower in the process. The decline comes after price collided with a key resistance point. Ethereum has also slipped, after moving closer to $1,700.
Bitcoin, Ethereum Technical Analysis: Volatility Returns to BTC, ETH During Friday's Session
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Bitcoin
Volatility was back in cryptocurrency markets on Friday, as bitcoin ( BTC) bulls pushed price above the $26,000 level.
BTC/USD peaked at $26,414.01 earlier in today’s session, however this was short lived, as price now sits at $25,795.12.
Today’s move was the highest BTC has hit since last Thursday, and came following a breakout of a ceiling at $26,400.
Looking at the chart, previous bulls seem to have immediately liquidated their positions after price moved beyond this point.
Additionally, the relative strength index ( RSI) also hit a resistance level of its own at 45.00, before retreating to a current reading at 39.18.
Overall, this drop shows that market sentiment remains bearish, despite the slight spark seen earlier in the day.
Ethereum
Ethereum ( ETH) also edged higher during Friday’s session, with bulls pushing price closer to the $1,700 level.
After trading at a low of $1,617.80 on Thursday, ETH/USD rallied to an intraday high of $1,657.30 earlier in the day.
Similar to bitcoin above, gains have since faded, with the world’s second largest cryptocurrency now trading at $1,626.05.
A failed move beyond a resistance zone of 40.00 seems to be one reason for the reversal, with the RSI now tracking at 37.41.
Should momentum continue to slip, a floor of 35.00 could provide a stable base, and if this fails, ETH could slip under $1,600.
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Will ethereum fall lower during the weekend? Leave your thoughts in the comments below.
