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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Volatile Week of Trading

BTC, ETH Consolidate Following Volatile Week of Trading

Bitcoin consolidated around the $30,000 level to start the weekend, as traders attempted to find a firm price floor on Saturday. The market has been volatile during the past week, as recent winners took profits, following the XRP-related bull run. Ethereum remained below $1,900 on Saturday.

Bitcoin

Bitcoin (BTC) started the weekend trading close to the $30,000 level, as markets consolidated following recent price volatility.

BTC/USD rose to an intraday high of $30,046.00, which comes following an earlier low of $29,746.12.

The move sees bitcoin climb back above a recent support point of $29,800, which has held mostly firm for the past week.

One of the reasons for the stabilized floor is due to the relative strength index (RSI), which is hovering close to a support of its own at 49.00.

Currently, price strength is tracking at 49.77, with the next visible resistance point at the 50.00 mark.

In order for BTC to climb beyond the $30,000 mark, this ceiling on the RSI will first need to be broken.

Ethereum

Ethereum was also consolidating during today’s session, as the cryptocurrency remained below $1,900.

Following a high of $1,905.39 on Friday, ETH/USD slipped to a bottom of $1,885.30 earlier in today’s session.

Similar to BTC, ethereum’s decline saw the cryptocurrency fall to a key support point of $1,880 to start the weekend.

This comes as price strength hovers around its own floor around the 50.00 zone, which has been in place since the start of the week.

Despite this, it still appears that the 10-day (red) moving average is trending higher, however this could begin to shift in the coming days.

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Will markets continue to consolidate this weekend? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/sw4Y0pE
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