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.

Bitcoin, Ethereum Technical Analysis: Bitcoin Moves Higher as Crypto Markets Rebound on Saturday
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.

Bitcoin, Ethereum Technical Analysis: Bitcoin Moves Higher as Crypto Markets Rebound on Saturday
ETH/USD – Daily Chart

If this occurs, some may begin to target a range of $2,800 – $3,000.

Tags in this story

Has the bear run in ETH cooled off for now? 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.




Image Credits: Shutterstock, Pixabay, Wiki Commons

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 disclaimer