Bitcoin, Ethereum Technical Analysis: BTC Rebounds on Friday, Following a Drop Below $19,000
Following a move below $19,000 on Thursday, BTC was able to rise above $20,000 during today’s trading session. ETH also was able to remain above $1,000, following an attempt by bears to push price under this level during yesterday’s session.
Bitcoin was trading marginally higher on Friday, as markets rebounded following a bearish session on Thursday.
Despite a heightened level of volatility, the world’s largest crypto token climbed to an intraday peak of $20,632.67 earlier today.
This comes less than 24-hours after prices fell to a bottom of $18,729.66, leading BTC/USD below its long-term floor of $18,800.
During the past three weeks, there have been at least three attempted breakouts from this point, however bulls have mostly managed to stifle these attempts.
Looking specifically at the RSI indicator on the chart, strength is tracking below support at 30, however if a true rebound were to occur, bulls would need to reenter this level.
Prices have since declined after earlier gains, and as of writing, bitcoin is trading at $19,194.26, which is marginally higher than yesterday’s low.
Following a fall to an 11-day low on Thursday, ETH was also higher in today’s session as prices continued to stay above $1,000.
Ethereum bears attempted to move below this point yesterday, however bulls were able to prevent this from happening, for now.
As of writing, ETH/USD has so far risen to an intraday peak of $1,100.22 in today’s session, following a drop to $1,009.09 on Thursday.
Yesterday’s drop came as relative strength in ETH fell below a recent support of 35.85, falling to as low as 32.
This drop in the RSI has since slowed, with prices now appearing to consolidate close to a floor at $1,050.
The last time we were trading around this support point, prices went on rally for four consecutive sessions.
Will bulls be able to go on a similar run, following the latest decline in ETH? Leave your thoughts in the comments below.
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