Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Recent Gains
Bitcoin was marginally higher to start the weekend, as bulls were able to fight through Friday’s volatility. Prices of the world’s largest token rose above $22,000 earlier in the session, whilst ETH continues to trade above $1,200. Bitcoin
BTC was trading marginally in the green on Saturday, as prices of the token rose above $22,000 earlier in today’s session.
Following a low of $21,257.45 on Friday, BTC/USD rose to an intraday peak of $22,010.64 to start the weekend.
The move saw bitcoin again attempt to break out of its resistance level at $22,070, however like in yesterday’s session, bears have thus far resisted the break. BTC/USD – Daily Chart
This continues to be the case as a result of the 14-day RSI trading below a ceiling of its own at the 48.80 level.
However, once we see a surge past this point, it is likely that an influx of bulls will help price strength overcome this obstacle.
In the same regard, bears have a history of recapturing momentum around this zone, so we could see uncertainty lead prices to consolidation.
Ethereum
ETH started the weekend in consolidation, as prices of the token continued to hover around the $1,200 region on Saturday.
The world’s second-largest cryptocurrency fell to a floor of $1,200.63 earlier today, after starting the day trading at a peak of $1,248.01.
As of writing, prices have somewhat risen, with ETH/USD now trading at $1,210.96. ETH/USD – Daily Chart
Following an attempted breakout of its $1,295 ceiling on Friday, price uncertainty has increased, with bears now pushing the token lower.
So far, this volatility hasn’t sent prices below the $1,200 mark, however should this continue, we might see ETH moving to a floor of $1,150. Tags in this story Analysis, Bitcoin, BTC, ETH, Ethereum
Will ETH fall below $1,200 this weekend? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a eclectic point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Biggest Movers: ATOM, DOT Hover Below Key Resistance Levels on Saturday MARKET UPDATES | 10 hours ago Bitcoin Price Outlook for July — Traders Remain Concerned About Upcoming Fed Rate Hike and Bankrupt Crypto Firms MARKET UPDATES | 1 day ago
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