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Bitcoin, Ethereum Technical Analysis: Profit Takers Swoop in to Send BTC, ETH Lower

Bitcoin, Ethereum Technical Analysis: Profit Takers Swoop in to Send BTC, ETH Lower

Bitcoin consolidated to start the weekend, as traders moved to secure gains following recent highs in the market. The global market cap was largely unchanged on Saturday, trading 0.06% lower at the time of writing. Ethereum also declined, after a one-month high on Friday.

Bitcoin

Bitcoin retreated from a ten-day high on Saturday, as bulls opted to secure profits from recent gains.

BTC/USD slipped to a low of $26,721.76 earlier in the day, which comes less than 24-hours after peaking at $27,075.94.

The move comes as bulls were unable to sustain a recent breakout above a ceiling at the $27,100 level.

Zooming into the chart, a failed break of the 58.00 resistance level on the relative strength index (RSI), also contributed to the downturn.

At the time of writing this, price strength is now tracking at 56.24, which is marginally above a ceiling of 55.00.

Bulls will likely make another run towards $27,000 this weekend, despite today’s price consolidation.

Ethereum

Ethereum (ETH) has been on a bull run this week, climbing to a one-month high during Friday’s session.

These gains have since been erased, with ETH/USD falling to a low of $1,657.68 earlier in the day, after hitting a high of $1,681.79 the day before.

The move has pushed the 10-day (red) moving average on the cusp with a crossover with its 25-day (blue) counterpart.

Although momentum is firmly bullish, a ceiling of 61.00 on the RSI could act as a hurdle for traders looking to take ETH towards $1,700.

Currently, the index is tracking at 60.01, with ethereum hovering slightly below the $1,680 price region.

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Is today’s consolidation solely due to profit-taking? Leave your thoughts in the comments below.



from Bitcoin News https://ift.tt/y2bfxvQ
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