Bitcoin, Ethereum Technical Analysis: BTC Fall Towards $27,000 to Start the Weekend
Bitcoin moved close to a breakout below $27,000 on Saturday, as markets moved lower following a volatile week of trading. Market uncertainty was high this week, as traders digested the latest Federal Reserve interest rate hike, as well as the on-going global banking crisis. Ethereum remains below $1,800 as of writing.
Bitcoin (BTC) started the weekend consolidating below the $28,000 mark, as market volatility eased on Saturday .
Following a high of $28,208.21 on Friday, BTC/USD moved to an intraday low of $27,039.27 earlier today.
As a result of the move, bitcoin collided with a floor at the $27,050 level, however bulls have so far rejected a breakout below this point.
BTC/USD – Daily Chart
Looking at the chart, today’s sell-off took place as the relative strength index (RSI) fell below a floor of its own, at the 65.00 mark.
As of writing this, the index is now tracking at the 62.75 level, with the next visible point of support at the 60.00 mark..
Overall, BTC has rebounded from earlier lows, and at the time of writing, is trading at $27,475.15.
Ethereum (ETH) also edged lower to start the weekend, as prices continued to fall from a recent seven-month high.
ETH/USD dropped to a bottom at $1,730.35 in today’s session, which comes a day after hitting a high of $1,791.14.
The move pushed ethereum to its long-term floor at $1,730, with buys opting to buy the dip at the point.
ETH/USD – Daily Chart
This recent drop in price has pushed ethereum’s RSI to its lowest point in two-week, with a current reading of 55.39.
Momentum still remains marginally bullish, as seen by the 10-day (red) moving average, however should prices move below $1,730, that could change.