Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Recent Declines to Start the Weekend

Celý článek

Bitcoin started the weekend tracking around the $34,000 level, as prices rebounded following a two-day winless run. The cryptocurrency has begun to consolidate in recent days, following strong gains earlier in the week. Ethereum moved back closer to the $1,800 level.

Bitcoin

Bitcoin rose back above the $34,000 level on Saturday, which comes following recent price consolidation.

After hitting a low of $33,416.89 on Friday, BTC/USD rallied to an intraday high of $34,201.77 to start the day.

The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought.

Despite the uncertainty of the past few days, the 14-day relative strength index (RSI) remains in this territory.

As of writing, the index is tracking at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark.

If this level holds throughout the weekend, bulls may make another run towards the $35,000 level.

Ethereum

Ethereum (ETH) rebounded from Friday’s drop, making a run back towards the $1,800 level to start the weekend.

ETH/USD peaked at $1,796.57 on Saturday, which comes after the price fell to a low of $1,751.44 less than 24 hours ago.

This climb means that the world’s second largest cryptocurrency has traded higher for nine of the last ten sessions.

Looking at the chart, this latest rally comes as the 10-day (red) moving average continues its uptrend versus its 25-day (blue) counterpart.

Additionally, the RSI found a floor at 68.00, using it as a springboard to a current reading of 69.94.

Bulls will likely make further runs towards $1,800, despite overall price strength being overbought.

Register your email here to get weekly price analysis updates sent to your inbox:

Do you expect ethereum to hit $1,800 this weekend? Leave your thoughts in the comments below.