Bitcoin, Ethereum Technical Analysis: Bitcoin Moves Higher as Crypto Markets Rebound on Saturday
Following two consecutive days of losses, bitcoin and ethereum both rebounded strongly to start the weekend. Crypto markets were trading close to 5% higher on Saturday. Bitcoin
The world’s largest cryptocurrency regained some upward momentum on Saturday, as bitcoin bulls appeared to have re-entered the race.
BTC/USD rose to an intraday high of $37,952.88 on Saturday, following a low of $36,211.11 earlier in the session.
Today’s rally comes as bitcoin appears to have broken above the key RSI level of 30, and now tracks north of 35 on the indicator.
Despite remaining oversold, the breakout invigorated traders who were hoping to take BTC/USD to the $40,000 resistance level.
Overall and long-term, the BTC/USD chart is still positioned within a descending triangle. However, the recent shorter-term ascending run has created a slight bottleneck in price. BTC/USD – Daily Chart
This, along with the potential for the RSI to rise to its next resistance point 41, may be enough to send price to, and potentially above, $40,000.
Bulls could attempt to reach this point throughout the course of the weekend. Ethereum
ETH was trading over 8% higher during today’s session, hitting its recent resistance level of $2,570 in the process.
Saturday’s rally saw ETH/USD climb to an intraday high of $2,576.46, which is its highest point since Thursday.
Looking at the chart below, the moving averages of 10-days (red), and 25-days (blue), were still declining, however as the RSI tracks higher, many will begin to anticipate a potential cross. ETH/USD – Daily Chart
If this occurs, some may begin to target a range of $2,800 – $3,000. Tags in this story Bitcoin, BTC, ETH, Ethereum, Technical Analysis
Has the bear run in ETH cooled off for now? Leave your thoughts in the comments below. Eliman Dambell
Eliman brings a diversified point of view to market analysis, having worked as a brokerage director, retail trading educator, and market commentator in Crypto, Stocks and FX. Weekly NFT Sales Drop 13% While Crypto Prices Rebound From Market Rout MARKET UPDATES | 5 hours ago Technical Analysis: Flow Climbs Close to 30% to Enter Top 50 MARKET UPDATES | 9 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBlockchain and Cryptocurrency Is ‘Here to Stay and Impossible to Regulate at Large’ — CEO of a United Arab Emirates Based Bank Next articleTechnical Analysis: Flow Climbs Close to 30% to Enter Top 50 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItJoe Biden Claims Inflationary Pressure "Rests With the Federal Reserve," Praises the Fed"s "Extraordinary Support"
On Wednesday, U.S. president Joe Biden explained that the country’s central bank was dealing with a large share of the inflationary pressures the American economy is dealing with today. Biden welcomes the possibility of tightening monetary easing and noted that ... read more.JPMorgan: Ethereum Losing Ground to Other Crypto in NFT Market Due to High Transaction Fees, Congestion UFC Partners With Dapper Labs to Launch NFT Collection "UFC Strike" These Are the Crypto Economy"s 10 Most Expensive Assets per Unit in 2022 Bitcoin Mining Difficulty Reaches Lifetime High, It"s Now More Difficult Than Ever Before to Find a Block Reward