Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility

Following what has been a turbulent week of buying and selling, bitcoin costs consolidated to start out the weekend. The token rose marginally above the $19,000 degree on Saturday, hovering close to a three-month low in current days. Ethereum was additionally consolidating in at present’s session, as costs moved again above $1,300.

Bitcoin

Bitcoin (BTC) rose marginally above $19,000 on Saturday, as markets continued to digest this week’s heightened degree of volatility.

Following a low of $18,617.55 on Friday, the world’s largest cryptocurrency rose to an intraday peak of $19,374.55 earlier at present.

This transfer noticed bitcoin climb again above its key help level of $19,300, following a current breakout which despatched costs to a three-month low.

Looking on the chart, the preliminary worth improve in at present’s session got here because the 14-day relative power index (RSI) additionally moved increased, hitting a resistance degree within the course of.

Since hitting a ceiling of 44.10, BTC/USD costs have fallen from earlier highs, and as of writing are buying and selling at $19,061.70.

Should bulls intend to take the BTC increased, doubtlessly even again above $20,000, this present impediment on the RSI will have to be overcome.

Ethereum

In addition to bitcoin, ethereum (ETH) has additionally had a turbulent week — one which noticed costs fall to a low of $1,220.

However, after hitting this level, which now seems to be a worth ground, the token has marginally risen in back-to-back periods.

On Saturday, ETH/USD rose to an intraday excessive of $1,335.28, which comes lower than 24-hours after buying and selling at a low of $1,270.20.

As seen from the chart, the transfer got here as its RSI additionally rose, hitting a top of 38.70 in at present’s session.

Similar to bitcoin above, this studying took the index to a resistance level, which has traditionally been an space the place bears reenter the market.

As of writing, ETH is buying and selling at $1,327.12, which remains to be over 3% up from Friday’s ground.

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