Bitcoin, Ethereum Technical Analysis: BTC Rebounds From Recent Declines to Start the Weekend
Bitcoin rose back above the
$34,000 level on Saturday, which comes following recent price consolidation. After hitting a low of
$33,416.89 on Friday, BTC/USD rallied to an intraday high of
$34,201.77 to start the day.
The move saw bitcoin snap a two-day losing streak, which came after the cryptocurrency was significantly overbought. Despite the uncertainty of the past few days, the 1
4-day relative strength index (RSI) remains in this territory.
As of writing, the index is tracking
at 81.21, which comes as bulls implemented an interim floor at the 80.00 mark. If this level holds throughout the weekend, bulls may make another run towards the
$35,000 level.
Ethereum (ETH) rebounded from Friday’s drop, making a run back towards the
$1,800 level to start the weekend. ETH/USD peaked at
$1,796.57 on Saturday, which comes after the price fell to a low of
$1,751.44 less than 24 hours ago.
This climb means that the world’s second largest cryptocurrency has traded higher for nine of the last ten sessions. Looking at the chart, this latest rally comes as the
10-day (red) moving average continues its uptrend versus its 25-day (blue) counterpart.
Additionally, the RSI found a floor at
68.00, using it as a springboard to a current reading of 69.94. Bulls will likely make further runs towards
$1,800, despite overall price strength being overbought.