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Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Recent Gains

News Feed - 2022-07-09 09:07:08

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


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleRussia’s Finance Ministry Supports Circulation of Stablecoins in Country Next articleBiggest Movers: ATOM, DOT Hover Below Key Resistance Levels on Saturday   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 ItCentral Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year


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