Bitcoin, Ethereum Technical Analysis: BTC Begins the Weekend in Bearish Territory
After a move above $20,000 on Friday, bitcoin was back in the red on Saturday, as prices fell close to a key support point. As a result of this move the token has been largely unchanged in the last week, with price up 0.87% in the last seven days. Ethereum was also lower to start the weekend.
Bitcoin (BTC) fell below $20,000 to start the weekend, as bearish sentiment returned following a brief rally late on Friday.
Following the release of the University of Michigan Consumer Sentiment report for September, which showed improvement from the previous month, BTC surged to a peak of $20,109.85.
However on Saturday, the token slipped to an intraday low of $19,238.12, falling below its floor of $19,300 in the process.
Looking at the chart, the move comes as the 14-day relative strength index (RSI) continues to move away from its ceiling at 49.00.
As of writing, the index is tracking at 45.45, which is close to another support point near the 44.00 region.
Should this floor hold firm, there is a strong possibility that we could see a rebound, with bitcoin bulls not only taking price back to $20,000, but potentially above this point.
Ethereum (ETH) was also trading low to start the weekend, as bullish sentiment from yesterday’s Consumer Sentiment data swiftly wore off.
Since hitting a peak of $1,368.74 during yesterday’s session, ETH/USD fell to a low of $1,320.38 earlier in the day.
As of a result of this sell-off, the world’s second largest cryptocurrency dropped below its support point of $1,330.
Currently, the token is trading at $1,325.36, with bulls attempting to climb above this current point of resistance.
Like with bitcoin, ethereum’s 14-day RSI is also consolidating, and is hovering below a ceiling of 41.00 as of writing.
The 10-day (red) moving average seems to finally be positioned for a bounce, however, this will likely only occur once the ceiling on the RSI indicator is broken.
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Will we see ethereum break out of this point this weekend? Leave your thoughts in the comments below.
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