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Bitcoin, Ethereum Technical Analysis: BTC Bulls Keep Price Close to 2-Week High, Following Strong US Retail Sales

Bitcoin, Ethereum Technical Analysis: BTC Bulls Keep Price Close to 2-Week High, Following Strong US Retail Sales

Bitcoin continued to trade close to a multi-week high on Friday, as bulls continued to target the $27,000 level. The move came following stronger than expected U.S. retail sales figures, which rose by 0.6% in August. Ethereum also traded higher in today’s session.

Bitcoin

Bitcoin remained near a two-week high on Friday, as traders continued to digest the latest US retail sales figures.

Following a low of $26,285.50 on Thursday, BTC/USD rallied to an intraday high of $26,774.62 earlier in today’s session.

This peak saw bitcoin trade at its strongest point since August 31, when price peaked over the $27,500 mark.

Bitcoin chart by TradingView

Overall, it appears that today’s bullish sentiment comes as the relative strength index (RSI) moved towards a ceiling of 52.00.

At the time of writing, price strength is tracking at 51.96, which has led some previous bulls to abandon their positions.

BTC has now retreated to a current level of $26,617.31, however traders will likely make another run towards $27,000 in the coming days.

Ethereum

Ethereum (ETH) rose for a fourth consecutive session, as the cryptocurrency remained above a support level of $1,620.

ETH/USD moved to a peak of $1,640.52 on Friday, just under 24 hours after the price reached a bottom at $1,618.73.

The aforementioned high saw the world’s second largest cryptocurrency move to its strongest level in seven days.

Ethereum chart by TradingView

Earlier gains have somewhat faded, as traders failed to breach a key resistance level of 47.00 on the RSI indicator.

As of writing, the index is now at a reading of 44.41, with a support point of 40.00 a potential target.

Overall sentiment seems to be bullish however, as the potential for an upwards cross between the 10-day (red) moving average and its 25-day (blue) counterpart remains high.

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Could there be a surge above $1,700 this weekend for ETH? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/Hset2ml
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