Bitcoin, Ethereum Technical Analysis: BTC Retreats From Recent High, ETH Consolidated Gains
Bitcoin retreated from a recent multi-week high on Saturday, as sentiment shifted bearish to start the weekend. The drop comes following a four-day win streak, leading many to see today’s declines as profit-taking. Ethereum was marginally higher.
Bitcoin slipped from a two-week high to start the weekend, as bears moved to snap a recent four-day win run.
BTC/USD hit a bottom of $26,240.70 earlier in today’s session, which comes following a peak at $26,840.50 the day before.
The fall appears to have come as bulls were unable to sustain recent pressure that saw BTC climb to its strongest point since August 31.
From the chart, the drop coincides with the relative strength index (RSI) failing to move above a ceiling of 53.00
At the time of writing, price strength is now tracking at 51.27, with a floor of 41.00 a potential target.
Bulls will likely look to avoid market consolidation and force a breakout of the 53.00 level, which could lead bitcoin back above $27,000.
Ethereum (ETH) was marginally higher in today’s session, with the price remaining above a key support level.
Following a low of $1,613.25 on Friday, ETH/USD rose to an intraday high of $1,652.11 earlier in the day.
Saturday’s gains have somewhat eased, with the world’s second-largest cryptocurrency now trading at $1,637.80.
Like bitcoin, this comes as bulls were unable to facilitate a break out of a resistance level, in this instance at the 48.00 zone.
Price strength currently sits at a reading of 46.39, with earlier volatility easing as the session progresses.
Despite ETH now consolidating, a potential upward cross of the 10-day (red) and 25-day (blue) moving averages could lift prices in the coming days.
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Will ethereum consolidate for the rest of the weekend? Leave your thoughts in the comments below.