Technical Analysis of Bitcoin and Ethereum: BTC and ETH Volatile Trading Week

The price of bitcoin rose back above $17,000 on Friday, putting it back in the black. In today’s session. Technical Analysis of Bitcoin and Ethereum: BTC and ETH Volatile Trading Week

Most cryptocurrencies saw gains as prices recovered from previous declines. Early in the day, Ethereum also had a spike, getting even closer to the $1,300 mark.

Bitcoin

Bitcoin (BTC) climbed higher in today’s session, with the coin surging back above the $17,000 level.

Following a low of $16,788.78 on Thursday, BTC/USD raced to an intraday high of $17,274.60 earlier in the day.

The move saw bitcoin rally beyond its resistance level at $17,200, hitting a five-day high in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, Following Volatile Week of Trading
BTC/USD – Daily Chart

Looking at the chart, BTC has since retreated from earlier highs, as bullish momentum faded soon after the breakout.

As of writing, the relative strength index (RSI) is now tracking at 50.93, which is marginally below a ceiling at 52.00.

Should the index continue to move higher, then the next target for bulls will likely be the $17,600 point.

Ethereum

In addition to bitcoin, ethereum (ETH) also edged higher in today’s session, with prices rebounding from recent losses.

ETH/USD moved to a peak of $1,286.23 on Friday, less than 24 hours after trading at a low of $1,227.50 during Thursday’s session.

As a result of today’s move, the coin neared a key resistance level of $1,305, rising to its highest point since Monday in the process.

Bitcoin, Ethereum Technical Analysis: BTC, ETH Rebound on Friday, Following Volatile Week of Trading
ETH/USD – Daily Chart

Currently, it appears as though ethereum bulls are targeting a move beyond the $1,300 mark, however a ceiling on the RSI seems to be in the way.

As of writing, the index is tracking at 52.00, which has also been a key point of resistance in the past.

Bulls would need to overcome this hurdle first, in order to send prices towards the targeted $1,300 level.

Leave a Reply