Bitcoin, Ethereum Technical Analysis: BTC Hovers Near $23,000 to Start the Weekend
Bitcoin started the weekend hovering near $23,000, as markets continued to react to personal consumption data in the United States. Figures released on Friday reported that spending fell by 0.2% last month, despite overall consumer sentiment moving higher. Ethereum remained close to $1,600 to start the day. Bitcoin
Bitcoin (BTC) remained close to the $23,000 level on Saturday, as markets continued to react to Friday’s U.S. personal consumption data.
Following a high of $23,417.72 late on Friday, BTC/USD fell to an intraday low of $22,880.60 earlier in the day.
This came as bitcoin was once again unable to break out of a key resistance level at $23,500, leading to a resurgence of bearish sentiment. BTC/USD – Daily Chart
In addition to this, the 14-day relative strength index (RSI) has dropped below the 80.00 mark, and looks to be headed for a floor at 76.00
Should momentum continue in a downward direction, it is likely that BTC will collide with a floor at $22,400.
Currently, the index is tracking at 78.59, with BTC/USD trading at $22,930.60. Ethereum
After a brief stint moving back above $1,600 late on Friday, ethereum (ETH) started the weekend once again below this level.
ETH/USD dropped to a bottom of $1,568.69 on Saturday, less than a day after hitting a peak of $1,617.00.
Volatility in ethereum has been heightened in recent days, following a failed breakout attempt of the $1,645 level earlier this week. ETH/USD – Daily Chart
Following weeks of being overbought, price strength has begun to decline, with the 14-day RSI now tracking below its floor at 63.00
As of writing, the index is at a reading of 62.50, with ethereum at $1,582, with a floor at $1,550 a possible target for sellers.
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Do you expect cryptocurrency prices to fall further this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings an eclectic point of view to market analysis. He was previously a brokerage director and online trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX, whilst also a startup founder. Biggest Movers: DOGE up to 6-Week High, as AVAX Jumps 13% on Saturday MARKET UPDATES | 9 hours ago Biggest Movers: MATIC Nears 3-Month High, as LINK Extends Recent Gains MARKET UPDATES | 1 day ago
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