Bitcoin, Ethereum Technical Analysis: Bitcoin Trades Near Key Support Level to Start the Weekend

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Bitcoin has been trading near its key support level, and the price of ETH was also lower to start the weekend, falling below $3,200 in the process.

Bitcoin

Cryptocurrency markets were down by over 2% on Saturday, with BTC falling by the same amount to start the weekend.

On Saturday, BTC/USD was trading close to its $42,000 support level for the majority of the session, following an earlier low of $42,183.25.

This drop follows on from Friday’s intraday high of $43,903.02, however as volatility continued to rise, trades liquidated some positions, sending prices lower.

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BTC/USD – Daily Chart

However, the drop fell short of breaking out of the floor, as the downward momentum eased, despite the moving averages nearing the point of a crossover.

Looking at the chart, momentum fell as we hit another key support point, this time in the form of the 14-day RSI, which saw the 43.55 floor hold firm.

Should this be broken, bears will likely look to take BTC/USD towards the $40,000 point, however, bulls could possibly look to hold the line.

Ethereum

After attempting to withstand the current red wave, the world’s second-largest crypto was finally submerged, as ETH fell below $3,200 today.

ETH/USD fell to an intraday low of $3,179.14 to start the weekend, which came less than 24 hours after hitting a high above $3,300.

Saturday’s drop means that ETH is now down close to 9% in the last seven days, and as such, is staying close to its long-term floor.

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ETH/USD – Daily Chart

This current support level in ETH is at the $3,145 point, which has been in place since March 21, following an engulfing bullish candlestick which broke the then ceiling.

Now acting as a support, ETH has been trading close to this zone for the last three sessions, which many see as the sign of a sustained spell of consolidation, following its recent bullish streak.

The 14-day RSI continues to also consolidate, moving between the 51 and 55 levels, with many not expecting any substantial change in momentum, until these points are broken.

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How long do you expect this consolidation to continue? Leave your thoughts in the comments below.

eliman@bitcoin.com'
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.




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