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Bitcoin, Ethereum Technical Analysis: BTC Hangs on to $29,000 Level, Despite Increased Market Volatility 

Bitcoin, Ethereum Technical Analysis: BTC Manages Hangs on to $29,000 Level, Despite Increase Market Volatility 

Bitcoin remained above a key support point on Friday, despite bears attempting to push the price below $29,000. Today’s session saw sentiment once again shift bearish, as U.S. consumer sentiment data looms. Ethereum was mostly unchanged in today’s session.

Bitcoin

Bitcoin (BTC) continued to trade above the $29,000 mark on Friday, despite bearish pressure intensifying in today’s session.

After hitting a high of $29,520.71 on Thursday, BTC/USD dropped to an intraday low of $29,099.35 earlier in the day.

The move saw bitcoin briefly fall below a support point at $29,200, however prices have since climbed back above this point.

Bitcoin chart by TradingView

This latest slippage comes as the 10-day (red) moving average continued its downward cross versus its 25-day (blue) counterpart.

In addition to this, the relative strength index (RSI) neared a breakout below a floor at 41.00, however it has so far avoided this.

Should this take place, the next possible destination for BTC could be $28,000.

Ethereum

Ethereum (ETH) traded above its own support point at $1,850 on Friday, as the cryptocurrency continued consolidating.

ETH/USD dropped to a bottom at $1,855.32 earlier in today’s session, a day after peaking at $1,878.43.

The price consolidation comes as the RSI failed to move above a current resistance level at 48.00.

Ethereum chart by TradingView

As of writing, the index is on the cusp of crossing this line, however momentum is still relatively weak.

There could likely be a spark later in the day, depending on how traders react to the University of Michigan Consumer Sentiment report.

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



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