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Bitcoin Ethereum Technical Analysis: BTC Stays Above $30000 Despite Traders Moving to Secure Recent Gains

BTC Stays Above $30,000, Despite Traders Moving to Secure Recent Gains

Bitcoin consolidated around the $30,000 level on Friday, as traders attempted to maintain bullish sentiment following recent gains. The world’s largest cryptocurrency briefly dropped below this point earlier in the day, before bulls swept in to buy the dip in price. However, ethereum fell below a recent high above $1,900.

Bitcoin

Bitcoin remained above the $30,000 level on Friday, as traders attempted to keep sentiment bullish heading into the weekend.

Following a low of $29,679.16 earlier in the day, BTC/USD moved to a peak of $30,334.40 as the day progressed.

Price has since gone on to fall from its previous high, as the 14-day relative strength index (RSI) encountered a point of resistance.

Bitcoin chart by TradingView

At the time of writing, the index is tracking at 70.43, which is marginally lower than the aforementioned ceiling at 71.00.

Overall, momentum remains bullish as the 10-day (red) moving average continues its upwards crossover versus its 25-day (blue) counterpart.

Should the RSI move beyond the 71.00 level in the coming days, there is a good chance that BTC will be above $32,000.

Ethereum

On the other hand, ethereum (ETH) moved slightly lower in today’s session, with price retreating from a recent multi-month high.

ETH/USD dropped to an intraday low at $1,866.26, which comes a day after trading at a peak of $1,908.13.

This decline appeared to be a result of profit taking, as bulls moved to secure gains, following a recent upswing.

Ethereum chart by TradingView

Similar to BTC, traders abandoned previous positions as the RSI failed to advance beyond a key resistance level.

In this instance, the ceiling was at the 60.00 mark, which has been the highest level the index has hit since April.

As of writing, the RSI now tracks at 59.25, with ethereum trading at $1,878.66.

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What is the highest point ethereum can reach this weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/inNAKwY
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