Bitcoin, Ethereum Technical Analysis: BTC Hangs on to $29,000 Level, Despite Increased Market Volatility
Bitcoin remained above a key support point on Friday, despite bears attempting to push the price below $29,000. Today’s session saw sentiment once again shift bearish, as U.S. consumer sentiment data looms. Ethereum was mostly unchanged in today’s session.
Bitcoin
Bitcoin (BTC) continued to trade above the $29,000 mark on Friday, despite bearish pressure intensifying in today’s session.
After hitting a high of $29,520.71 on Thursday, BTC/USD dropped to an intraday low of $29,099.35 earlier in the day.
The move saw bitcoin briefly fall below a support point at $29,200, however prices have since climbed back above this point.
This latest slippage comes as the 10-day (red) moving average continued its downward cross versus its 25-day (blue) counterpart.
In addition to this, the relative strength index (RSI) neared a breakout below a floor at 41.00, however it has so far avoided this.
Should this take place, the next possible destination for BTC could be $28,000.
Ethereum
Ethereum (ETH) traded above its own support point at $1,850 on Friday, as the cryptocurrency continued consolidating.
ETH/USD dropped to a bottom at $1,855.32 earlier in today’s session, a day after peaking at $1,878.43.
The price consolidation comes as the RSI failed to move above a current resistance level at 48.00.
As of writing, the index is on the cusp of crossing this line, however momentum is still relatively weak.
There could likely be a spark later in the day, depending on how traders react to the University of Michigan Consumer Sentiment report.
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Do you expect ethereum to drop below $1,800 this weekend? Leave your thoughts in the comments below.
